Bank of India Fixed Deposit Rates 2020

Bank of India (BoI) is a well-renowned bank that offers various attractive Fixed Deposit (FD) schemes. The bank offers short-term, medium-term and long-term FDs. BoI gives customers multiple choices to put aside a certain sum of money into an FD. BOI FDs offers competitive interest rates and various other benefits such as loan/overdraft facility, nomination facility, etc.

BOI FD Interest Rates: Highest Rates

  • BOI Short -term Fixed Deposit rate: 5.00% to 5.50% p.a. (6 months to 1 year)
  • BOI Medium-term FD rate: 5.90% to 6.00% p.a. (2 years to 3 years)
  • BOI Long-term Deposit rate: 5.90% p.a. (5 years to 8 years)

BOI FD Interest Rate Comparison for General Public (% p.a.):

Tenure Deposits less than Rs.2 Cr Rs.2 Cr & above but less than Rs.10 Crs
7 day to 45 days 4.00% 3.60%
46 days to 90 days 5.00% 3.80%
91 days to 179 days 5.00% 4.00%
180 days to 269 days 5.50% 4.50%
270 days to less than 1 year 5.50% 4.50%
More than 1 year to less than 2 years 6.00% 5.00%
More than 2 years to less than 3 years 5.90% 5.00%
More than 3 years to less than 5 years 5.90% 5.00%
More than 5 years to less than 8 years 5.90% 5.00%
More than 8 years to 10 years 5.90% 5.00%

Note: The interest rates are applicable w.e.f. from 10 April 2020.

Bank of India NRE FD Interest Rates

Tenure Deposits less than Rs.2 Cr Rs.2 Cr & above but less than Rs.10 Crs
More than 1 year to less than 2 years 6.00% 5.00%
More than 2 years to less than 3 years 5.90% 5.00%
More than 3 years to less than 5 years 5.90% 5.00%
More than 5 years to less than 10 years 5.90% 5.00%
More than 8 years to 10 years 5.90% 5.00%

Note: The interest rates are applicable w.e.f. from 10 April 2020

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 1.04% 0.49% 1.67% 0.19% 1.73% 0.84%
2 years to less than 3 years 1.01% 0.48% 1.25% 0.19% 1.25% 0.86%
3 years to less than 4 years 1.00% 0.47% 1.49% 0.20% 1.31% 0.89%
4 years to less than 5 years 1.01% 0.46% 1.24% 0.22% 1.38% 1.01%
5 years 1.02% 0.46% 1.28% 0.26% 1.42% 1.08%

Note: The interest rates are applicable w.e.f. from 2 April 2020

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

FAQs for BOI Fixed Deposit

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

    The highest rate of interest offered at present is 6.7%. 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 I apply for a BOI FD online?

    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.

  5. Is it possible to deposit an additional sum of money into my FD at any point of time?

    No. Unfortunately it is not possible to deposit any sort of additional amount in an already existing FD account.

  6. 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.

  7. 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.
  8. Is it possible to avail loan/overdraft facility against an FD?

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

  9. What will be the tenure of the loan if it is availed against an FD?

    The tenure of the loan will be the same as the tenure of the loan.

  10. Can a customer who does not have an account with BOI open an FD online?

    No. Unfortunately only existing customers will be able to open an FD account online. New customers will have to visit a BOI branch and then request for online banking services.

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