Bank of India RD Calculator 2025
The Bank of India Recurring Deposit (RD) scheme offers a convenient and disciplined way for individuals to build savings by making fixed monthly deposits over a chosen tenure. One of the key advantages of BOI RD is the flexibility in tenure, ranging from 6 months to 10 years, allowing customers to plan according to their financial goals.
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 help you understand the structure of your savings in advance.
- It will help you attain error-free results.
- It will give you instant results.
How to use the Bank of India RD Calculator 2025
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 2: Navigate to the Calculator option from the home page.
Step 3: On the webpage showing the calculators, select the tab marked as 'Recurring Deposit Calculator'.
Step 4: Fill in the designated fields with the following: 'Deposit Amount', 'Period (in months multiple of 3), and 'Rate of interest'. 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 'Total Deposit Amount', 'Maturity Value (Approx.)', and 'Interest Amount (Approx.)'.
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 - 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 the General Public
Tenure of Investment | Rate of Interest |
91 days to 179 days | 4.50% p.a. |
180 days to 210 days | 6.00% p.a. |
211 days to 269 days | 6.00% p.a. |
270 days to less than 1 year | 6.00% p.a. |
1 year | 6.80% p.a. |
Above 1 year to less than 2 years | 6.80% p.a. |
2 years | 6.80% p.a. |
Above 2 years to less than 3 years | 6.75% p.a. |
3 years to less than 5 years | 6.50% p.a. |
5 years to 10 years | 6.00% p.a. |
Note : The rates of interest mentioned above are applicable for deposits of less than Rs.3 crore (w.e.f. 1 September 2024).
FAQs on Bank of India RD Calculator
- What is the Bank of India RD calculator?
The Bank of India RD calculator is an online tool that estimates the interest earned on recurring deposits. It calculates the interest rate as well as the future value of the investment.
- Do I have to pay any charges to use the Bank of India RD calculator?
No, the Bank of India RD calculator can be used for free.
- Is TDS applicable on my Bank of India recurring deposit account?
Yes, as per the amendments introduced in the Finance Act 2015, TDS will be applicable on your recurring deposit account.
- Does the Bank of India recurring deposit calculator produce accurate results?
Yes, the Bank of India recurring deposit calculator has been designed to generate accurate results. However, you must ensure that you have entered the correct values.
- Do I have to pay any charges for arrear instalment payments?
Yes, a penalty is chargeable in the cases of arrear instalment payments.
- Who is eligible for the Bank of India Recurring Deposit (RD) scheme?
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).
- What is the minimum eligible instalment amount for the Bank of India Recurring Deposit (RD) Scheme?
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.
- What are the tenures available on the Bank of India recurring deposit?
The tenures on the Bank of India recurring deposit range from three months to 10 years.
- Can I open an RD with Bank of India in joint names?
Yes, you can open an RD with Bank of India in joint names.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.