The bank of India is offering with loan up to 90% against own deposit. The bank of India is not offering any loan against the FD of any other bank. Loan is offered against FD at the rate of 5% to 7.7%. The minimum loan tenure is restricted to maximum tenure of FD. Documents Required Opening Fixed Deposit Accounts. One can open a short term RD in Bank of India.The tenure for the same usually ranges from 6 months to less than 2 years and the rate of interest offered ranges from 6.25% to 6.75%. The amount for which the mentioned rates offered by the bank starts from Rs. Medium Term and Long Term Interest Rates By Bank of India. Rate of Interest. Upto ₹ 1.00 lakhs: 2.90. Above ₹ 1.00 lakhs: 2.90.

• Boi Fd Calculator
• Bank Of India Fd Rate

• 2 days ago  State Bank of India: SBI offers home loan interest rates starting from 6.70% per annum. This is a limited period offer ending on 31 March. This is a limited period offer ending on 31 March.
• Bank of India savings account interest rate is 2.90% per annum if the balance in the account is above Rs. For balances up to Rs. 50 lakh, the rate of interest provided is 2.90% per annum w.e.f. 1st October 2020. Types of Bank of India Savings Account 1.

Check out the Bank of India FD Rates

Bank of India is offering multiple fixed deposit options for its customers on their surplus savings for a fixed tenure. For this, the customers need to make a single time deposit to their FD account at the time of opening an account with the bank. These customers don’t need to deposit more money and cannot withdraw any money in the account during the period of depositing the money into the account. The fixed deposit of the bank of India is considered to have a higher rate of interest in comparison to their saving deposits.

Contents

Benefits:-

• The interest on the deposit is calculated for the completed months.
• There is proper nomination facility available.
• Loan or overdraft up to 90 percent deposit is available.

FD and its details:-

Premature Withdrawing Process

There is facility of premature closure of term deposit with the bank of India that is along with lower interest rate of 0.50%. This is liable with deposits less than Rs 5 lakh and 1 % for deposits above Rs 5 lakh than that of contracted rate. The penal provisions for the premature closure on Bank of India FD that are subjected to change from time to time and can also deposit the schemes.

Loan Against Fixed Deposit

The bank of India is offering with loan up to 90% against own deposit. The bank of India is not offering any loan against the FD of any other bank. Loan is offered against FD at the rate of 5% to 7.7%. the minimum loan tenure is restricted to maximum tenure of FD.

Documents Required Opening Fixed Deposit Accounts

Various documents required to open fixed deposit account in the bank of India are like:-

• Identity proof like PAN card, voter ID card, passport, driving license.
• Address proofs like telephone bill, electricity bill, bank statement with cheque.

The customer is required to open the FD account at the time of opening the account with the bank. There is no facility to deposit more of money and withdraw any money in the account during the tenure of deposit. Interest rate to the account is calculated for the completed months and not for half of the month.

Note: – RBI is the deciding authority for the changes in any kind of FD rates of interest occurring from time to time. The FD interest rates are liable to change on notification from the Reserve Bank of India with defined formats.

Gayatri Mohapatra

Gayatri Mohapatra has 10 years of experience in content writing. She write on all niches specially with banking (worked as a professional Banker for 4 years). She is keen learner for which she choose this profession.

As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.

Bank Of India FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Bank Of India FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Bank Of India_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.

You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Bank Of India FD for a tenure of 5 years or more.

Following table provides you Bank Of India FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Bank Of India FD for different tenures by clicking on the 'calculate' button provided in the table.

Bank Of India Fixed Deposit Interest Rates (as on 06 Mar 2021)

Features & Benefits: Bank Of India Fixed Deposit

• Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
• FD account can be opened online or by visiting your nearest Bank Of India branch.
• No cap on the Maximum Amount of FD
• FD Tenures: 7 days to 10 years
• Different interest payout options such as monthly, quarterly, etc.
• Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
• Easy and fast liquidity options are available.
• Nomination facility is available.
• Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
• Part withdrawal facility and auto-renewal facilities are also available
• Senior citizens can enjoy higher interest rate as compared to regular citizens
• NRE, NRO and FCNR deposit facility is offered by the bank

Who is Eligible for Bank Of India Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

• Individual
• Minor
• HUF
• Proprietary Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Company
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Local Authority
• Trust
• Non-Resident Indian (NRI)
• Registered Society

Important Things to Know Before Investing in Fixed Deposits

• Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
• The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
• Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
• You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
• If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
• Don't forget to make nomination in your FD account.
• If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
• When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.

Calculation of Interest on FD of Bank Of India

Interest on FD for different tenures is calculated in following manner:

Boi Fd Calculator

1. Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
2. Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

Bank Of India FD Interest Calculator

Bank Of India FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

Automatic Renewal of Bank FD

Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.

You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.

Bank FD News Mar 2021

13-01-2020: SBI revised FD interest rate

SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.

09-01-2020: Axis Bank reduced FD interest rate

Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.

07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019

The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..

24-12-2019: HDFC Bank revised FD interest rate

The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.

01-12-2019: PNB cuts off FD rates

Bank Of India Fd Rate

With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.

12-11-2019: ICICI Bank reduces FD interest rate

The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.

Public Sector Banks FD Interest Rates

Private Sector Banks FD Interest Rates