Opening a Fixed Deposit account for the first time? If you are considering the Bank of India for it, we have all the information you need. Scroll down to learn about the latest Bank of India FD rates and get answers to the most commonly asked questions.
Established in 1906, the Bank of India (BOI) is one of the most well-known banks in the nation. It started as a private bank but got nationalised in July 1969 and now has over 5000 branches in India. Always at the forefront in introducing innovative systems and services, BOI is amongst the first few banks to have a fully computerised branch and ATM facility.
Currently, it has an international presence in 18 countries spread across different continents and key banking centres in London, Hong Kong, Singapore, Dubai, Tokyo, Paris and New York. Given its exemplary reputation and top-notch facilities, it becomes obvious that people trust BOI over other banks when opening term deposits.
Let’s dig deeper to know the details regarding its interest rates in 2022.
Table of contents
- Bank of India FD Interest Rates – The Latest Updates
- Bank of India Senior Citizen FD Rates
- BOI’s Tax Saving Fixed Deposit Rates
- Bank of India Fixed Deposit Rates for NRIs
- Eligibility Criteria of BOI Fixed Deposits
- Documents Required for Opening a BOI FD Account
- How to Open a Bank of India Fixed Deposit Account?
- Bank of India Term Deposit Schemes
- Features of Bank of India Fixed Deposit Schemes
- How to Close a Fixed Deposit at the Bank of India?
Bank of India FD Interest Rates – The Latest Updates
The Bank of India fixed deposit rates are attractive and start from 2.85% to 5.05% per annum for the general public. Even senior citizens are eligible for an extra rate of interest at 0.5%. Have a look at the table given below for more information.
Bank of India Fixed Deposit Interest Rates (Deposits Less than ₹2 crores)
| Tenure | Interest rate for the general public |
| 7 – 14 days | 2.85% p.a |
| 15 – 30 days | 2.85% p.a |
| 31 – 45 days | 2.85% p.a |
| 46 – 90 days | 3.85% p.a |
| 91 – 179 days | 3.85% p.a |
| 180 – 269 days | 4.35% p.a |
| 270- below 1 year | 4.35% p.a |
| 1 year and more – below 2 years | 5.00% p.a |
| 2 years and more – below 3 years | 5.05% p.a |
| 3 years and more – below 5 years | 5.05% p.a |
| 5 years and more – below 8 years | 5.05% p.a |
| 8 years and more – 10 years | 5.05% p.a |
NOTE: BOI saving account interest rate and fixed deposit interest rate are subject to change. These changes may occur due to RBI’s latest rules and regulations or BOI’s change of terms and conditions.
Bank of India Senior Citizen FD Rates
As mentioned previously, Fixed deposit for senior citizens get an additional 0.5% on Bank of India FD rates.
| Tenure | Interest Rate for Senior Citizens |
| 7 – 14 days | 2.85% p.a. |
| 15 – 30 days | 2.85% p.a |
| 31 – 45 days | 2.85% p.a |
| 46 – 90 days | 3.85% p.a |
| 91 – 179 days | 3.85% p.a |
| 180 – 269 days | 4.85% p.a |
| 270- below 1 year | 4.85% p.a |
| 1 year and more – below 2 years | 5.50% p.a |
| 2 years and more – below 3 years | 5.55% p.a |
| 3 years and more – below 5 years | 5.55% p.a |
| 5 years and more – below 8 years | 5.55% p.a |
| 8 years and more – 10 years | 5.55% p.a |
BOI’s Tax Saving Fixed Deposit Rates
The tax-saving deposit scheme at the Bank of India is known as Star Sunidhi Tax-Saving Deposit Scheme. If you are interested in opting for it, check out the table below:
| Maturity Buckets | Deposits less than ₹2 Crore | ₹2 Crore & above but less than ₹10 Crores |
| 7 days to 14 days | 2.85% p.a. | 2.85% p.a. |
| 15 days to 30 days | 2.85% p.a. | 2.85% p.a. |
| 31 days to 45 days | 2.85% p.a. | 2.85% p.a. |
| 46 days to 90 days | 3.85% p.a. | 3.20% p.a. |
| 91 days to 179 days | 3.85% p.a. | 3.25% p.a. |
| 180 days to 269 days | 4.35% p.a. | 3.25% p.a. |
| 270 days to less than 1 year | 4.35% p.a. | 3.25% p.a. |
| 1 Year & above but less than 2 Yrs | 5.00% p.a. | 3.50% p.a. |
| 2 years & above to less than 3 years | 5.05% p.a. | 3.50% p.a. |
| 3 years & above to less than 5 years | 5.05% p.a. | 3.50% p.a. |
| 5 years & above to less than 8 years | 5.05% p.a. | 3.50% p.a. |
| 8 years & above to 10 years | 5.05% p.a. | 3.50% p.a. |
Bank of India Fixed Deposit Rates for NRIs
NRI fixed deposits are a common option used by NRIs (Non-Resident Indians). It allows them to deposit their earnings into the Bank of India as savings or investment and earn higher interest on them.
Like every other bank in the country, the Bank of India also offers special fixed deposit options for NRIs (Non-Resident Indians). The types of NRI deposits at BOI are.
- NRE – An account that is opened in India in the name of the NRI for depositing foreign earnings.
- NRO – An account that is opened in India in the name of the NRI for the purpose of managing funds earned in India itself.
- FCNR – The Foreign Currency Non-Resident Account is a fixed deposit account opened for depositing overseas-earned income.
| Maturity | Interest Rate for NRO/NRE Deposits Less than ₹2 crores | BOI NRE/NRO FD rates ₹2 crores to ₹10 crores |
| 1 Year & above but less than 2 Years | 5.00% p.a. | 3.50% p.a. |
| 2 Years & above but less than 3 Years | 5.05% p.a. | 3.50% p.a. |
| 3 Years to less than 5 years | 5.05% p.a. | 3.50% p.a. |
| 5 years and above up to 10 Years | 5.05% p.a. | 3.50% p.a. |
| 8 years and above to 10 Years | 5.05% p.a. | 3.50% p.a. |
Bank of India FD Rates – FCNR (B)
BOI’s rate of interest on FCNR ‘B’ deposits was revised on 1st March 2022. The latest interest rates are as follows.
| MATURITY | USD | GBP | EUR | JPY | CAD | AUD |
| 1 YR TO LESS THAN 2 YRS | 1.18 | 1.35 | 0.02 | 0.55 | 0.99 | 0.94 |
| 2 YRS TO LESS THAN 3 YRS | 1.60 | 1.61 | 0.21 | 0.55 | 2.05 | 1.42 |
| 3 YRS TO LESS THAN 4 YRS | 1.83 | 1.73 | 0.36 | 0.54 | 2.27 | 1.78 |
| 4 YRS TO LESS THAN 5 YRS | 1.94 | 1.74 | 0.46 | 0.55 | 2.33 | 2.05 |
| 5 YRS (Maximum) | 2.02 | 1.71 | 0.52 | 0.56 | 2.34 | 2.17 |
Eligibility Criteria of BOI Fixed Deposits
The eligibility criteria for opening a fixed deposit account at the Bank of India are :
- Individuals (single accounts); 2 or more individuals (joint accounts)
- Sole Proprietary and Partnership firms
- Illiterate, Blind Persons, Minors or Limited Companies
- Clubs, Associations, Clubs and more
- Trusts, Joint Hindu Families (non-trading accounts only)
- Panchayats, Government and Municipalities
- Religious Institutions
- Educational and Charitable Institutions
Documents Required for Opening a BOI FD Account
The documents are essential for opening a fixed deposit account at the Bank of India:
ID Proof
- PAN Card
- Driving Licence
- Aadhaar Card
- Senior Citizen ID (if applicable)
- Photo ID Card issued by the government
- Passport
Address Proof
- Utility Bills (electricity and telephone bill)
- Passport
How to Open a Bank of India Fixed Deposit Account?
There are two ways to open a Bank of India fixed deposit account – online and offline. Both the methods have easy steps to follow.
Opening a Bank of India FD (Online)
Step 1: Go to the BOI website and login to the net banking portal using your username and password.
Step 2: Click on the ‘Fixed Deposit’ tab and fill out all the necessary details.
Step 3: Once done, verify the details and click on the ‘Confirm’ button
Step 4: A message confirming the submission of the application will be displayed on the screen.
Opening a Bank of India FD (Offline)
Step 1: Visit your nearest BOI branch in India.
Step 2: Request for a Fixed Deposit application and fill it with all the necessary information.
Step 3: Submit copies of all the essential documents.
Step 4: Deposit the FD amount at the concerned counter.
Step 5: The bank representative will give you a Fixed Deposit receipt, just collect it.
Bank of India Term Deposit Schemes
BOI offers multiple term deposit schemes to suit different customer requirements. Each scheme has specific features to help customers differentiate between them and select the one that suits them the best.
- Double Benefit Term Deposit
- Regular Fixed Deposit
- Short Fixed Deposit
- Quarterly Fixed Deposit
- Monthly Fixed Deposit
- Recurring Term Deposit
- Star Flexi-Recurring Fixed Deposit
Double Benefit Term Deposit
- This deposit type is suitable for short-term and medium-term investments.
- This term deposit provides customers with a high yield on their principal amount at the end of the deposit period.
- The interest is calculated every quarter.
- The double benefit term ranges between 1 year to 10 years.
- The minimum amount for a double benefit term deposit is ₹10,000 in the metro/urban areas and ₹5,000 in rural or semi-urban areas.
- The minimum deposit amount is ₹5,000 for senior citizens.
Regular and Short-Term Fixed Deposits
- The interest for the deposit will be calculated for the completed months
- It is important to have a Savings Account with BOI before opening an FD.
- For convenience purposes, the bank recommends that the depositor maintains their savings account to avoid delaying interest disbursement.
- Interest is compounded only for the completed months.
- Depositors require submitting their KYC documents (ID and address proof) along with recent photographs to open a regular fixed deposit account at the Bank of India.
- ₹1 lakh is the minimum amount for SDR and ₹10,000 for FDR urban areas and ₹5000/- in semi-urban or rural areas.
- The minimum deposit amount for senior citizens is ₹5,000.
- The minimum amount per deposit (single) for 7 to 14 days is ₹1 lakh.
Quarterly Fixed Deposit
- Investing in this fixed deposit allows the customer to earn a fixed monthly income for a specified period.
- The interest (quarterly/monthly) is credited to the depositor’s account. The monthly interest amount, in particular, is credited to the depositor’s recurring deposit account.
- The minimum deposit amount for metro/urban areas is ₹10,000 and ₹5,000 for semi-urban/rural areas.
- Senior citizens who wish to open a quarterly fixed deposit are also required to deposit a minimum of ₹5,000.
- The interest payment is subject to TDS (applicable at that time). The depositor will receive the amount every month at a discounted rate.
- The maximum period for a quarterly term deposit is 10 years.
Features of Bank of India Fixed Deposit Schemes
The benefits of the Bank of India fixed deposit rates are as listed below:
- The fixed deposit tenure at the Bank of India ranges from a minimum of 15 days to a maximum of 10 years.
- The earned interest can be withdrawn on a quarterly or monthly basis.
- A nomination facility is available on BOI FD schemes.
- One can take a loan against the deposited amount (except for the tax-saving FD scheme).
How to Close a Fixed Deposit at the Bank of India?
You can close a fixed deposit account either on maturity or before maturity. The steps for both the methods are as follows:
Canara Bank FD Account Closing On Maturity
- Go to your nearest BOI branch and ask for the FD closure form on maturity.
- Fill out all the details on the form and make sure they are all correct.
- Enclose all the KYC documents (ID and Address Proof) with the FD closure form.
- Once done, sign the form and submit it to the branch manager.
- You receive a receipt or certificate when you create an FD receipt at the Bank of India. Submit the receipt with the FD closure form. The bank will verify the details and disburse the amount to your bank account upon complete verification.
Canara Bank FD Account Closing Before Maturity
The steps for closing your FD account before maturity are the same as that of closing your FD on maturity. There are two additional pointers to keep in mind:
- The depositor closing the FD requires paying a penalty amount ranging from 0.5%-1% of the total deposit.
- No penalty is charged when withdrawing less than ₹5 lakh after completing a year since opening the FD.
Wrapping Up
Here’s hoping you have all the information you need on Bank of India fixed deposits. If you wish to compare Bank of India’s fixed deposit rates with other banks, you can scroll through our blog section. Simply choose the bank of your choice and draw a comparison.
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For questions and concerns, you may refer to the FAQ section below.
Frequently Asked Questions (FAQs)
What is the highest rate of interest offered on a Bank of India fixed deposit?
Presently, the highest interest rate for Bank of India FD is 5.30% p.a. for the general public. These rates may change after a certain point and are dependent on RBI’s rules and regulations as well as the bank’s terms and conditions.
Can I open an FD account online in the Bank of India?
Yes, you can open a fixed deposit account online using your net banking ID and password. But this is possible only if you already have a savings account at the bank.
What are the minimum and maximum tenure ranges for term deposits at BOI?
The minimum tenure is 7 days, while the maximum tenure is 10 years.
Are there any extra benefits for senior citizens at the Bank of India?
Yes, senior citizens are eligible for an additional rate of interest on BOI fixed deposits. These rates, however, are only applicable on investment tenures of six months or more.
Is changing the tenure of my BOI fixed deposit possible?
Changing the tenure once a fixed deposit is opened is not possible at BOI. However, you can renew your deposits after their maturity period is over.
How can I save tax on Bank of India fixed deposits?
To save tax, you can opt for Bank of India’s tax-saver fixed deposit scheme, also known as Star Sunidhi tax-saving deposit scheme.
I am an NRI, do I have to pay tax on BOI Fixed deposit?
The NRI FDs (FCNR and NRE) at the Bank of India are tax-free. If you, however, choose the NRO account, you will have to pay tax on the earned interest.
Is PAN an essential document when opening a fixed deposit?
Yes, PAN is a mandatory document to submit when opening a fixed deposit account at the Bank of India. Not providing a PAN leads to payment of a greater rate of interest. You also don’t receive any tax exemptions.
