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# Bank of India RD Calculator

Bank of India offers a host of products for its customers. Customers who are willing to open a recurring deposit account with Bank of India can do the same in the form of an individual account or a joint account. The minimum instalment amount can be as low as Rs.100 for semi-urban and rural branches and Rs.500 for metro and urban branches. There is no upper limit for the deposit amounts in these cases.

You can use the Bank of India RD Calculator, to find out the best tenure and deposit amount that you should avail to get the most out of your recurring deposit account.

## Why should I use the Bank of India RD Calculator?

There are a number of benefits of using the Bank of India Recurring Deposit Calculator. Some of them are as follows:

• It is free and easy to use.
• It will give you instant results.

## How to use the Bank of India RD Calculator

You can visit the official website of the bank to use the Bank of India RD Calculator. To use the RD calculator, you will have to follow the steps mentioned below:

Step 1: Visit the official website of the bank at www.bankofindia.co.in.

Step 3: On the webpage showing the calculators, select the tab marked as â€˜Recurring Deposit Calculatorâ€™.

Step 4: Fill in the designated fields with the following: â€˜Deposit Amountâ€™, â€˜Period (in months multiple of 3), and â€˜Rate of interestâ€™. Alternatively, you can just pull the slider and adjust the values as per your requirement.

Step 5: As you adjust the figures in the fields provided, the calculator will keep displaying the changes in the â€˜Total Deposit Amountâ€™, â€˜Maturity Value (Approx.)â€™, and â€˜Interest Amount (Approx.)â€™.

## Calculation of Compound Interest on Bank of India Recurring Deposit

If you have a Recurring Deposit (RD) account with Bank of India and you want to find out the final maturity amount, you can do so using a simple formula. The calculations for the recurring deposit accounts are done on the basis of compound interest. You can use the formula mentioned below for the same:

M = R [(1+i) n â€“ 1]/1 - (1+i) (-1/3)

Wherein,

• M = Maturity amount
• R = Monthly deposits to be paid
• n= Tenure during which the deposit is to be made
• i= Rate of interest/4

## Bank of India Recurring Deposit Interest Rates for General Public

Period of Investment for Recurring Deposit Interest Rate (per annum)
180 days to 269 days 4.75%
270 days to less than 1 year 4.75%
More than 1 year to 2 years 5.35%
More than 2 years to less than 3 years 5.25%
3 years and more to less than 5 years 5.25%
More than 5 years to less than 8 years 5.25%
More than 8 years to 10 years 5.25%

The rates of interest mentioned above are applicable for deposits of less than Rs.2 crore (w.e.f. 1 September 2020).

## Bank of India Recurring Deposit Interest Rates for General Public

Period of Investment for Recurring Deposit Interest Rate (per annum)
180 days to 269 days 5.25%
270 days to less than 1 year 5.25%
More than 1 year to 2 years 5.85%
More than 2 years to less than 3 years 5.75%
3 years and more to less than 5 years 5.75%
More than 5 years to less than 8 years 6.00%
More than 8 years to 10 years 6.00%

The rates of interest mentioned above are applicable for deposits of less than Rs.2 crore (w.e.f. 1 September 2020).

## Bank of India RD Calculator Frequently Asked Questions

1) Is TDS applicable on my Bank of India recurring deposit account?

A: Yes, as per the amendments introduced in the Finance Act 2015, TDS will be applicable on your recurring deposit account.

2) Do I have to pay any charges for arrear instalment payments? A: Yes, a penalty is chargeable in the cases of arrear instalment payments.

3) What is the penalty amount which is charged in the cases of arrear instalments?

A: The penalty amount which is charged in the cases of arrear instalments are:

• For deposits of 5 years or less: Rs.1.50 for every Rs.100 per month.
• For deposits of more than 5 years: Rs.2.00 for every Rs.100 per month.

4) Who is eligible for the Bank of India Recurring Deposit (RD) scheme?

A: Individuals, more than one individual, visually challenged person, illiterate person, and minors are eligible to open the recurring deposit accounts with the Bank of India (BoI).

5) What is the minimum eligible instalment amount for the Bank of India Recurring Deposit (RD) Scheme?

A: The minimum eligible instalment amount for the Bank of India RD scheme is Rs.100 or Rs.500, based on the geographical location of the branch office where the account is being opened.

## RD Article Pages

Recurring Deposit Pages

## Disclaimer

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