Bank of India offers competitive FD interest rates going up to 7.20% for select tenures, along with added benefits like higher senior citizen rates, overdraft facility, and flexible booking options. Continue reading for the latest Bank of India FD interest rates, features, eligibility, tax rules, and how to open an FD online or offline. 

Term Wise Bank of India Fixed Deposit Rates 

Bank of India offers competitive FD interest rates across various tenures which allows investors to choose the best suited as per their financial goals. Here’s a clear breakdown of Bank of India fd rates as per short, term and medium term:

Short-term FD- 

Bank of India offers fixed deposits for short tenure i.e. 7 days to 1 year offering interest rates ranging from 3% to 6.05% to the general citizen. BOI FD interest rates for senior citizens range from 3.50% to 6.55%. 

Medium-term FD-

BOI also offers fixed deposits for medium terms i.e. 1 to 5 years offering interest rates ranging from 6.00% to 6.0% for general and 6.50% to 7.20% for senior citizens.

Long-term FD-

The Bank also has fixed deposits for longer tenure which include fixed deposits of 5 to 10 years. Bank of India fd interest rate for long term deposits ranges from 6% to 6.50% for both general and senior citizens.

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.

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.

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

Tax on Bank of India Fixed Deposit Interest

Interest earned on Bank of India Fixed Deposits is taxable as per the investor’s income tax slab under the Income Tax Act, 1961. The bank deducts TDS (Tax Deducted at Source) if the total FD interest earned exceeds ₹50,000 in a financial year for regular citizens and ₹1,00,000 for senior citizens. 

A 10% TDS is applicable if PAN details are submitted, while failure to provide PAN can attract TDS at 20%. However, individuals whose annual income falls below the taxable limit can avoid TDS deduction by submitting Form 15G or Form 15H (for senior citizens) to the bank.

Additionally, investments made under Bank of India Tax Saver Fixed Deposits qualify for tax deductions of up to ₹1.5 lakh under Section 80C of the Income Tax Act.

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.

Online

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

BOI Internet Banking Portal

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

• Visit the official website of Bank of India.
• Click on the ‘Internet Banking’ option on the top menu.
• 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.
• Once you have logged into your account, find the ‘Open FD’ option from the ‘Fixed Deposit’ tab and click on it.
• Select the desired type of FD account you want to book.
• Fill out the necessary details, as required.
• 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.

BOI Mobile App

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

• Install the Bank of India app on your device.
• Sign in.
• Go to the ‘Open FD’ option.
• Choose the type of FD account you want to book.
• Fill out all the necessary details related to your particulars and choose a suitable payment method.
• 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.

Offline

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

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

Bank of India Overdraft Against Fixed Deposits

Bank of India offers an overdraft facility against fixed deposits, allowing depositors to access funds without prematurely breaking their FD. Under this facility, customers can avail a loan or overdraft by pledging their fixed deposit as security, helping them meet urgent personal or business financial requirements while continuing to earn FD interest. The overdraft amount and terms depend on the deposit value and bank policies. This facility provides quick liquidity, flexible repayment, and lower interest rates compared to unsecured loans, making it a convenient option during financial emergencies. 

Compare Bank of India FD Interest Rates with Other Banks

Bank of India FD Interest Calculator

Why Should You Book an FD with Stable Money?

Stable Money makes FD investment easier by bringing multiple trusted banks and NBFCs onto a single platform, allowing you to compare interest rates, tenures, and returns without the hassle of visiting different bank branches. You can explore a wide range of fixed deposit options, choose the one that matches your financial goals, and complete your investment journey seamlessly online. Since the funds are directly deposited with regulated partner institutions, your investment remains safe and transparent throughout the process. Although Bank of India FD are currently not available on Stable Money, investors can still access high-yield FD options offering returns of up to 8.30% p.a. across leading banks and NBFCs.

Conclusion

Bank of India Fixed Deposits can be a suitable investment option for individuals seeking stable and secure returns across different tenures. Along with competitive FD interest rates, the bank also offers benefits like senior citizen rates, overdraft facilities, flexible payout options, and tax-saving deposits to meet varying financial needs. Before investing, compare the available FD tenures, interest rates, and features carefully to choose an option that aligns with your savings goals and liquidity requirements.