Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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    Bank of India Fixed/Short Term Deposit  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.3% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.7% - 6.8% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    Bank of India Fixed/Short Term Deposit is Rated as "Excellent!" by 33 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    Bank of India offers fixed deposits that range from short tenures to long ones. Short term fixed deposits are generally those that have a deposit period of less than or equal to one year or 12 months.

    This scheme is aimed at benefiting customers who wish to invest in short-term financial instruments. It is ideal for customers who do not want to wait for long periods to reap benefits on their fixed deposits. Interest on short term deposits is paid on a number of days basis considering 365 days in a year.

    Eligibility Criteria for applying for Bank of India Fixed/Short Term Deposit

    People who meet the following criteria, are eligible to apply:

    1. KYC Documents need to be submitted by applicants who wish to avail the short term fixed deposit account
    2. Documents required to open this account
      • Proof of residence
      • Proof of identification
      • Recent passport sized photograph of the applicant
    3. Any of the following people or groups may apply for this short term deposit scheme
      1. Individual — Single Accounts
      2. Two or more individuals — Joint Accounts
      3. Sole Proprietary Concerns
      4. Limited Companies
      5. Associations, Clubs, Societies, etc.,
      6. Trusts
      7. Partnership Firms
      8. Illiterate Persons
      9. Blind Persons
      10. Minors
      11. Joint Hindu Families (HUFs)
      12. Municipalities
      13. Government and Quasi-Government Bodies
      14. Panchayats
      15. Religious Institutions
      16. Educational Institutions (including Universities)
      17. Charitable Institutions

      Features of Bank of India Fixed/Short Term Deposit

      Amount

      Minimum Amount:

      Rs.10,000/-in Metro and Urban Branches and

      Rs.5000/- in Rural and Semi urban Branches

      For senior citizens the minimum deposit amount is Rs5000/-

      Minimum amount per single deposit for a period of 7 days to 14 days is Rs. 1 Lac.

      Maximum Amount: No upper limit applies to the fixed deposit amount under this scheme

      Rate of Interest

      Interest will be paid half yearly on 1st October or on 1st April. In case these days fall on national holidays, the interest will be paid on the following day.

      Deposit Period

      Minimum: 7 days

      Maximum: 12 months

      TDS

      The payment/credit of interest in the account will be subject to TDS as applicable) PAN number is required for accounts where TDS is applicable.

      Loan against Bank of India Short/Fixed Term Deposit

      N.A.

      Nomination (if any)

      N.A.

      Premature withdrawals

      Pre-mature withdrawal of deposit amount under the short-term deposit scheme is permissible and does not attract any pre-closure fee. The interest applicable for those number of days for which the deposit was with the bank is paid out at a rate applicable during the period of deposit.

      Bank of India Short/Fixed Term Deposit Interest Rates

      Interest will be paid half yearly on 1st October or on 1st April. In case these days fall on national holidays, the interest will be paid on the following day. Interest is paid at a rate which is applicable during the time the deposit is held with the bank and not at the contracted rate of interest. Also, interest is paid only for the number of days the deposit is held with the bank.

      Bank of India Short/Fixed Term Deposit FAQs

      1. Does the Bank of India Short/Fixed Term Deposit levy any pre-closure fee for premature withdrawal?

        No. There is no fee for premature closure of deposit account.

      2. Is renewal of deposits made under this scheme allowed even before maturity date?

        Yes. Renewal of deposits is allowed under permissible guidelines issued by the bank from time to time. This renewal can be made even before the deposit reaches its maturity age.

      3. When does the minimum deposit amount criteria not apply?

        The minimum deposit amount criteria does not apply to subsidy granted under government sponsored schemes, earnest money and court order attached deposits.

      4. What is the minimum tenure for Short-term deposits?

        The minimum tenure and the corresponding minimum deposit amount for short term deposits is 7 days and Rs.1 lac, respectively.

    Useful Information on BOI Fixed Deposit

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  • Bank of India Fixed/Short Term Deposit Reviews

    • 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? 14
      , 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? 16
      , 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? 9
      , 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? 4
      , 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? 3
      , 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? 14
      , 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? 7
      , kolkata
      Reviewed on Feb 02, 2015
    • Bank of India Fixed Deposit
      "Bank of India Fixed Deposit"
      0.5 4.5/5 "Excellent!"
      Mainly for purpose of Tax benefit & security purpose , I opted 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.
      Was this review helpful? 10
      , mumbai
      Reviewed on Feb 02, 2015
    • Bank of India Fixed Deposit
      ". BANK OF INDIA - BEST FOR FIXED DIPOSITE"
      0.5 5.0/5 "Blown Away!"
      I would say the online banking services was pretty good from bank of india.If we need some information they will keep us atleast 15 minutes if any emergency queries . I suffered most of the times when I went for my fixed deposit queries lot. Till today I am seeing most of the branches was having queue system. It would be better if they improve their customer service bit higher
      Was this review helpful? 8
      , mumbai
      Reviewed on Jan 31, 2015
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