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Fincash » Bank of India FD Rates

Bank of India FD Rates

Updated on October 18, 2019 , 784 views

The Bank of India is a pioneer in providing financial solutions. The Fixed Deposit (FD) is one of the services that is favoured the most by the customers. Over the years, BOI has been leading an excellent example for other banks to be followed through their fixed deposit schemes. Bank of India offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. The savings tenure of the FD scheme is set as per the needs of the customers. Starting from the tenure of just seven days, a customer can invest his amount to a maximum of 10 years. Let's have a look at the BOI Fixed Deposit Interest Rates for different tenure.

BOI

Bank of India FD Rates (Below INR 1 crore)

The above rates are applicable for deposits of below INR 1 crore.

As on June'2018

Tenure Interest Rates for Regular Deposit (p.a.) Interest Rates for Senior Citizen(p.a.)
7 days to 14 days 5.25% 0.00
15 days to 30 days 5.25% 5.75%
31 days to 45 days 5.25% 5.75%
46 days to 90 days 5.25% 5.75%
91 days to 120 days 5.75% 6.25%
121 days to 179 days 6.00% 6.50%
180 days to 269 days 6.00% 6.50%
270 days to Less than 1 Year 6.25% 6.75%
1 Year & above to less than 2 years 6.25% 6.75%
2 years & above to less than 3 years 6.60% 7.10%
3 Years & above to less than 5 years 6.65% 7.15%
5 years & above and less than 8 years 6.40% 6.90%
8 years & above to 10 years 6.35% 6.85%

Figures mentioned in the above table are subject to change without prior information.

Bank of India FD Rates (INR 1 crore and above to less than INR 10 crore)

Tenure Interest Rates for Regular Deposit (p.a.) Interest Rates for Senior Citizen(p.a.)
7 days to 14 days 0.00 N.A
15 days to 30 days 4.80% N.A
31 days to 45 days 4.80% N.A
46 days to 90 days 4.80% N.A
91 days to 120 days 4.80% N.A
121 days to 179 days 4.90% N.A
180 days to 269 days 4.90% N.A
270 days to Less than 1 Year 5.00% N.A
1 Year & above to less than 2 years 5.00% N.A
2 years & above to less than 3 years 6.50% N.A
3 Years & above to less than 5 years 6.60% N.A
5 years & above and less than 8 years 5.25% N.A
8 years & above to 10 years 5.25% N.A

As on June'2018. The above rates are applicable for deposits from INR 1 crore to below INR 10 crore. Figures mentioned in the above table are subject to change without prior information.

Bank of India Tax Saver Fixed Deposits (Amount capped at INR 1 lakh per Financial Year)

Tenure Interest Rates for Regular Deposit (p.a.) Interest Rates for Senior Citizen(p.a.)
Star Sunidhi Tax-Saving Deposit Scheme - 5 years to 10 Years 6.35% 6.85%

For NRO of India (Less than INR 1 crore)

Tenure Interest Rates for Regular Deposit (p.a.)
7 days to 14 days 0.00
15 days to 30 days 5.25%
31 days to 45 days 5.25%
46 days to 90 days 5.25%
91 days to 120 days 5.75%
121 days to 179 days 6.00%
180 days to 269 days 6.00%
270 days to Less than 1 Year 6.25%
1 Year & above to less than 2 years 6.25%
2 years & above to less than 3 years 6.60%
3 Years & above to less than 5 years 6.65%
5 years & above and less than 8 years 6.40%
8 years & above to 10 years 6.35%

As on June'2018. The above rates are applicable for deposits of below INR 1 crore. Figures mentioned in the above table are subject to change without prior information.

For NRO of India (INR 1 crore and above to less than INR 10 crore)

Tenure Interest Rates for Regular Deposit (p.a.)
7 days to 14 days 0.00
15 days to 30 days 4.80%
31 days to 45 days 4.80%
46 days to 90 days 4.80%
91 days to 120 days 4.80%
121 days to 179 days 4.90%
180 days to 269 days 4.90%
270 days to Less than 1 Year 5.00%
1 Year & above to less than 2 years 5.00%
2 years & above to less than 3 years 6.50%
3 Years & above to less than 5 years 6.60%
5 years & above and less than 8 years 5.25%
8 years & above to 10 years 5.25%

As on June'2018. The above rates are applicable for deposits of above INR 1 crore to less than INR 10 crore. Figures mentioned in the above table are subject to change without prior information.

Bank of India NRE Fixed Deposit (Less than INR 1 crore)

Tenure Interest Rates for Regular Deposit (p.a.)
1 Year & above to less than 2 years 0.00
2 years & above to less than 3 years 6.60%
3 Years & above to less than 5 years 6.65%
5 years & above up to 10 years 6.40%

As on June'2018. The above rates are applicable for deposits of below INR 1 crore. Figures mentioned in the above table are subject to change without prior information.

Bank of India NRE Fixed Deposit (INR 1 crore and above to less than INR 10 crore)

Tenure Interest Rates for Regular Deposit (p.a.)
1 Year & above to less than 2 years 0.00
2 years & above to less than 3 years 6.50%
3 Years & above to less than 5 years 6.60%
5 years & above up to 10 years 5.25%

As on June'2018. The above rates are applicable for deposits of below INR 1 crore to less than INR 10 crore. Figures mentioned in the above table are subject to change without prior information.

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Bank of India FD– Premature Withdrawal

Penalty on premature withdrawal of the deposit are-

  • Deposits less than INR 5 Lacs withdrawn on or after completion of 12 months is NIL
  • Deposits less than INR 5 Lacs withdrawn prematurely before completion of 12 months is subjected to 0.50% charges
  • Deposits of INR 5 Lacs & above withdrawn prematurely is subjected to 1.00% charges

The penal provisions for premature closure on Bank of India Fixed Deposit are subject to change from time to time and may also vary with deposit schemes.

Documents required to open FD Account in Bank of India

Identity Proof: PAN Card, Voter ID Card, Driving License, Passport

Address Proof: Telephone Bill, Electricity Bill, Bank statement With Cheque

Are you Looking for Alternative to Banks Savings Account in Mutual Funds?

Investors who are thinking of parking their money for the short term, you can also consider liquid Mutual Funds. Liquid Funds are an ideal alternative to FDs as they invest in low-risk debt and money market securities.

Here are some features of liquid funds you should know:

  • These funds come with no lock-in period
  • The money is invested in money market instruments like a certificate of deposits, commercial papers, treasury bills, and term deposits
  • You can exit from the scheme anytime you want. Also, the funds have no entry load and exit loads
  • The underlying assets have low maturity period and provide you low-interest rates
  • Most times, you may also get returns higher than bank Savings Account

Best Liquid Funds to Invest 2019

FundNAVNet Assets (Cr)1 MO (%)3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2018 (%)
DHFL Pramerica Insta Cash Fund Growth ₹251.066
↑ 0.08
₹7150.51.53.37.277.57.4
JM Liquid Fund Growth ₹52.806
↑ 0.01
₹1,0420.51.53.27.177.57.4
Indiabulls Liquid Fund Growth ₹1,880.5
↑ 0.27
₹6380.51.53.2777.57.3
Principal Cash Management Fund Growth ₹1,711.26
↑ 0.48
₹2100.51.436.53.75.5-1.8
Reliance Liquid Fund  Growth ₹4,709.68
↑ 2.01
₹21,9970.51.53.37.277.57.4
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 21 Oct 19

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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