Bank of India FD Interest Rates – Best FD Interest Rates of 2024

Headquartered in Mumbai, the Bank of India is one of the oldest nationalised banks in India, with its establishment dating back to 1906. It was the first nationalised bank in India to establish a fully computerised branch in 1989. As of now, the Bank of India serves as an eminent public sector bank with its extensive network of more than 5,100 branches in India and 45 in foreign countries. Bank of India offers a specialised range of products, including different types of high-yielding FD schemes. Before we dive into the schemes, let’s take a quick look at this comprehensive guide to the Bank of India FD interest rate.

Bank of India FD Interest Rates

Features & Benefits of Bank of India FD

Let’s discuss some of the salient features and benefits of Bank of India FD schemes and their varying rates.

• BOI FD rates are designed to keep the consumer’s financial requirements in mind. Flexible tenure ranging from 7 days to 10 years is also offered.
• BOI FD schemes provide additional benefits such as nomination, overdraft and auto-renewal facilities.
• Senior citizens get higher returns on their investment by availing an additional 0.50% of interest over the regular rates.
• Through various fixed deposit schemes, depositors can start growing their savings by investing a small amount of ₹5,000.
• Depositors can avail of a suitable interest payout option as per their choice or can also apply for premature withdrawal.

How to Book Bank of India FD?

To claim the above benefits and attractive BOI FD interest rates, eligible entities must first book an FD account with the bank. FD account booking can be done either online or offline at your convenience.

1. Online

For online booking, you can use the BOI Internet Banking Portal or BOI Mobile App, as per your choice. 

1.1. BOI Internet Banking Portal

Here’s how you can apply for an FD account booking via the Bank of India internet portal:

• Step 1: Visit the official website of Bank of India.
• Step 2: Click on the ‘Internet Banking’ option on the top menu.
• Step 3: To proceed further, log in to your ‘Personal’ account using your registered user ID. If you do not have a registered user ID, click on the ‘New User’ tab.
• Step 4: Once you have logged into your account, find the ‘Open FD’ option from the ‘Fixed Deposit’ tab and click on it.
• Step 5: Select the desired type of FD account you want to book.
• Step 6: Fill out the necessary details, as required.
• Step 7: Click on the ‘Confirm’ tab after carefully verifying all the details.

Upon successful completion of the process, you will receive an account opening confirmation message on your device.

1.2.  BOI Mobile App

Here is a step-by-step guide on how to book a Bank of India FD through its mobile app:

• Step 1: Install the Bank of India app on your device.
• Step 2: Sign in.
• Step 3: Go to the ‘Open FD’ option.
• Step 4: Choose the type of FD account you want to book.
• Step 5: Fill out all the necessary details related to your particulars and choose a suitable payment method.
• Step 6: Verify all the details and click on the ‘Confirm’ tab once done.

You will receive an account opening confirmation message from the bank after the successful completion of the booking process.

2. Offline

You need to follow the following steps to book an FD account with the Bank of India:

• Step 1: Visit your nearest branch of the Bank of India, along with all necessary documents required.
• Step 2: Obtain an FD opening application form from a bank representative.
• Step 3: Fill out all the details carefully.
• Step 4: Attach the required documents with the form and submit it to the bank.
• Step 5: Deposit the FD amount.

The bank will process your application form along with the documents. Upon successful booking, the bank will issue an FD receipt.

Documents Required to Book Bank of India FD

Investors can avail the high-yielding BOI FD interest rates upon submitting the following set of documents.

• Passport-size photographs of the applicant
• PAN Card and Declaration in Forms 60 and 61
• Identity proof of the applicant (Voter ID Card and Driving License)
• Address proof of the applicant (Passport, Aadhar Card, Electricity/Telephone Bills)
• Age proof of the applicant (Birth Certificate)
• Senior Citizen ID Card
• Bank statement with a cheque

Eligibility to Open Bank of India FD

Here is a list of entities that are eligible to book an FD scheme and claim its benefits along with the secured BOI FD interest rates in 2023.

• Applicant’s Type: Individual, Non-Resident Individual (NRI), Hindu Undivided Families (HUFs), public and private companies, partnership firms, clubs, societies, etc. 
• Age of Applicants: Minimum 18 years old. Minors are also eligible with the presence of an adult.

Types of Bank of India FD Schemes 2024

Here is a list of different types of schemes with varying BOI fixed deposit rates that you can avail in 2023.

1. Fixed/Short-Term Deposit Scheme

Fixed/Short Term Deposit Scheme is the standard FD scheme of the Bank of India. This type of fixed deposit scheme is best suited for risk-averse depositors who want to earn secured interest on their investments every month.

• Minimum Deposit: ₹5,000 for rural and semi-urban branches and ₹10,000 for metro and urban branches
• Maximum Deposit: No limit
• Tenure: 7 days to 10 years
• Interest Rate: 3.00% to 7.90% (for deposits below ₹2 crore) and 4.50% to 7.00% (for deposits above ₹2 crore)
• Eligibility: Applicable to all

2. Double Benefit Term Deposit Scheme

Double Benefit Term Deposit Scheme offers higher returns on the deposited amount as the interest is compounded quarterly. However, the interest earned from this scheme is subject to tax deductions.

• Minimum Deposit: ₹5,000 for rural and semi-urban branches and ₹10,000 for metro and urban branches
• Maximum Deposit: No limit
• Tenure: 6 to 120 months
• Interest Rate: 5.00% to 7.90% (for deposits below ₹2 crore) and 5.40% to 7.00% (for deposits above ₹2 crore)
• Eligibility: Applicable to all

3. BOI Monthly/Quarterly Deposit Scheme

If you are looking for a fixed income for your monthly expenses by way of interest earned from bank deposits, the BOI Monthly/Quarterly Deposit Scheme is ideal for you. The interest earned from this type of scheme is directly transferred to a depositor’s savings/current account as per their choice.

• Minimum Deposit:  ₹5,000 for rural and semi-urban branches and ₹10,000 for metro and urban branches
• Maximum Deposit: No limit
• Tenure: 10 years
• Interest Rate: 3.00% to 7.90% (for deposits below ₹2 crore) and 4.50% to 7.00% (for deposits above ₹2 crore)
• Eligibility: Applicable to all

4. BOI Star Sunidhi Tax-Saving Deposit Scheme

BOI Star Sunidhi Tax-Saving Deposit Scheme provides tax benefits of up to ₹1.5 lakhs per year to all depositors, as per Section 80C of the Income Tax Act 1961. However, this scheme comes up with a lock-in period of 5 years, during which the bank does not allow withdrawal of the deposit money.

• Minimum Deposit: ₹10,000
• Maximum Deposit: ₹1,50,000
• Tenure: 5 to 10 years
• Interest Rate: 6.00% to 7.25% (for general citizens deposits below ₹2 crore), 6.75% to 7.75% (for senior citizens deposits below ₹2 crores) and 6.90% to 7.90% (for super senior citizens deposits below ₹2 crores) 
• Eligibility: Individuals (single or joint accounts) and Hindu Undivided Families with PAN numbers

5. NRE Term Deposit

NRE Term Deposit allows eligible NRI individuals and entities to deposit their regular income earned abroad and avail additional earnings through interest in foreign currency. This type of scheme provides other benefits such as tax exemptions, free repatriation and nomination facility.

• Minimum Deposit: ₹10,000
• Maximum Deposit: No limit
• Tenure: 12 to 120 months
• Interest Rate: 6.00% to 7.25% (for deposits below ₹2 crore) and 4.50% to 7.00% (for deposits above ₹2 crore)
• Eligibility: Non-Resident Indians (NRIs)

6. NRO Term Deposit

Applicable to all eligible NRIs, this scheme helps them to manage the income that they earn in India. The interest earned from BOI NRO Term Deposit is taxable as per the Income Tax Act. The advantage of availing of this scheme is that depositors can hold a joint account and nominate beneficiaries besides earning high-yielding interest.

• Minimum Deposit: ₹10,000
• Maximum Deposit: No limit
• Tenure: 7 days to 120 months
• Interest Rate:  6.00% to 7.25% (for deposits below ₹2 crore) and 4.50% to 7.00% (for deposits above ₹2 crore)
• Eligibility: All NRIs (Non-Indian Residents), except the residents of Bhutan and Nepal and Overseas Corporate Bodies with prior approval of RBI

7. FCNR Deposit Scheme 

Under the FCNR Deposit Scheme, the bank accepts deposits in primarily 6 foreign currencies, including USD. Such investment, made in foreign currencies, qualifies for tax exemptions and is freely repatriable.

• Minimum Deposit: No limit
• Maximum Deposit: No limit
• Tenure: 12 to 60 months
• Interest Rate: 3.15% to 5.35%  (for deposits in USD)
• Eligibility: All NRIs (Non-Indian Residents), except the residents of Bhutan and Nepal

8. RFC Deposit Scheme 

The BOI RFC Deposit Scheme only accepts deposits that are made by foreign nationals or NRIs in USD and GBP currencies. Through this scheme, eligible individuals can avail tax exemptions on their income as long as they are not an ordinary resident.

• Minimum Deposit: No limit
• Maximum Deposit: No limit
• Tenure: 12 to 36 months
• Interest Rate: 3.35% to 5.35%  (for deposits in USD)
• Eligibility: All NRIs (Non-Indian Residents), except the residents of Bhutan and Nepal

9. Motor Accident Claimant Annuity Deposit (MACAD) Scheme

Under the directions of the Court, the Bank of India has a MACAD fixed deposit scheme, allowing depositors to invest a one-time lump sum amount and earn interest in monthly instalments. Besides monthly payment of interest, depositors can also enjoy nomination and premature closure facilities.

• Minimum Deposit:  ₹1,000
• Maximum Deposit: No Limit
• Tenure: 36 to 120 months
• Interest Rate: 6.50% to 7.25% (for deposits below ₹2 crores) and 4.50% to 7.00% (for deposits above ₹2 crores)
• Eligibility: Minors under guardianship

Hopefully, now you have a detailed idea of whether the return on investment through the Bank of India FD interest rate is suitable for your financial requirements. Each FD scheme of the bank has a different interest rate and has different terms and conditions associated with it. Therefore, go through all the details and make careful considerations before choosing any scheme.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.