Bank of India Recurring Deposit 2025

Tenure	Interest rate of general public (p.a.)	Interest rate of senior citizens (p.a.)
180 days to 269 days	5.00%	5.50%
270 days to less than 12 months	5.50%	6.00%
12 months to less than 24 months	6.00%	6.50%
444 days	7.05%	7.55%
24 months to less than 36 months	6.75%	7.25%
36 months to less than 60 months	6.50%	6.40%
60 months to less than 84 months	6.00%	6.50%
84 months to 120 months	6.00%	6.50%

Note: The mentioned rates are for deposits less than Rs.2 crore.

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Types of Recurring Deposits offered by the Bank of India

The bank offers two types of recurring deposits. They are:

1. Recurring Term Deposit
2. Star-Flexi Recurring Deposit

Features of  Bank of India Recurring Deposit

The features of Recurring Term Deposit are listed below:

1. Account can be opened with a minimum deposit of Rs.100 (Rs.500 in Metro and Urban branches)
2. There is no cap on the maximum deposit amount
3. TDS is applicable
4. Can be opened for a period that ranges between 6 months and 10 years

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Bank of India Star-Flexi Recurring Deposit Features

Listed below are the features of Star-Flexi Recurring Deposit

1. Minimum tenure is 12 months
2. Offers flexibility to choose core instalment and to choose monthly flexi instalment in multiples of the core instalment
3. Nomination facility available

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Who can open a recurring deposit account with the Bank of India?

In order to open a recurring deposit account with Bank of India, you must be a resident Indian. The RD accounts can be opened either singly or jointly. Minors are also eligible to open an account with the bank.

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How to open a Bank of India RD account?

You can open a RD account with the bank by:

1. Visiting the bank branch along with the necessary documents
2. Applying for it through net banking

Documents Required for Bank of India RD

The documents which need to be submitted are listed below:

1. Identity proof
2. Address proof
3. Passport sized photograph

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 Bank of India Short-term RD Interest Rates

RD accounts opened for a period that ranges between 6 months and less than a year are known as short-term recurring deposit. Bank of India offers interest of 5.50% p.a. on such deposits. Senior citizens are offered 6% p.a.

Bank of India Medium RD Interest Rates

Medium-term recurring deposits are those which have a tenure between 1 year and 3 years. The interest offered on such deposits is in the range of 5.90% p.a. to 6.00% p.a. Citizens above the age of 60 years are offered between 6.40% p.a. and 6.50% p.a.

Bank of India Long Term RD Interest Rates

Deposits opened for a period in excess of 3 years fall under the category of long-term recurring deposit. The interest payable on such deposits is 5.90% p.a. for general citizens and 6.40% p.a. for senior citizens.

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FAQs on Bank of India Recurring Deposit

• What is the penalty for delay in payment of instalment?

  For delay in the payment of instalment, Bank of India charges Rs.1.50 for every Rs.100 per month for deposits having a tenure below 5 years. The penalty is Rs.2 for every Rs.100 on deposits having a tenure over 5 years.

• How is the compounding of interest done?

  Compounding of interest is done on a quarterly basis.

• Is there a fixed maturity value on BOI Star flexi-recurring deposit scheme?

  There is no fixed maturity value.

• Can I know the amount which I will be receiving at the time of maturity before starting to invest?

  Yes, you can. It can be done using the RD calculator. All you need to do is enter details like deposit amount, tenure, and rate of interest.

• Are KYC (Know Your Customer) norms applicable for opening a RD account with Bank of India?

  Yes, KYC norms are applicable when it comes to opening a recurring deposit account with the lender.

• What is a Recurring Deposit (RD) with Bank of India?

  Bank of India Recurring Deposit (RD) allows depositor to deposit a fixed amount monthly for a predetermined period, thereby helping the depositor to earn interest on the deposits until maturity.

• What is the minimum tenure for a Bank of India RD?

  The minimum tenure is six months for a Bank of India RD. 

• What is the maximum tenure for a Bank of India RD?

  The maximum tenure is ten years for a Bank of India RD. 

• What is the minimum monthly deposit amount for a Bank of India RD?

  The minimum amount for monthly deposit is Rs.100 for a Bank of India RD. 

• Are there any limits on the maximum monthly deposit for a Bank of India RD?

  No, there are no specified upper limit for the monthly deposit in a Bank of India RD. 

• How is the interest rate on a Bank of India RD determined?

  The Bank of India RD interest rate is determined by the tenure and the amount deposited and the rates updated periodically by the bank. 

• Is the interest on a Bank of India RD compounded?

  Yes, the interest is compounded quarterly on a Bank of India RD. 

• Can I open a Bank of India RD account online?

  Yes, depositors can open a Bank of India RD account online through the bank’s internet banking portal or mobile app by logging into the portal or app using their login ID and password. 

• What happens if I miss a monthly installment on my Bank of India RD?

  The bank may charge a penalty if the depositor misses a monthly installment which varies based on their policy. 

• Can I close my Bank of India RD account before maturity?

  Yes, depositor can close your Bank of India RD account before maturity, but for early withdrawal interest rate may be reduced or penalty may be charged by the bank. 

• Is there a loan facility available against Bank of India RDs?

  Yes, loan facility is available for Bank of India RD against RD accounts, allowing depositor to borrow up to 90% of the deposited amount. 

• Can NRIs open a Bank of India RD account?

  Yes, subject to certain terms and conditions Non-Resident Indians (NRIs) can open an RD account with Bank of India. 

• What documents are required to open a Bank of India RD account?

  To open a Bank of India RD account, depositors require a valid ID proof, address proof, PAN card, and a passport-sized photograph while an additional documents of valid visa and overseas address proof are required for NRIs applicants. 

• What is the process for nominating someone in a Bank of India RD account?

  Depositor can nominate someone during the time of opening the RD account or add a nominee later by submitting a nomination form at the bank branch. 

• What happens to the RD amount if the account holder passes away?

  The RD amount is paid to the nominee, in the event of the account holder's death. The legal heirs must provide the required documents to claim the amount, in case no nominee is registered.

• Is an RD account able to be renewed?

  Yes, it is possible to renew your Bank of India RD account renewable which is permitted as per the BOI guidelines. 

• What is the Late Payment Penalty?

  If the monthly payment is not received by the bank within the due date, the penalties will be charged. For example, if deposits are made shorter than five years, the bank charges Rs.1.50 for every Rs.100 per month, and Rs.2 for every Rs.100 per month. 

• Is there a provision for a nominee in RD accounts?

  Yes, the depositor can nominate a person to receive the RD amount in case of demise of the depositor and for this facility the nomination details need to be updated which can be done either at the time of account opening or later. 

About the Author

Anni Jangam

Annie Jangam is a financial writer with a unique background in biotechnology and eight years of genomics research experience, culminating in 6 international publications. Her three-year experience in SEO-based content writing spans diverse topics. She combines her analytical skills with a talent for clear communication to simplify complex financial concepts. She delivers informative, engaging content with scientific precision and creative flair in the fintech industry. She covers various financial products such as banking, insurance, credit cards, tax, commodities, and more. Her research background demonstrates her dedication, attention to detail, and problem-solving skills, making her a valuable asset in the data-centric world of fintech.