Bank of India Fixed Deposit Rates 2022

Bank of India (BOI) offers various Fixed Deposit schemes. The bank offers short-term, medium-term and long-term FDs. Bank of India FD offers competitive interest rates and various other benefits such as loan/overdraft facility, nomination facility, etc. The rates of interest offered by the bank starts at 2.85% p.a. and goes up to 5.05% p.a. Senior citizens are eligible for an additional interest rate of 0.5%.

Bank of India (BOI) Term Deposit Rates: Less than Rs. 2 crore

Tenure Interest rate for general public (p.a.) Interest rate for senior citizens (p.a.)
7 days to 14 days 2.85% 2.85%
15 days to 30 days 2.85% 2.85%
31 days to 45 days 2.85% 2.85%
46 days to 90 days 3.85% 3.85%
91 days to 179 days 3.85% 3.85%
180 days to 269 days 4.35% 4.85%
270 days to less than 1 year 4.35% 4.85%
1 year and above to less than 2 years 5.00% 5.50%
2 years and above to less than 3 years 5.05% 5.55%
3 years and above to less than 5 years 5.05% 5.55%
5 years and above to less than 8 years 5.05% 5.55%
8 years and above to 10 years 5.05% 5.55%

Note: The interest rates are applicable w.e.f. from 1 November 2021.

Bank of India Bulk Term Deposit Interest Rates

Tenure Rs.2 crore to less than Rs.10 crore
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 3.20%
91 days to 179 days 3.25%
180 days to 269 days 3.25%
270 days to less than 1 year 3.25%
1 year and above to less than 2 years 3.50%
2 years and above to less than 3 years 3.50%
3 years and above to less than 5 years 3.50%
5 years and above to less than 8 years 3.50%
8 years and above to 10 years 3.50%

Note: The interest rates are applicable w.e.f. from 1 November 2021.

Bank of India (BOI) Tax Saving FD Rates - Star Sunidhi Tax Saving Deposit Scheme

Tenure FD rates for General Public (p.a.) FD Rates for Senior Citizens (p.a.)
5 years to 10 years 5.05% 5.55%

Bank of India (BOI) NRI FD Rates

Interest Rate for NRO Deposits of Less than Rs.2 crore

Tenure Interest rate for general public (p.a.) Interest rate for senior citizens (p.a.)
7 days to 14 days 2.85% 2.85%
15 days to 30 days 2.85% 2.85%
31 days to 45 days 2.85% 2.85%
46 days to 90 days 3.85% 3.85%
91 days to 179 days 3.85% 3.85%
180 days to 269 days 4.35% 4.85%
270 days to less than 1 year 4.35% 4.85%
1 year and above to less than 2 years 5.00% 5.50%
2 years and above to less than 3 years 5.05% 5.55%
3 years and above to less than 5 years 5.05% 5.55%
5 years and above to less than 8 years 5.05% 5.55%
8 years and above to 10 years 5.05% 5.55%

Note: The interest rates are applicable w.e.f. from 1 November 2021.

BOI Interest Rate for NRE Deposits

Tenure Deposits less than Rs.2 Cr Rs.2 Cr & above but less than Rs.10 Cr
1 year to less than 2 years 5.00% 3.50%
2 years to less than 3 years 5.05% 3.50%
3 years to less than 5 years 5.05% 3.50%
5 years to less than 10 years 5.05% 3.50%
8 years to 10 years 5.05% 3.50%

Note: The interest rates are applicable w.e.f. from 1 November 2021.

Bank of India FCNR (B) Interest Rates

The BOI Foreign Currency Non to Resident (Bank) Deposit interest rates* for corresponding foreign currency** can be found below:

Tenure FCNR (B) FD rates (per annum)
GBP JPY USD EUR CAD AUD
1 year to less than 2 years 0.79 0.49 0.92 0.00 1.07 0.61
2 years to less than 3 years 0.94 0.49 1.04 0.02 1.31 0.71
3 years to less than 4 years 1.05 0.49 1.24 0.06 1.52 0.91
4 years to less than 5 years 1.12 0.49 1.42 0.11 1.68 1.07
5 years 1.17 0.49 1.55 0.16 1.79 1.26

Note: The interest rates are applicable w.e.f. from 1 November 2021.

*GBP to Pound Sterling, USD to US Dollar, CAD to Canadian Dollar, JPY to Japanese Yen and AUD to Australian Dollar.

Features and Benefits of Bank of India (BOI) FD Schemes

  • The tenure for fixed deposits offered by the Bank of India (BOI) is a minimum of 15 days and can go up to 10 years.
  • Interest earned during the tenure can be withdrawn on a monthly or a quarterly basis.
  • The facility of nomination is available on FD schemes
  • Loans can be taken against the amount deposited (except for the tax saving FD scheme).

Eligibility Criteria and Documents Required

The following are eligible to invest in a Bank of India (BOI) Fixed Deposit Scheme:

  • Individual — Single Accounts
  • Two or more individuals — Joint Accounts
  • Sole Proprietory Concerns
  • Partnership Firms
  • Illiterate Persons
  • Blind Persons
  • Minors
  • Limited Companies
  • Associations, Clubs, Societies, etc.,
  • Trusts
  • Joint Hindu Families (accounts of non-trading nature only)
  • Municipalities
  • Government and Quasi-Government Bodies
  • Panchayats
  • Religious Institutions
  • Educational Institutions (including Universities)
  • Charitable Institutions

The following documents are required to start investing in a Bank of India (BOI) Fixed Deposit Scheme:

  • Proof of Identity:
    • PAN card
    • Driving licence
    • Aadhaar card
    • Senior citizen ID (if applicable)
    • Photo ID card issued by the government
    • Passport
  • Proof of Address:
    • Utility bills such as electricity bill and telephone bill
    • Passport

Type of Bank of India (BOI) Fixed Deposit Schemes

Bank of India (BOI) offers the following categories of Fixed Deposit Schemes:

FAQs for BOI Fixed Deposit Rates

  1. What is the highest interest rate offered on BOI FD?

    The highest rate of interest offered at present is 5.30% p.a. for general public. The interest rates offered by the bank are subject to change without prior notice, so, changes are likely.

  2. What is the minimum and maximum tenure range?

    The minimum tenure is 7 days while the maximum tenure is 10 years.

  3. Can a customer open an FD account online in Bank of India (BOI)?

    Yes. If you already have a BOI savings account and an active internet banking ID and password, this can be done by following a few simple steps.

  4. Does BOI offer extra benefits for senior citizens?

    All senior citizens are eligible for higher interest rates when it comes to BOI FDs. However, the additional rates are applicable only to the investment tenures of 6 months and above.

  5. Can a customer change the tenure of the FD after opening the same?

    It is not possible to change the tenure once an FD is opened. However, once the maturity period is completed, deposits can be renewed. A customer will have to wait till the maturity period to make any changes to the tenure.

  6. How to save tax on BOI FDs?

    Customers can apply for a tax-saver FD scheme wherein the period of investment is a minimum of 5 years and maximum of 10 years and save tax.

  7. Do NRI have to pay tax on fixed deposits?

    The interest on NRE and FCNR accounts is tax-free. However, the interest earned on NRO accounts is fully taxable.

  8. Is PAN mandatory to open an FD account? What are the consequences of not providing PAN card details?

    PAN card is absolutely mandatory to open an FD account. If a customer fails to provide PAN card details, the following will be the consequences:

    • A higher rate of TDS will be deducted, which will be at 20%, instead of 10%.
    • The Income Tax department will not give the customer any TDS credit or issue a TDS certificate.
    • Certain forms like 15G/H and other kind of tax exemption certificates will become invalid.
  9. Is it possible to avail loan/overdraft facility against an FD?

    A loan of up to 90% can be availed against a BOI FD.

  10. Is premature withdrawal facility available for BOI fixed deposit?

    No, premature withdrawal facility is not available for BOI fixed deposits.

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