Bank of India FD Rates: Interest Slabs, Returns & Benefits

Key Takeaways
 

• Bank of India FDs offer competitive interest rates for tenures ranging from 7 days to 10 years.
   
• Interest rates for Bank of India FD vary based on your deposit amount, type, and senior citizen status.
   
• Bank of India FDs provide fixed and predictable returns, which makes them a safe investment option for you. 

Bank of India FD interest rates offer attractive returns on deposits for various tenures, starting from 7 days up to 10 years. Rates vary based on the deposit amount and type, with additional benefits for senior citizens.

For example, Sunita opened a 5-year FD of ₹3,00,000. She earns a fixed interest every quarter, with the rate determined by the bank at the time of deposit, ensuring predictable returns.

This blog explains Bank of India FD interest rates in detail, helping readers choose the right deposit option and make informed investment decisions.

Bank of India FD Interest Rates 2025

Bank of India offers competitive FD interest rates for 2025 on NRE Rupee Term Deposits, catering to both small and large depositors. These rates vary depending on the deposit amount and tenure, helping customers earn better returns.

Bank of India FD interest rates for 2025 (https://bankofindia.bank.in/interest-rate/rupee-term-deposit-rate) provide attractive options for safe and secure investment, allowing depositors to grow their savings effectively over different time periods.

Bonus Tip: Opting for quarterly interest payouts on a Bank of India FD can help you receive regular income while keeping your principal safely invested.

Types of Bank of India FD Schemes

The are the types of Bank of India FD Schemes:

• BOI Monthly Deposit
• BOI Quarterly Deposit
• Double Benefit Term Deposit
• BOI Star Sunidhi Deposit Scheme
• Fixed/Short Term Deposit

From the above mentioned information, you can see various types of FD schemes offered by the Bank of India.

Features and Benefits of Bank of India FD

Bank of India Fixed Deposits (FDs) offer a safe and reliable way to grow your savings with guaranteed returns. They come with flexible tenures, competitive interest rates, and additional benefits for senior citizens.

Key features are given below:

• Flexible Tenures: Open FDs from 7 days up to 10 years.
• Competitive Interest Rates: Attractive rates with extra benefits for senior and super senior citizens.
• Interest Payout Options: Receive interest monthly, quarterly, or at maturity.
• Nomination Facility: Easily transfer your deposit to a nominee in case of unforeseen events.
• Loan/Overdraft Facility: Access funds against your FD without breaking it.
   

Benefits:

• Assured Returns: Fixed and guaranteed returns unaffected by market fluctuations.
• Tax Savings: Star Sunidhi Tax Saving Scheme offers deductions up to ₹1,50,000 under Section 80C with a 5-year lock-in.
• Deposit Insurance: Deposits insured up to ₹5,00,000 by DICGC.
• Liquidity: Loans, overdrafts, and premature withdrawal options provide flexibility in emergencies.
• Senior Citizen Benefits: An Additional 0.5% interest for senior citizens on specific tenures.

Bank of India FDs combine safety, flexibility, and competitive returns, making them an excellent choice for both short-term and long-term savings.

Comparison of Bank of India FD Rates with Other Banks

Fixed deposits remain a safe way to save and grow money. Different banks and finance companies in India offer varied FD interest rates, so it is important to compare before investing. The following table shows how Bank of India FD rates stand against other major banks:

From this comparison, Bank of India FD offers attractive returns, especially for senior citizens, making it a safe and rewarding investment option.

Eligibility Criteria and Required Documents for Bank of India FD

Bank of India Fixed Deposits (FDs) are available to a wide range of customers, including individuals, Hindu Undivided Families (HUFs), and registered entities. The bank ensures clear documentation to make the account opening process smooth and secure.

Eligibility Criteria:

• Individuals: Any Indian resident can open an FD.
• HUFs: Can open an FD if they have a PAN number.
• Entities: Companies, societies, trusts, and partnership firms can open FDs with proper registration and board resolution documents.

Below is the Required Documents for Individuals:

• Proof of Identity (any one): Aadhaar Card, PAN Card, Passport, Voter ID, Driving License, Senior Citizen ID (if applicable)
• Proof of Address (any one): Aadhaar Card, Passport, Utility Bills, Bank Statement, Driving License
• Photograph: Recent passport-size photos of the applicant
• Other Documents: PAN Card for tax compliance, cheque for the initial deposit, age proof for minors

Below is the Required Documents for Entities (Companies, Trusts, Firms):

• KYC documents of authorized signatories
• Certificate of Incorporation, Partnership Deed or Trust Deed
• Board Resolution authorising FD account opening
• Bank account statement

Bank of India FDs welcome a variety of customers while ensuring proper documentation, making the investment process simple, secure, and compliant with regulatory requirements.

Tax Implications on Bank of India FD

Interest earned on a Bank of India FD is subject to Tax Deducted at Source (TDS) as per income tax rules. Depositors can choose to receive interest monthly at a discounted value or quarterly at actuals, with the FD treated under the bank’s standard Fixed Deposit Scheme for quarterly payouts. The maximum tenure for these deposits is ten years.

Investors should account for TDS while planning their returns, ensuring they comply with tax regulations when investing in a Bank of India FD.

Bank of India FD Premature Withdrawal and Closure Rules

A Bank of India FD can be withdrawn before maturity, but certain rules and penalties apply depending on the type of deposit and tenure.

For NRE Rupee Term Deposits, no interest is paid if the deposit is withdrawn before 12 months. Deposits withdrawn after 12 months but before maturity earn interest at the lower of the contracted rate or the rate applicable on the deposit date.

For Domestic and NRO Term Deposits, deposits under ₹5,00,000 withdrawn after 12 months have no penalty, while premature withdrawal before 12 months attracts a 0.5% penalty. Deposits of ₹5,00,000 or more withdrawn prematurely carry a 1% penalty.

These rules ensure that a Bank of India FD remains a safe and disciplined investment while offering some flexibility for early closure.

How to Invest in Bank of India FD?

To invest in a Bank of India FD via offline mode, visit the nearest Bank of India branch. Fill out the FD application form and submit all required documents along with the deposit amount.

Once the bank processes your application successfully, you will receive an FD receipt as proof of your investment. This ensures that your funds are securely deposited and start earning interest immediately. 

Investing in a Bank of India FD is simple, safe, and suitable for both short-term and long-term savings.

Conclusion

Bank of India FD offers a safe and reliable way to grow your savings with competitive interest rates and flexible tenures. 

Whether you are an individual, senior citizen, or institution, a Bank of India Fixed Deposit (FD) offers assured returns along with useful benefits such as tax savings and loan facilities.

By choosing a Bank of India FD, you secure your money while earning attractive interest rates, making it a suitable option for both short-term and long-term financial planning.

FAQs

1. How can I download a TDS certificate online of FD in Bank of India?
You can download your TDS certificate through BOI net banking or the BOI mobile app under the tax section.

2. How do I make an FD online in the Bank of India?
You can open an FD through BOI net banking or the BOI mobile app by selecting the deposit option.

3. Is it possible to break a BOI FD through net banking?

Yes, BOI allows premature FD closure through net banking if your account is active and KYC is updated.

4. Does poor online banking service at Bank of India affect the safety or interest rates of my Bank of India Fixed Deposit?
No, online banking issues do not affect your FD’s safety or interest rate.

5. Do unresolved service complaints or app issues at Bank of India affect the safety or interest rate of my Bank of India Fixed Deposit?
No, your FD remains secure and continues earning the fixed rate despite service delays or app problems.

6. Can poor branch behaviour or refusal of service at Bank of India affect my Fixed Deposit or its interest rate?

No, branch behaviour does not impact your FD’s interest rate or safety in any way.

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