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Bank of India FD Calculator

Bank of India Fixed Deposit Calculator 2021

Last Updated 01st Jan 2021

Bank of India FDs have tenures ranging from 2 years to 10 years with maximum rate of interest of 5.30%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.80%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 3.25% to 3.75% ₹ 1,00,062 - ₹ 1,00,144
15 days to 30 days 3.25% to 3.75% ₹ 1,00,134 - ₹ 1,00,308
31 days to 45 days 3.25% to 3.75% ₹ 1,00,276 - ₹ 1,00,462
46 days to 90 days 4.25% to 4.75% ₹ 1,00,536 - ₹ 1,01,171
Bank of India FD Maturity Calculator
Investment Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance FD6.85%60 MonthsAPPLY
PNB Housing Finance FD6.95%120 MonthsAPPLY
DBS Bank Savings Account5.00%N.A.APPLY

Bank of India Fixed Deposit Calculator

Bank of India fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Bank of India. Bank may allow higher interest rate on larger deposits. Bank of India offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Bank of India offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Bank of India is 5.30% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 2 years to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.25% for a 2 years FD and a rate of 5.30% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.25%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Bank of India calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

Bank of India Fixed Deposit Interest Calculator – Interest Payment 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.

FD Maturity Calculator

The interest earned on a fixed deposit in Bank of India depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Bank of India FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of Bank of India FD.

Suppose if you make an investment of ₹ 1,00,000 in Bank of India FD for a 5-year tenure at an interest rate of 5.30% for depositors below 60 years and 5.80% for senior citizens. The maturity amount for this deposit amount is ₹ 1,30,116 and the total interest earned is ₹ 30,116 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 33,365 which is higher. The maturity schedule of Bank of India FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.30% for Citizens below 60 years and at 5.80% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2021 ₹ 5,406 ₹ 1,05,406 ₹ 5,927 ₹ 1,05,927
2022 ₹ 5,699 ₹ 1,11,105 ₹ 6,279 ₹ 1,12,206
2023 ₹ 6,007 ₹ 1,17,112 ₹ 6,651 ₹ 1,18,857
2024 ₹ 6,331 ₹ 1,23,443 ₹ 7,045 ₹ 1,25,902
2025 ₹ 6,674 ₹ 1,30,117 ₹ 7,463 ₹ 1,33,365

Bank of India FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Bank of India FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on Bank of India fixed deposit?

You can earn a maximum interest of 5.30% on Bank of India fixed deposit.

How is Bank of India FD interest calculated?

The formula to calculate interest on Bank of India FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in Bank of India?

The growth of Bank of India FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Bank of India FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. So it will take a little more than 14 years for one’s investment to get doubled in Bank of India.

What are the minimum and maximum amounts that I can invest in an Bank of India FD?

The minimum investment limit in Bank of India Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

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Bank of India News - Jan 2021
  • 2020-10-07 : Bank of India changed its FD rates for October
    Bank of India changed its Fixed deposits rates with effect from 1 October 2020. The FD rates for 7 to 45 days is 3.25%. for 46 to 179 days it is 4.25% and it is 4.75% for 180 days to one year. Further, the Fd rates for 1 to 2 year is 5.25% and it stands at 5.30% for 2 to 10 years.
  • 2020-08-10 : Bank of India revised its FD rates
    Bank of India changed its Fixed deposits rates with effect from 5 August 2020 to 31 March 2020. The FD rates for 7 to 45 days is 3.25%. for 46 to 179 days it is 4.25% and it is 4.75% for 180 days to one year. Further, the Fd rates for 1 to 2 year is 5.35% and it stands at 5.25% for 2 to 10 years.
  • 2020-03-12 : Bank of India revised its FD rates
    Bank of India changed its Fixed deposits rates with effect from 10 March 2020 to 31 March 2020. The FD rates for 7 to 45 days is 4.25%. for 46 to 179 days it is 5% and it is 5.75% for 180 days to one year. Further, the Fd rates for 1 to 2 year is 6.10% and it stands at 6.20% for 2 to 10 years.
  • 2019-09-13 : Bank of India revises FD rates
    With effect from September 10, 2019, Bank of India has revised its FD rates. The revised rate of interest for 7-45 days is 4.25%; for 46-179 days the rate is 5.50%, and for 180 days to 1 year the rate is 6%. For long term maturities of above 1-2 years rate of interest is 6.50%, and for two years and above the rate is 6.25%.
  • 2018-08-02 : Bank of India reports Q1 result profit rises 8%
    Bank of India has announced the Q1 result. The net profit rises 8% at Rs 95 crore against Rs 87 crore in the previous year. Strong growth net interest income and tax credit helped the bank report profit. Total deposits drop 5.36% on a year on year basis. CASA grew 3.4% to Rs 1.7 lakh crore.
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