Bank of India Fixed Deposit calculator – FD Options
In a periodic interest payout option, Bank of India would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a Bank of India cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator Bank of India – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of Bank of India in a year exceeds 10000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Bank of India records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Bank of India FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
Bank of India will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
Bank of India FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
07th Dec 16 Bank of India reduces its MCLR by 5 basis points
Bank of India has reduced its one month and six month marginal cost of lending rate by 5 basis points to 9.05 and 9.15 percent respectively. BoB has also reduced its one year MCLR rate to 9.25 percent from 9.30 percent earlier. Revised rates are effective from 7th December, 2016.
16th Nov 16 Bank of India net profit in second quarter increases to Rs. 127 crore, NPAs reduce
Bank of India reported an increase in its net profit to Rs. 127 crore in the July to September quarter as compared to the net loss of Rs. 741 crores in preceding three months. NPAs during the period also reduced to Rs. 388 crores from Rs. 1,995 crore in the first quarter.
16th Nov 16 Bank of India scores gains in bad loans battle
Bank of India reported a reduction in its bad loans to Rs. 388 crores in the second quarter from Rs. 1,995 crores in first quarter and Rs. 7,545 crores a year ago. Bank gave credit of the reduction to its three- pronged strategy called Star Mission One. The strategy was made to manage bad loans, augment low cost deposits and rebalance advances in favor of retail lending. Besides this, bank has activated the asset recovery branches (ARB) to recover bad loans.
08th Nov 16 Bank of India cut its MCLR by 5 basis points from 7th November, 2016
Bank of India has reduced its one year marginal cost of lending rate by 5 basis points to 9.30 percent from 9.35 earlier. The minimum six month lending rate is cut to 9.20 percent from 9.25 percent and one month rate is reduced to 9.10 percent from 9.15 percent respectively. The revised rates are effective from 7th November, 2016.
12th Aug 16 Bank of India reports Q1 loss of Rs741 crore on stressed assets
As per the results for Q1FY17, Bank of India Ltd reported a Net Loss of Rs.741.36 crore in the June quarter as compared with Net Profit of Rs.129.72 in year ago period, as the bank had to provide for higher provisions against bad loans. The provisions increased by 82.8 percent to Rs. 2,770.19 crore when compared on a yoy basis. Net Interest Income decreased by 3.79 percent to Rs. 2,802.17 crore in June quarter when compared on yearly basis.
Gross NPAs were 13.38 percent at the end of the June quarter as compared with 13.07 percent in the previous quarter, a growth of 31 bps. Net NPAs were at 7.78 percent in the June quarter against 7.79 percent in the previous quarter and 4.11 percent in the same quarter last year
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