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Bank of India FD Interest Rates

Bank of India FD Rates 2020

Last Updated 01st Sep 2020

Bank of India is one of most reliable FD providers amongst a number of FD providers in the market. Bank of India FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Bank of India FD is 5.35%. Latest Bank of India FD interest rate for senior citizens, on the other hand ranges between 3.75% to 6.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.25% 3.75%
15 days to 30 days 3.25% 3.75%
31 days to 45 days 3.25% 3.75%
46 days to 90 days 4.25% 4.75%
91 days to 120 days 4.25% 4.75%

Bank of India Fixed Deposit (FD)

Bank of India FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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 1 year 364 days.
  • Interest Rate Range: 3.25% p.a. to 5.35% p.a.
  • Senior Citizens FD Rate: 3.75% to 6.00% p.a.
  • Highest Interest Rate: As per today’s rate, Bank of India’s highest interest rate on FD is 5.35% offered for a tenure of 1 year 364 days.
  • 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 Best FD Plan

We need to compare tenure wise latest FD rate of Bank of India to choose the tenure at which it provides the highest interest rate. Bank of India FD rates are best for the deposits with a tenure of 1 year to 1 year 11 months 4 days, wherein the current FD rate of interest is 5.35% p.a

If one is looking to invest in short term deposits with Bank of India, FD interest rates range from 3.25% p.a. to 4.75% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Bank of India FD rates for senior citizens range from 3.75% to 5.25% p.a.

If one is looking to invest in long term deposits, Bank of India FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.25%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of Bank of India have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Bank of India are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

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

FD in Bank of India – Premature Withdrawal

Premature closure of Term Deposit with Bank of India is along with the lower interest rate of 0.50% for deposits less than Rs. 5 lakh and 1% for deposits above Rs. 5 lakh than the contracted rate. 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 loan 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 4.25% to 6.35%

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 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 availed 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 a Fixed Deposit account in Bank of India, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Bank of India fixed deposit. 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 FD rate for Bank of India?

You can earn a maximum interest of 5.35% 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 3.25% to 5.35%. Compared to this, the rate of senior citizens FD are in the range of 3.75% to 6.00%.

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.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Bank of India?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in Bank of India?

The documents required to open an FD account in Bank of India includes Identity Proof: PAN Card, Voter ID Card, Passport, Driving License, Address Proof: Telephone Bill, Electricity Bill, Bank Statement With Cheque.

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

  • 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

What is the current interest rate on FD in Bank of India?

Current interest for FD in Bank of India ranges between 3.25% - 5.35%.

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

Yes, you can submit your application for opening a FD account on the website of Bank of India. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.35%. For Bank of India FD the number of years in which your FD will get doubled is; 72/5.35 = 13


Bank of India News - Sep 2020
  • 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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