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Interest shall be paid on SB Account at 3.50% (for balances up to Rs. 50 lakhs) & 4.00 % p.a. (for balances above Rs. 50 lakhs), calculated on daily product basis and will be credited in the SB A/c quarterly in the months of May, August, November and February, respectively every year or at the time of closing of the SB A/c. Interest will be credited if it is minimum Re.1/-3. Invariably, interest shall be credited on regular basis in SB account, irrespective of the operational status of the account. Quarterly interest payment will be effective from May 2016.
Bank of India FD Rates For Domestic / NRO Term Deposits below Rs. 1 crore
| Maturity Buckets | Above Rs. 1 cr. but less than Rs. 10 cr. |
|---|---|
| 7 Days to 14 Days | 4.80 |
| 15 Days to 30 Days | 4.80 |
| 31 Days to 45 Days | 4.80 |
| 46 Days to 90 Days | 4.80 |
| 91 Days to 120 Days | 4.90 |
| 121 Days to 179 Days | 4.90 |
| 180 Days to 269 Days | 5.00 |
| 270 Days to less than 1 Year | 5.00 |
| 1 Year & above to less than 2 Years | 6.50 |
| 2 Years & above to less than 3 Years | 6.50 |
| 3 Years & above to less than 5 Years | 5.25 |
| 5 Years & above to less than 8 Years | 5.25 |
| 8 Year & above to 10 Year | 5.25 |
Source: Bank of India website
Note - Deposit interest rates are subject to change anytime as per Bank's discretion.
Please contact nearest Branch for rate of interest on deposits for Rs.10 cr. and above.
Non-Callable Rupee Term Deposit scheme has been suspended w.e.f. 10.07.2017
| Type of Accounts | Additional Staff Rate applicable to Staff/Ex-Staff | Additional Senior Citizen Rate applicable to Senior Citizen/Ex-Staff Senior Citizen |
|---|---|---|
| HUF | Not Applicable | Not Applicable |
| Capital Gain Scheme | Not Applicable | Not Applicable |
| NRE/NRO Deposits | Not Applicable | Not Applicable |
Source: Bank of India website
Note: Deposit interest rates are subject to change anytime as per Bank's discretion.
Please Note the penalty applicable in the Capital Gain Account Scheme shall remain unchanged.
TDS applicable on Term deposits (as per amendments in Finance Act, 2015)
TDS will be deducted on the interest earned on the total amount of deposits held by a customer in the Bank as a whole, and not on individual deposits held by him branch-wise including Recurring Deposits.
Source: Bank of India website
Note: Deposit interest rates are subject to change anytime as per Bank's discretion.
| Maturity | For Deposits of Less than Rs. 1 cr. | For deposits of Rs.1 Cr & above but less than Rs. 10 cr |
|---|---|---|
| 1 Year & above but less than 2 Years | 6.65 | 6.5 |
| 2 Years & above but less than 3 Years | 6.7 | 6.6 |
| 3 Years to less than 5 Years | 6.5 | 5.25 |
| 5 Years and above up to 10 Years | 6.5 | 5.25 |
| 8 Years & above to 10 Years | 6.35 | 5.25 |
Please contact nearest Branch for rate of interest on deposits for Rs.10 cr. & above
Premature Withdrawal:
No interest payable for NRE Term Deposits remained with the Bank for less than 12 Months and, hence, No Penalty. Nil Penalty: Deposits of less than Rs.5 lakhs remained with the Bank for 12 Months and above Penalty at 1.00% - Deposits of Rs. 5 lakhs & above withdrawn prematurely after completion of 12 months
Source: Bank of India website
Note: Deposit interest rates are subject to change anytime as per Bank's discretion.
Click here to know more about Rate of Interest on FCNR ‘B’ Deposits Percentage per Annum
Source: Bank of India website
Note: Deposit interest rates are subject to change anytime as per Bank's discretion.
Premature Withdrawal :
No interest will be payable on premature withdrawal of deposit within twelve months from the date of deposit. On premature withdrawal of deposit which has remained with the bank for a period above 12 months, penalty of 1% is applicable from the date of deposit, till the period for which the deposit remained with the bank.
What is the interest rate that Bank of India Fixed Deposit offers on senior citizens FDs?
The applicable interest rate for senior citizens is an additional 0.50% p.a. over and above the card rates for General Public for minimum deposits of Rs. 5,000 (in case of Term Deposits), and Rs.100 (in case of Normal RD account and Rs.1,000 for Flexi RD Accounts) up to Rs.1 crore.
Can I make alterations to the tenure of my ongoing Bank of India Fixed Deposit?
No, you cannot make changes to the tenure of an ongoing Bank of India Fixed Deposit account. However, you can prematurely close the fixed deposit and start a new one.
How to open a Bank of India Fixed Deposit account without a PAN card?
Without a PAN card, you can open a Fixed Deposit account at Bank of India by submitting a copy of Form 16, duly filled up with accurate information.
What is the highest interest rate that is offered by Bank of India Fixed Deposit?
The interest rate of 6.70% for over 2 years and less than 3 years is the highest offered by the Bank of India Fixed Deposit.
What are the FD tenure options with the Bank of India?
The FD tenure options available with Bank of India are as follows:
What is the minimum amount required to start a Bank of India Fixed Deposit account?
Bank of India FD accounts require a minimum deposit of Rs. 10,000 in metro cities and Rs. 5,000 in the semi-urban and rural branches of the bank. However, for senior citizens, the minimum amount applicable to open a FD account is Rs. 5,000.
What is the eligibility criteria to open a Bank of India Fixed Deposit account?
Any individual who meets the below eligibility criteria can open a FD account at the Bank of India:
Can I open my Bank of India Fixed Deposit without a PAN card?
Yes, you can open a FD account at the Bank of India Fixed Deposit without a PAN card.
