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  • Fixed Deposit BYTES FROM OUR KITCHEN

    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% 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 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.

    Bank of India Fixed Deposit Reviews

    • Bank of India Fixed Deposit
      "Best"
      0.5 4.0/5 "Great!"
      I do have the fixed deposit account with the Bank of India and the customer service is good one for me with them. I have felt that the response is also good too. Rate of interest is around 7.75% for my deposit and nowadays its really reducing one.
      Was this review helpful? 4
      , new delhi
      Reviewed on Feb 16, 2018
    • Bank of India Fixed Deposit
      "Good benefits"
      0.5 5.0/5 "Blown Away!"
      I bank with Bank of India for a fixed deposit as well. The services are good and there are no issues to open this account. I can do everything online and the rate of interest is also good. There are no charges for these transactions. Satisfied overall.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Feb 09, 2018
    • Bank of India Fixed Deposit
      "Good "
      0.5 5.0/5 "Blown Away!"
      Definitely good. But they provide very low interest rate on FD. Interest rate is 7.3%. Staffs behave well and well trained. You can get better interest rate at other banks, almost 1% high interest rate. Now a days lots of ATM from BOI is available.
      Was this review helpful? 17
      , kolkata
      Reviewed on Oct 18, 2016
    • Bank of India Fixed Deposit
      "satisfied..."
      0.5 4.5/5 "Excellent!"
      Against this fixed deposit the Bank of India had offered me a loan. It is very simple to take loan basis the deposit. No much formalities and no much paper works. By filling a single form we get the loan. Interest rate for the fixed deposit was 8.5%.
      Was this review helpful? 17
      , mumbai
      Reviewed on Jan 30, 2016
    • Bank of India Fixed Deposit
      "Government bank"
      0.5 5.0/5 "Blown Away!"
      BOI is a Government bank and their norms are in line with RBI. The reason why I had chosen BOI is because its a very old bank and its next to my place. My father and mother is holding an account here and that is why I am using this account. I know the BOI staff so I had taken this FD .Interest rate offered by BOI was 8% to 9%
      Was this review helpful? 14
      , agra
      Reviewed on Nov 26, 2015
    • Bank of India Fixed Deposit
      "Good in fixed deposit rate.."
      0.5 4.0/5 "Great!"
      Bank of India is same like other banks in regards to the rate for Fixed deposit. Service is not good like private but product and money will be safe. It is an nationalized bank and that is only good thing about them. All the government banks are low in services.
      Was this review helpful? 9
      , mumbai
      Reviewed on Nov 21, 2015
    • Bank of India Fixed Deposit
      "Relaxing returns"
      0.5 3.0/5 "Satisfactory"
      I had the fixed deposit account with the Bank of India. The rate of interest is okay with them. Customer service is good with them and there are no drawbacks with them. I had it for an year of time like I deposited around 75000 Rupees and I got around a lakh of Rupees as the returns, I am happy with them.
      Was this review helpful? 11
      , coimbatore
      Reviewed on Nov 13, 2015
    • Bank of India Fixed Deposit
      "Excellent"
      0.5 4.0/5 "Great!"
      I had the fixed deposit with the Bank of India and the experience is good with them. Interest rate is common to all, like every bank is giving same rates to the customers. They are having the locker facilities. I been with them from the last 12 years of time. Customer service in the rural areas are not that much okay while in the urban areas they are good.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 11, 2015
    • Bank of India Fixed Deposit
      "Very good"
      0.5 5.0/5 "Blown Away!"
      BOI Fixed deposit is very good. They are providing the best interest rate , they have provided online banking . This request was placed at the branch and its a cumulative interest rate this FD was withdrawn after 6 days from the date of placing the deposit and there is no charges for the same we can liquidate it when ever we want,.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 11, 2015
    • Bank of India Fixed Deposit
      "Good Bank"
      0.5 3.5/5 "Pretty good"
      I do have the fixed deposit with the Bank of india. I used to visit the branch for some of the thing and the rest of the thing I used to dealt with online banking. The drawback is I have to download the application to do the online banking, which is secure but not user friendly. Customer service is good and the rate of interest is also good. There are no minimum lock in period for this.
      Was this review helpful? 9
      , mumbai
      Reviewed on Oct 22, 2015
    • Bank of India Fixed Deposit
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have opened my Fixed deposit account with Bank of India. The services are good from them. The response is very good too. The process was not a lengthy one to open this account. It was fast. I been having this account with them for the last ten years. They offer a good rate of interest. There are no charges as such for this account.
      Was this review helpful? 4
      , new delhi
      Reviewed on Oct 13, 2015
    • Bank of India Fixed Deposit
      "Very close "
      0.5 4.0/5 "Great!"
      I hold an Fixed Deposit account with BANK OF INDIA for the last two years. Since the branch is very near to my house I opened this account to me. They have offered me 9.50% interest rate for this. There was no additional or hidden charges to open this account.
      Was this review helpful? 15
      , ghaziabad
      Reviewed on Sep 15, 2015
    • Bank of India Fixed Deposit
      "Its fine"
      0.5 5.0/5 "Blown Away!"
      Bank of India Fixed deposit was okay . I have been holding this FD for 4 years. This FD was opened at the Branch. I have submitted my id cards for opening this FD. This was taken for a period of 10 years. There was no online access for that . Branch is next to my place . They are also ready to provide overdraft based on this account. However I am not ready to accept that
      Was this review helpful? 8
      , coimbatore
      Reviewed on Aug 06, 2015
    • Bank of India Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had a fixed deposit with Bank of India. The services has been good from them. I got a good rate on interest and it was for two years. After maturity the benefits was as expected. The process did not take long after maturity. It could be done online. I did have to visit the bank.
      Was this review helpful? 11
      , mumbai
      Reviewed on Jul 11, 2015
    • Bank of India Fixed Deposit
      "Poor in quality.."
      0.5 4.0/5 "Great!"
      Firstly, I have a savings account with Bank of India and secondly it is a government organization so comparatively safe and thirdly the rate of interest 8.75% is high. I think for senior citizens, the rate is of 9.2%. Certainly the rate is of simple rate and it comes at the time of maturity.
      Was this review helpful? 11
      , new delhi
      Reviewed on Jun 22, 2015
    • Bank of India Fixed Deposit
      "IT IS NICE"
      0.5 3.5/5 "Pretty good"
      Term period that I have opted for Fixed Deposit is 5year and the rate of interest is 8.75%. If we want to break the deposit in between the term, can do it very well but there must be some penalty charges. As per our convenience we can prefer the tenure and at the end of the maturity, I do get the accumulated interest. Bank of India is very good but they lacks in service when we compare with private banks.
      Was this review helpful? 5
      , mumbai
      Reviewed on Jun 16, 2015
    • Bank of India Fixed Deposit
      "review on fixed deposit"
      0.5 3.5/5 "Pretty good"
      Term period that I have opted for Fixed Deposit is 5year and the rate of interest is 8.75%. If we want to break the deposit in between the term, can do it very well but there must be some penalty charges. As per our convenience we can prefer the tenure and at the end of the maturity, I do get the accumulated interest. Bank of India is very good but they lacks in service when we compare with private banks.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Mar 31, 2015
    • Bank of India Fixed Deposit
      "Good interst rate"
      0.5 4.0/5 "Great!"
      Bank of India Fixed deposit is really good. Their online support is not that good and no facility like Whats up. Interest rate offered for the loan is high however the interest rate offered for FD is normal. My father had an account with bank of India, infact this is my first account which prompted me to open this FD with the same Bank.
      Was this review helpful? 8
      , pune
      Reviewed on Mar 26, 2015
    • Bank of India Fixed Deposit
      "for Bank FD "
      0.5 5.0/5 "Blown Away!"
      I operatived for Bank of India Fixed Deposit. I got competitive rate of Interest. They provide very quick services & is beneficial to us. Bank is providing varied types of scheme as requirement of customers. I recommended this bank. I like and trust Bank Of India.
      Was this review helpful? 20
      , ahmedabad
      Reviewed on Feb 03, 2015
    • Bank of India Fixed Deposit
      "Good!!"
      0.5 4.0/5 "Great!"
      Term period that I have opted for Fixed Deposit is 5year and the rate of interest is 8.75%. If we want to break the deposit in between the term, can do it very well but there must be some penalty charges. As per our convenient we can prefer the tenure and at the end of the maturity, I do get the accumulated interest. Bank of India is very good but they lacks in service when we compare with private banks.
      Was this review helpful? 9
      , kolkata
      Reviewed on Feb 02, 2015
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