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Bank of India FD Interest Rates 2021

Bank of India FD Interest Rates

Last Updated 09th Jul 2021

When it comes to the FD interest rate, the highest rate offered on Bank of India FD is 5.30%. Latest Bank of India FD interest rate for senior citizens, on the other hand ranges between 3.50% to 5.80%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 90 days 4.00% 4.50%
91 days to 120 days 4.00% 4.50%
Earn upto 6.95% on FD APPLY NOW

Bank of India Fixed Deposit Features

Bank of India FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Bank of India Fixed Deposit are:

  • Deposit Amount : Bank of India FD can be opened with an amount as a low ₹ 10,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 5.80% p.a.
  • Highest Interest Rate : As per today’s rate, Bank of India’s highest interest rate on FD is 5.30% offered for a tenure of 10 years.
  • Safety of Bank of India Deposits : Bank of India deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Bank of India provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Regular Fixed Deposit, Star Flexi Fixed Deposit

Bank of India FD Interest Rates Today

Interest rates on Bank of India deposits are updated regularly by the Government of India. The following are updated Bank of India FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 4.00%
91 days to 120 days 4.00%
121 days to 179 days 4.00%
180 days to 364 days 4.50%
1 year to 1 year 364 days 5.25%
2 years to 2 years 364 days 5.30%
3 years to 4 years 364 days 5.30%
5 years to 10 years 5.30%

Bank of India FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Bank of India offers a higher interest rate to senior citizens than the general public. Listed below are the Bank of India fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.50%
15 days to 30 days 3.50%
31 days to 45 days 3.50%
46 days to 90 days 4.50%
91 days to 120 days 4.50%
121 days to 179 days 4.50%
180 days to 364 days 5.00%
1 year to 1 year 364 days 5.75%
2 years to 2 years 364 days 5.80%
3 years to 4 years 364 days 5.80%
5 years to 10 years 5.80%

Best FD Plan as per Bank of India FD Rates

To invest in Bank of India fixed deposit, you must compare Bank of India Fixed Deposit Rates for varying tenures. Bank of India FD Interest Rates 2021 are best for the deposits with a tenure of 2 years to 10 years, wherein the current Bank of India Fixed Deposit Interest Rates is 5.30 p.a.

If you are looking to invest in short term deposits with Bank of India, the interest rate of Bank of India for FD ranges from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Bank of India Fixed Deposit Rates for senior citizens range from 3.50% to 5.00% p.a.

If you want to invest in long term deposits, Bank of India Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.30%.Bank of India Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.80% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Bank of India:

  • Interest on deposit is paid only at the time of the maturity
  • Bank of India also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Bank of India Fixed Deposit Rate Trends

Bank of India has cut interest rates on fixed deposits with effect from 28 Jun, 2021. The new Bank of India highest FD rate is currently at 5.30%, which is an decrease of 0.05% from the previous highest rate of 5.35%. Currently, Bank of India FD rate for upto 1 year is 3.00% and 5.30% for 5 year FD.

Documents required to open Fixed Deposit Account in Bank of India

  • Identity Proof: PAN Card, Voter ID Card, Passport, Driving License
  • Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

Bank of India Fixed Deposit Rates – Premature Withdrawal

You can close your Bank of India FD account prematurely, however Bank of India charges a penalty of 0.50% for deposits less than Rs. 5 lakh and 1% for deposits above Rs. 5 lakh for premature withdrawal. Also, The penal provisions for premature closure on Bank of India FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Bank of India

Bank of India offers loans up to 90% against its own deposit. Note that Bank of India will not give you loan against FD of any other bank. Bank of India offers Loan against FD at the rate of 4% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Bank of India. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Bank of India

To open an Bank of India Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Bank of India and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Bank of India FD after reading the terms and conditions.

To open a Fixed Deposit account in Bank of India, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Bank of India FD after reading the terms and conditions.

Nomination Facility on Bank of India FD

Bank of India also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Bank of India FD account. The nominee has to submit his/her identification proof at the time of claim.

Bank of India Fixed Deposit Scheme

Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Interest on the deposit will be calculated for the completed months
  • Nomination facility is available
  • Loan or overdraft against upto 90 per cent deposit is available

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
Star Flexi Fixed Deposit

Description:

  • Bank of India Star Flexi fixed deposit is a recurring deposit scheme that offers flexible investment option to the investors.
  • As per this deposit facility, one can choose the core investment plan and thereby can make monthly flexible instalments for the core investment plan.
  • The instalments can be made in multiples of Rs 500 and Rs 100 for urban and rural areas respectively.

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

FAQs

What is the highest fixed deposit interest rate for Bank of India?

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

Are there any special rates for senior citizens FD of Bank of India?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.30%. Compared to this, Bank of India senior citizens FD are in the range of 3.50% to 5.80%.

What are the current Bank of India FD interest rates 2021?

Current interest for FD in Bank of India ranges between 3.00% - 5.30%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Bank of India?

The minimum deposit amount required to book an FD with Bank of India is ₹ 10,000.

Did Bank of India increase FD rates in 2021?

No, Bank of India has reduced its Fixed Deposit rates by upto 0.05%. The best rate on Bank of India FD has been cut to 5.30% from 5.35% earlier. The fixed deposit rates of Bank of India are now in the range of 3.00% to 5.30% with effect from 28 Jun, 2021.

Is it possible to change the tenure of my existing fixed deposit account with Bank of India?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Bank of India without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Bank of India?

Yes, you can submit your application for opening an FD account on the website of Bank of India. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Bank of India?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.30%. For Bank of India FD the number of years in which your FD will get doubled is; 72/5.30 = 14

What is the interest of 1 lakh in the Bank of India?

The interest on Bank of India fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Bank of India FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 4.00%
91 days to 120 days 4.00%
121 days to 179 days 4.00%
180 days to 364 days 4.50%
1 year to 1 year364 days 5.25%
2 years to 2 years 364 days 5.30%
3 years to 4 years 364 days 5.30%
5 years to 10 years 5.30%


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Bank of India News - Jul 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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