Overview of Bank of India Fixed Deposit

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.

Fixed Deposits of Bank of India

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.

Eligibility for opening FD accounts in BOI

The following are eligible to open an FD account in Bank of India:

  • Individuals
  • Joint accounts for 2 or more individuals
  • Partnership firms
  • Trusts
  • Minors
  • Blind persons
  • Illiterate persons
  • Joint Hindu families
  • Limited companies and partnership firms
  • Municipalities and panchayats
  • Charitable, religious, and educational institutions
  • Associations, societies, clubs etc.
  • Sole proprietary concerns

Different fixed deposit schemes from Bank Of India

BOI offers three major fixed deposit schemes:

  • Fixed/Short Term Deposit– This is a standard FD scheme wherein customers are paid fixed interest amounts at regular intervals.
  • Quarterly/Monthly Term Deposit – In this scheme, customers can choose to receive interest payments at monthly or quarterly intervals.
  • Double Benefit Term Deposit – Customers stand to receive high interest rates, but the fixed deposit cannot be broken before the end of tenure. Interests will not be paid intermittently.

Minimum amount for opening Bank of India fixed deposit account

  • For Fixed/Short Term Deposit: Minimum amount is ₹ 5,000 in semi-urban and rural branches; ₹ 1 lakh for Short Term Deposit and ₹ 10,000 for Fixed Term Deposit in urban and metro branches; ₹ 5,000 for senior citizens; and ₹ 1 lakh for deposits of 7 days to 14 days tenure.
  • For Quarterly/Monthly Term Deposit: ₹ 10,000 in urban and metro branches; ₹ 5,000 in semi-urban and rural branches; and ₹ 5,000 for senior citizens.
  • For Double Benefit Term Deposit: Same as Quarterly/Monthly term deposit scheme.

Maximum amount that can be deposited

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.

Minimum and maximum tenure

Tenures range from as low as 7 days for Short Term Deposits, and up to 120 months in other plans.

Procedure for opening BOI FD account

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.

Interest rates on FD accounts

For deposits below ? 1 crore, interest is offered in the range of 4.00% p.a. to 5.50% p.a. for holdings up to 1 year and 5.80% p.a. to 5.90% p.a. for tenures above 1 year. For deposits between ? 1 crore and ? 10 crores, interest rates offered vary between 3.60% p.a. and 4.50% p.a. for tenures up to a year and stand at 5.00% p.a. on deposits held between 1 to 10 years.

Taxes on BOI FD accounts

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.

Main features of FD products from BOI

The primary features of BOI fixed deposit schemes are:

  • No upper limit on deposits, though permission has to be taken from head or regional offices for deposits above ₹ 10 crores.
  • Flexible tenures from 6 months to 120 months (medium and long term deposits), and starting from 7 days (for short term deposits)
  • Attractive interest rates.
  • Speedy approval and processing.

Availing loans against Bank of India fixed deposit

Most banks provide loans against fixed deposit schemes. Bank of India may consider it on a case to case basis.

Special rates for senior citizens

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.

Credit Cards against BOI Fds

Currently, Bank of India does not provide credit cards against fixed deposits.

What is the premature withdrawal criteria of Bank of India 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

Does Bank of India offer NRI fixed deposits?

Yes, the Bank of India offers fixed deposits for NRIs under two categories:

  1. Foreign Currency Non-Resident Accounts (FCNR).

  2. 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.

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