Bank of India Recurring Deposit Maturity Calculator

The BOI RD calculator works by considering the inputs given below: 

1. Monthly deposit amount - The amount deposited on an RD account on a monthly basis. 
2. Recurring deposit tenure - The Bank of India RD calculator also determines the tenure of the specific RD scheme. 
3. Interest rate - The interest rates of Bank of India’s RD are also considered by the RD calculator. 

Once you enter all the above-mentioned details in the Bank of India RD calculator, you will be able to see the following results: 

Total Investment - It is a total of all the monthly deposits in a particular RD scheme. 

Wealth Gained - Interest earned on the RD scheme. 

Total Corpus Created -  It is a total of all monthly installments and wealth gained. In short, it is the overall maturity amount received an investor at the end of the tenure. 

BOI  Recurring Deposit (RD) Interest Rates 

The following table describe the interest rates of Bank of India Recurring Deposit: 

Note: The rate will be effective from 13 Aug 2024.

How is Interest Rate Calculated on BOI RD? 

The interest on Bank of India recurring deposit is compounded quarterly. The maturity amount of Bank of India RD is calculated on the basis of the following formula: 

M=R[(1+i) (n-1)]/1-(1+i)(-1/3)) 

Where, 

M stands for Maturity Value 

R stands for Monthly Instalment 

i stands for the rate of interest divided by 4 

N stands for the tenure (in quarters) 

Factors Affecting RD Interest  Rates

The following are the factors which affect the RD interest rate: 

Tenure  - The time duration that you select for your recurring deposit is known as the tenure of the recurring deposit. The RD interest rate is different in different tenure options. 

Age of an Applicant - The age of an applicant plays a crucial role in deciding the interest rates. For instance, banks and various Non Banking Financial Corporations (NBFCs) offers higher interest rate to the senior citizens. Generally, banks provide additional 0.50% to 0.75% interest on the regular deposits. However, the minimum age limit can differ from bank to bank. 

Repo Rate  - The repo rate of the Reserve Bank of India (RBI) can provide benefits to the borrowers and at the same time may reduce fixed income earners to face huge loss in future from RDs when rates are down. 

Current Economic Scenario  - Banks and NBFCs keep on changing their RD interest rates from time to time based on certain economic conditions. Various conditions such as inflation, change in repo rate, etc are the prevailing cases when RD interest rates change. 

Benefits of Using BOI Recurring Deposit Calculator

Given below are some of the major benefits of using BOI recurring deposit calculator: 

1. Easy to Use - The recurring deposit calculator of Bank of India is very simple and easy to use. The user just have to enter the basic details to find out the overall returns. 
2. Accurate Results - The BOI RD calculator has the ability to calculate the accurate results. There are no chances of issues. 
3. Saves Time - The BOI RD calculator can calculate the overall results of the RD within a few seconds. Not only this but it also helps the user in saving their efforts in calculating such complex calculations. 
4. Free of Cost - Bank of India RD calculator is an online tool and the users can use it for free whenever they want. 

1. Future Planning - With the help of the BOI RD calculator, one can easily plan their future investment by estimating the output. As the tool helps in finding out the future returns from an investment, it helps the users to plan their financial goals. 
2. Comparison - The users can also use the BOI RD calculator to compare other recurring deposit schemes. This helps the investors in deciding which plan is perfect for them as per their needs. 

Documents Required to Open an RD Account with BOI

You need to submit the photocopies of the following documents to open an RD account in BOI: 

1. Bank of India RD account opening form 

1. Know Your Customer (KYC) documents 
2. Latest passport size photographs 
3. For Hindu Undivided Families (HUFs) - HUF declaration deed, HUF bank statement, self attested Permanent Account Number (PAN) card 
4. For Individual and Company - PAN card, Voter ID, Driving License, Passport Copy, Aadhar Card 
5. For Partnership Firms - Certificate of incorporation, proof of the partnership deed 

Eligibility Criteria for Investing in BOI RD

1. Resident Individuals 
2. Non-Resident Individuals (NRIs) 
3. Organizations 
4. Persons of Indian Origin (PIOs) 

1. Sole Proprietorship Firms 
2. HUFs 
3. Partnership Firms 
4. Private and Public Limited Companies 
5. Trust and Companies 

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score