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 0, 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.
10th Feb 17 Bank of India reports a net profit of Rs. 102 crore in third quarter of FY17
Bank of India has reported a net profit of Rs. 102 crore during the third quarter of FY17 against a loss of Rs. 1,505 during the same quarter of FY16. Gross non -performing assets of the bank declined by 0.92 percent on a year on year basis and reported at Rs. 51,781 crore as on third quarter ending FY17.
10th Jan 17 Bank of India cuts loan against property rate
Bank of India has reduced its loan against property interest rate by 60 basis points. The revised LAP rate now stands at 10.50 percent as compared to 11.10 percent earlier. The rate is effective from 7th January, 2017.
09th Jan 17 Bank of India cuts home loan rates to 8.65 percent
Bank of India has reduced its home loan interest rates by 65 bps to 8.65 percent for women. The bank has also reduced home loan interest rates for other borrowers to 8.70 percent as compared to 9.30 percent earlier. The rates are effective from 7th January, 2017.
09th Jan 17 Bank of India reduces car loan rate by 70 basis points
Bank of India has reduced its car loan interest rate to 9.35 percent for new car buyers as compared to 10.05 percent earlier. The rate is effective from 7th January, 2017.
09th Jan 17 Bank of India reduces MCLR by up to 90 basis points
Bank of India has reduced its overnight and three month marginal cost of lending rate to 8.10 and 8.30 percent respectively. The revised lending rate for six months and one year now stands at 8.40 and 8.50 percent as compared to 9.15 and 9.25 percent earlier. The rates are effective from 7th January, 2017.
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