Additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps.
Bank of India Interest Rates for Domestic term deposits:
Tenure | RATE OF INTEREST FOR Deposit less Than Rs. 3 crores | Rate of interest FOR DEPOSITS OF RS.3 CR & ABOVE BUT LESS THAN RS.10 CRS |
7 days to 14 days | 3.00 | 4.50 |
15 days to 30 days | 3.00 | 4.50 |
31 days to 45 days | 3.00 | 4.50 |
46 days to 90 days | 4.50 | 5.25 |
91 days to 179 days | 4.50 | 6.00 |
180 days to 210 days | 6.00 | 6.50 |
211 days to 269 days | 6.00 | 6.75 |
270 days to less than 1 year | 6.00 | 6.75 |
1 Year | 6.80 | 7.25 |
Above 1 Year to less than 2 Years (except 666 Days) | 6.80 | 6.75 |
666 Days | 7.30 | 6.75 |
2 Years | 6.80 | 6.50 |
Above 2 Years to less than 3 Years | 6.75 | 6.50 |
3 Years to less than 5 Years | 6.50 | 6.00 |
5 Years to less than 8 Years | 6.00 | 6.00 |
8 years & above to 10 Years | 6.00 | 6.00 |
Note: Senior citizens aged 60 years and above, but below 80 years, are eligible for an additional 0.50% interest rate on their Retail Term Deposits (below Rs. 3 crore) for tenures of at least 6 months and up to less than 3 years. Super senior citizens, aged 80 years and above, are eligible for an additional 0.65% interest rate on their Retail Term Deposits (below Rs. 3 crore) for the same tenure range.
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Bank of India (BOI) Tax Saving FD Rates - Star Sunidhi Tax Saving Deposit Scheme
Tenure | FD rates for General Public (p.a.) | FD Rates for Senior Citizens (p.a.) |
5 years to 10 years | 6.00% | 6.50% |
Bank of India (BOI) NRI FD Rates
Bank of India Interest Rates for Domestic term deposits:
Tenure | RATE OF INTEREST FOR Deposit less Than Rs. 3 crores | Rate of interest FOR DEPOSITS OF RS.3 CR & ABOVE BUT LESS THAN RS.10 CRS |
7 days to 14 days | 3.00 | 4.50 |
15 days to 30 days | 3.00 | 4.50 |
31 days to 45 days | 3.00 | 4.50 |
46 days to 90 days | 4.50 | 5.25 |
91 days to 179 days | 4.50 | 6.00 |
180 days to 210 days | 6.00 | 6.50 |
211 days to 269 days | 6.00 | 6.75 |
270 days to less than 1 year | 6.00 | 6.75 |
1 Year | 6.80 | 7.25 |
Above 1 Year to less than 2 Years (except 666 Days) | 6.80 | 6.75 |
666 Days | 7.30 | 6.75 |
2 Years | 6.80 | 6.50 |
Above 2 Years to less than 3 Years | 6.75 | 6.50 |
3 Years to less than 5 Years | 6.50 | 6.00 |
5 Years to less than 8 Years | 6.00 | 6.00 |
8 years & above to 10 Years | 6.00 | 6.00 |
Note: The rates are effective from 13 August 2024 and are subject to change.
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BOI Interest Rate for NRE Deposits
The interest rates for NRE fixed deposits are as follows:
Tenure | RATE OF INTEREST FOR Deposit less Than Rs. 3 crores | Rate of interest FOR DEPOSITS OF RS.3 CR & ABOVE BUT LESS THAN RS.10 CRS |
1 Year | 6.80 | 7.25 |
Above 1 Year to less than 2 Years (except 666 Days) | 6.80 | 6.75 |
666 Days | 7.30 | 6.75 |
2 Years | 6.80 | 6.50 |
Above 2 Years to less than 3 Years | 6.75 | 6.50 |
3 Years to less than 5 Years | 6.50 | 6.00 |
5 Years to less than 8 Years | 6.00 | 6.00 |
8 years & above to 10 Years | 6.00 | 6.00 |
Note: The rates are effective from 13 August 2024 and are subject to change.
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Bank of India FCNR (B) Interest Rates
The BOI Foreign Currency Non to Resident (Bank) Deposit interest rates* for corresponding foreign currency** can be found below:
MATURITY | USD | GBP | EUR | JPY | CAD | AUD |
1 YR TO LESS THAN 2 YRS | 5.35 | 5.00 | 2.50 | 0.55 | 0.99 | 3.60 |
2 YRS TO LESS THAN 3 YRS | 4.00 | 2.50 | 0.21 | 0.55 | 2.05 | 1.42 |
3 YRS TO LESS THAN 4 YRS | 3.35 | 2.55 | 0.36 | 0.54 | 2.27 | 1.78 |
4 YRS TO LESS THAN 5 YRS | 3.25 | 2.60 | 0.46 | 0.55 | 2.33 | 2.05 |
5 YRS (Maximum) | 3.15 | 2.60 | 0.52 | 0.56 | 2.34 | 2.17 |
Note: The interest rates are applicable w.e.f. from 01 October 2023.
*GBP to Pound Sterling, USD to US Dollar, CAD to Canadian Dollar, JPY to Japanese Yen and AUD to Australian Dollar.
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Features and Benefits of Bank of India (BOI) FD Schemes
- The tenure for fixed deposits offered by the Bank of India (BOI) is a minimum of 15 days and can go up to 10 years.
- Interest earned during the tenure can be withdrawn on a monthly or a quarterly basis.
- The facility of nomination is available on FD schemes
- Loans can be taken against the amount deposited (except for the tax saving FD scheme).
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Eligibility Criteria and Documents Required
The following are eligible to invest in a Bank of India (BOI) Fixed Deposit Scheme:
- Individual — Single Accounts
- Two or more individuals — Joint Accounts
- Sole Proprietory Concerns
- Partnership Firms
- Illiterate Persons
- Blind Persons
- Minors
- Limited Companies
- Associations, Clubs, Societies, etc.,
- Trusts
- Joint Hindu Families (accounts of non-trading nature only)
- Municipalities
- Government and Quasi-Government Bodies
- Panchayats
- Religious Institutions
- Educational Institutions (including Universities)
- Charitable Institutions
The following documents are required to start investing in a Bank of India (BOI) Fixed Deposit Scheme:
- Proof of Identity:
- PAN card
- Driving licence
- Aadhaar card
- Senior citizen ID (if applicable)
- Photo ID card issued by the government
- Passport
- Proof of Address:
- Utility bills such as electricity bill and telephone bill
- Passport
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Type of Bank of India (BOI) Fixed Deposit Schemes
Bank of India (BOI) offers the following categories of Fixed Deposit Schemes:
- Rupee Term Deposit Scheme
- Bank of India NRI Term Deposit Scheme
- Star Sunidhi Tax Saving Deposit Scheme
- Double Benefit Term Deposit Scheme
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The highest rate of interest offered at present is 7.25% p.a. for general public. The interest rates offered by the bank are subject to change without prior notice, so, changes are likely.
The minimum tenure is 7 days while the maximum tenure is 10 years.
Yes. If you already have a BOI savings account and an active internet banking ID and password, this can be done by following a few simple steps.
All senior citizens are eligible for higher interest rates when it comes to BOI FDs. However, the additional rates are applicable only to the investment tenures of 6 months and above.
It is not possible to change the tenure once an FD is opened. However, once the maturity period is completed, deposits can be renewed. A customer will have to wait till the maturity period to make any changes to the tenure.
Customers can apply for a tax-saver FD scheme wherein the period of investment is a minimum of 5 years and maximum of 10 years and save tax.
The interest on NRE and FCNR accounts is tax-free. However, the interest earned on NRO accounts is fully taxable.
PAN card is absolutely mandatory to open an FD account. If a customer fails to provide PAN card details, the following will be the consequences:
- A higher rate of TDS will be deducted, which will be at 20%, instead of 10%.
- The Income Tax department will not give the customer any TDS credit or issue a TDS certificate.
- Certain forms like 15G/H and other kinds of tax exemption certificates will become invalid.
A loan of up to 90% can be availed against a BOI FD.
No, premature withdrawal facility is not available for BOI fixed deposits.
