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Bank of India Recurring Deposit Interest Rates 2020

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 Rate of Interest (%) for deposits less than Rs.2 crore
180 days 269 days 6.00
270 days to less than a year 6.00
Above 1 year but less than 2 years 6.30
Above 2 years but less than 3 years 6.25
Above 3 years but less than 5 years 6.25
Above 5 years but less than 8 years 6.25
Above years and up to 10 years 6.25

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

The minimum deposit that must be made for Recurring Deposits that come with a tenure ranging between 7 days and 14 days is Rs.1 lakh.

Bank of India - Senior Citizen RD Interest Rates

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

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

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

NRE Recurring Deposit Interest rates

Tenure Rate of Interest (%) for deposits less than Rs.2 crore
Above 1 year but less than 2 years 6.30
Above 2 years but less than 3 years 6.25
Above 3 years but less than 5 years 6.25
Above 5 years and up to 10 years 6.25
Above 8 years and up to 10 years 6.25

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 6.00% and 6.30% 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 6.25% p.a. on medium-term RDs while for long-term RDs it is from 6.25% onwards

Bank of India - Senior Citizen RD Interest Rates

  • In the case of senior citizens, the tenure of the deposit must be more than 6 months.
  • The senior citizen must be above the age of 60 years and must be the first account holder.
  • In case the minimum deposit is above Rs.100, and additional rate of interest of 0.50% is provided. However, the maximum amount that can be deposited is 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 6.25% to 6.30% p.a. for deposits less than Rs.2 crore.

Bank of India RD Interest Rates FAQs

  1. How can I open an RD account with Bank of India?

    You can open an RD account with Bank of India by logging into the customer portal of the bank using your credentials. You will find the option of ‘open an RD Account’. Click on it and follow the instructions. Submit the necessary documents and you will be able to open an RD account.

    You can also visit the nearest branch of Bank of India along with the necessary documents. A representative from the bank will help you with the process of opening a recurring deposit account.

  2. In whose names can I open a recurring deposit account?

    You can open an RD account in the names of:

    • Individual — Single Accounts
    • Two or more individuals — Joint Accounts
    • Illiterate Persons
    • Blind Persons
    • Minors
  3. Will there be TDS applied on recurring deposits?

    As per the Finance Act,2015, TDS will be applicable on the recurring deposits and the rate of interest you will be eligible to earn.

  4. Does Bank of India provide the RD Calculator facility?

    Yes, Bank of India provides the RD calculator facility to its customers on the official website. You can use the RD calculator in order to determine the rate of interest that you will earn, and the final maturity amount based on the deposit amount and the tenure.

  5. How can I get in touch with the customer care service in case of any query related to recurring deposit?

    In case of any queries related to recurring deposit, you can get in touch with the customer care service by calling on the toll-free numbers 1800 103 1906 / 1800 220 229 or on the number (022) – 40919191 which is a chargeable number. The facility is available 24x7.

Bank of India RD Schemes

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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