Bank of India was incorporated in 1906 by a group of bankers and social activists in Bombay (Mumbai). Starting with 50 employees, the bank has now established a comprehensive presence pan-India. The total number of branches of BOI is just shy of 5000, and the bank also has operations in 22 countries and across 5 continents. It is a government-owned bank that has left a legacy of satisfied customers. It operates out of Mumbai, Maharashtra.
Bank of India offers fixed deposits to customers as part of its savings product portfolio. It offers attractive returns through competitive rates of interest and flexible tenures. These FD schemes offered by BOI are good investment options for those looking to earn safe, guaranteed returns on excess funds or savings.
The following are eligible to open an FD account in Bank of India:
BOI offers three major fixed deposit schemes:
The information regarding maximum amount that can be used in an FD account is currently not available. Investments are accepted upwards of ₹ 400 crores also.
Tenures range from as low as 7 days for Short Term Deposits, and up to 120 months in other plans.
Bank of India fixed deposits generally need the applicants’ residential proof, identity proof, photographs, and filled application form at the time of opening an FD account. It is advisable to open a savings account in BOI when going for fixed deposit schemes, as this will help you in avoiding delays in interest disbursement, due to direct crediting in customers’ savings accounts.
For deposits below ₹ 1 crore, interest is offered in the range of 4% to 8.25% for holdings up to 1 year and 8.75% for tenures above 1 year. For deposits between ₹ 1 crore and ₹ 10 crores, interest rates offered vary between 4.25% 8.50% for tenures up to a year and are at 8.50% to 8.75% on deposits held between 1 to 10 years. For deposits above ₹ 10 crores, rates go as high as 8.75%.
Taxes are applicable on interest earned on Bank of India fixed deposit schemes. Taxes are mainly applicable in two categories: those who provide PAN (Permanent Account Number) and those who do not. For those who have provided PAN details are charged 10% TDS (Tax Deducted at Source) when the income from FD exceeds ₹ 10,000 in a financial year. For customers who don’t provide PAN details, 20% TDS is applicable on income more than ₹ 10,000.
The primary features of BOI fixed deposit schemes are:
Most banks provide loans against fixed deposit schemes. Bank of India may consider it on a case to case basis.
Senior citizens are entitled to an additional 0.50% on regular interest rates on all fixed deposit schemes from 6 months to 10 years tenures.
Currently, Bank of India does not provide credit cards against fixed deposits.
Premature withdrawal is allowed on fixed deposits from bank of India. No penal interests are charged when foreclosing your FD. When an account is prematurely closed by a customer, the interest will not be paid according to the rate in the deposit contract, rather it will be calculated for the term the deposit has remained with the bank
Yes, the Bank of India offers fixed deposits for NRIs under two categories:
Foreign Currency Non-Resident Accounts (FCNR).
Non-Resident External Accounts (NRE).
Both accounts are available for NRIs as individual account, joint account of two NRIs and joint account with an Indian resident. Customers also receive nomination facilities. The funds in both the account types are fully repatriable.
FCNR fixed deposits can be opened with currencies such as USD, GBP, JPY, CAD, EUR and AUD. These accounts are available with tenures from 12 months to 10 years.
Bank of India(BOI) has cut interest rates on fixed deposits by up to 15 bps to arrive at 8.9% for maturities that range in the 1-2 years bracket. These ‘unexpected’ cuts come in the wake of similar changes implemented by SBI, Bank of Baroda, Punjab National Bank and others. Sources from the bank note that the current trend of excess liquidity of funds and poor credit demand posed by the market as the reasons for such an inevitable step. Also, a likely slashing of lending rates is expected in light of these developments.
5th November 2014