Bank of India Fixed Deposit
Last Updated : Nov. 27, 2017, 6:58 p.m.
About Bank Of India Fixed Deposit
Bank of India is a government-owned bank incorporated in 1906. With 5000 branches all over the world, Bank of India has now established a comprehensive presence pan-India.
The fixed deposits schemes of Bank of India are customer friendly as they offer attractive returns with competitive rates of interest and flexible tenures.
Special rates for senior citizens
Bank of India offers additional 0.50% regular interest rates to senior citizens on all fixed deposit schemes from 6 months to 10 years tenures.
Bank of India Fixed Deposit Schemes :
- Domestic Fixed Deposits
- Double Benefit Term Deposit
- Fixed/Short Term Deposit
- Quarterly/Monthly Term Deposit
- Star Sunidhi Tax-Saving Deposit Scheme
Fixed Deposits Interest Rates
(w.e.f. 13.09.2017)
| Period of Deposit | Rate of Interest for less than ₹2 Cr | Rate of Interest for ₹2 Cr but less than ₹10 Cr |
|---|---|---|
| 7 days to 14 days | 4.25% | 4.25% |
| 15 days to 30 days | 4.25% | 4.25% |
| 31 days to 45 days | 4.25% | 4.25% |
| 46 days to 90 days | 5.50% | 4.85% |
| 91 days to 179 days | 5.50% | 4.90% |
| 180 days to 269 days | 6.00% | 5.30% |
| 270 days to less than 1 year | 6.00% | 5.30% |
| Above 1 year to less than 2 years | 6.30% | 5.50% |
| 2 years to less than 3 years | 6.25% | 5.60% |
| 3 years to less than 5 years | 6.25% | 5.50% |
| Above 5 years to less than 8 years | 6.25% | 5.50% |
| 8 years to less than 10 years | 6.25% | 5.50% |
Bank of India Fixed Deposit Schemes
1. Bank of India Double Benefit Term Deposit Scheme
The interest rate of Double Benefit Deposits is compounded on the quarterly basis and hence provides a higher yield on the principal at the end of the maturity period. This scheme is useful for short term and medium terms investments making it easy for individuals to invest.
| Period of Deposit | Amount of Deposit | Rate of Interest |
|---|---|---|
| 6 months to 120 months | In Metro and Urban branches -₹10,000/- In Rural and Semi-urban branches - ₹5,000/- For senior citizens - ₹5,000/- | Paid at the time of maturity through quarterly compounding |
2. Bank of India Fixed/Short Term Deposit Scheme
To open an fixed/short-term deposit account, you must have a savings account in any branch of the Bank of India.
| Period of Deposit | Amount of Deposit | Rate of Interest |
|---|---|---|
| 7 days to 12 months | In Metro and Urban branches - ₹10,000/- In Rural and Semi-urban branches - ₹5,000/- For senior citizens - ₹ 5,000/- For single deposit for a period of 7 days to 14 days – ₹1 Lakh | Paid half yearly on 1st October or on 1st April |
3. Bank of India Quarterly/Monthly Term Deposit Scheme
The quarterly/monthly term deposits provide fixed monthly income and the interest is credited to the savings or current account of the depositor.
| Period of Deposit | Amount of Deposit | Rate of Interest |
|---|---|---|
| 1 month to 10 years (in quarters) | In Metro and Urban branches - ₹10,000/- In Rural and Semi-urban branches - ₹5,000/- For senior citizens - ₹ 5,000/- For single deposit for a period of 7 days to 14 days – ₹1 Lakh | Paid either monthly or quarterly depending upon the applicable TDS |
4. Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Under the 80c of the Income Tax Act, the individual needs to fix minimum amount of ₹ 10,000/- p.a for a period of at least 5 years. The individuals and Hindus from the undivided family having PAN numbers are eligible to open a Star Sunidhi Tax-Saving deposit at Bank of India. The rate of interest is as applicable for the normal domestic term deposit. Nomination facility is available for this fixed deposit scheme.
| Account Type | Period of Deposit | Amount of Deposit |
|---|---|---|
| Single & Joint | 5 years to 10 years | ₹10,000/- p.a to ₹1,50,000/- p.a |
Eligibility Criteria
- Individuals
- Joint accounts for 2 or more individuals
- Partnership firms
- Trusts
- Minors
- Blind persons
- Illiterate persons
- Joint Hindu families
- Limited companies and partnership firms
- Municipalities and panchayats
- Charitable, religious, and educational institutions
- Associations, societies, club, etc.
- Sole proprietary concerns
Documents Required
If you want to open an fixed deposit account in Bank of India, here is the list of documents you need:
- Resident proof
- Identity proof
- Photographs
- Filled application form of FD
Bank of India Fixed Deposit Calculator
Now you can calculate the maturity amount of your invested money in advance. All you have to do is to fill up the principal amount, period of deposit and the rate of interest to know how much profit you are going to get.
Bank of India Customer Care
For any query related to fixed deposits, you can go to your nearest Bank of India branch or contact the 24*7 help desk of Bank of India on – 1800 220 229, 1800 103 1906, 022 40919191.
