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Bank of India Recurring Deposit Interest Rates 2019

A recurring deposit account can be opened with Bank of India (BOI) in the names of individuals (single and joint accounts), minors, blind, and illiterate persons. The bank offers a variety of tenures which starts at 180 days and goes up to 10 years. The rate of interest offered by the bank on the tenures are quite attractive. The core monthly instalment of an RD opened with Bank of India is Rs.100 in rural and semi-urban branches and Rs.500 in urban and metro branches.

The interest rates offered on RD tenures by Bank of India to general citizens are listed below:

Tenure Below Rs.2 crore Rs.2 crore to less than Rs.10 crore
180 to 269 days 6.00 5.70
270 days to less than 1 year 6.00 5.70
1 to 2 Yrs 6.50 6.30
2 to 3 years 6.25 6.00
3 to 5 years 6.25 5.75
5 to 8 years 6.25 5.75
8 to 10 years 6.25 5.75

Note: The interest rates can be changed at the discretion of the bank.

The interest rates offered on RD tenures by Bank of India to senior citizens are listed below:

Tenure Below Rs.2 crore Rs.2 crore to less than Rs.10 crore
180 to 269 days 6.50 6.20
270 days to less than 1 year 6.50 6.20
1 to 2 Yrs 7.00 6.80
2 to 3 years 6.75 6.50
3 to 5 years 6.75 6.25
5 to 8 years 6.75 6.25
8 to 10 years 6.75 6.25

*The interest rates can be changed at the discretion of the bank

NRE Recurring Deposit Interest rates

Tenure Interest Rates
(less than Rs.2 crore)
Interest Rates
(Rs.2 crore to less than Rs.10 crore)
12 months to less than 24 months 6.70% p.a. 6.70% p.a.
444 days 6.75% p.a. 6.70% p.a.
24 months to less than 36 months 6.70% p.a. 6.70% p.a.
36 months to less than 60 months 6.50% 6.50% p.a.
60 months to less than 120 months
96 months to less than 120 months 6.35% p.a. 6.35% p.a.

Note: The interest rates can be changed at the discretion of the bank

Bank of India – Short-Term RD Interest Rates

Bank of India offers you the option of opening an RD for a short term. The tenure for a short-term RD ranges from 180 days to less than 2 years with the rate of interest offered being between 6.25% and 6.75% p.a. The interest rates offered by the bank is for amounts that range between Rs.2 crore and Rs.10 crore.

Bank of India – Medium- and Long-Term RD Interest Rates

Tenures that range from 2 years to less than 5 years fall under medium-term RDs while the tenures which are for 5 years and above are known as long-term RDs. Bank of India offers interest of 6.50% to 6.70% p.a. on medium-term RDs while for long-term RDs it is from 6.35% to 6.85% p.a.

Bank of India - Senior Citizen RD Interest Rates

Bank of India offers citizens above the age of 60 years an additional interest of 0.50% p.a. on all investments when it comes to RDs. The rate of interest offered is in the range of 6.75% to 7.25% p.a. The highest interest rate is offered for a special tenure of 444 days with a deposit below Rs.2 crore.

Bank of India - NRE Recurring Deposit Interest Rates

The public sector lender offers recurring deposit schemes to NRIs as well. The tenures start from 1 year and go up to 10 years. The interest rates offered by the bank on the tenures are in the range of 6.35% to 6.75% p.a. for deposits less than Rs.2 crore. For deposits above Rs.2 crore to Rs.10 crore, the interest offered ranges from 6.35% to 6.70% p.a.

More you need to know about Recurring Deposit

Bank of India RD Schemes

Read More Articles On RD

News About State Bank of Mysore Recurring Deposit Interest Rates

  • Bank of India to Lower Interest Rates

    Bank of India has lowered the interest rates on saving accounts and deposits by 0.5%. Saving accounts with a balance of lesser than Rs.50 lakh will now only earn an interest of 3.5%. Nevertheless, customers who maintain a balance of above Rs.50 lakh will continue to earn an interest of 4%.

    The two-tier interest rate for saving accounts will be effective from Thursday, 31st August.

    24 August 2017

  • Interest Rates of Bank of India Recurring Deposit Schemes Revised

    The interest rates of Recurring Deposit Schemes offered by Bank of India have been revised. For deposits of below Rs.1 crore for a tenure of 6 months to 2 years, the interest rate ranges from 6.9% p.a. to 7.1% p.a. For deposits of between Rs.1 crore and less than Rs.10 crores for the same tenure, the interest rate ranges from 6.3% p.a. to 6.75% p.a. and for deposits of more than Rs.10 crores, the interest rate ranges from 6.25% p.a. to 6.5% p.a.

    The interest rates of medium and long term recurring deposits have also been revised. For deposits of below Rs.1 crore for a tenure of more than 2 years and up to 5 years, the interest rate ranges from 7.1% p.a. to 7% p.a. For deposits of between Rs.1 crore and less than Rs.10 crores and for deposits of more than Rs.10 crores for the same tenure, the interest rate is 6.5% p.a.

    The interest rate for NRE Recurring Deposits worth less than Rs.1 crore is 7.10% for a tenure of 1 year to below 3 years. For deposits worth Rs.1 crore to Rs.10 crores for a tenure of 1 year to below 2 years, the interest rate is 6.75% p.a. and for a tenure of 3 years to 10 years, the interest rate is 6.5%.

    1 December 2016

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