Bank of India Fixed Deposit Interest Rate in 2019 – BOI FD Rates

Bank of India (BOI) is a well-known Indian bank that offers several interest rates and schemes to its customers. Customers can use these schemes to their advantage and ensure they get good returns. The BOI fixed deposit rates of interest range from 5.25% to 6.65%. This rate is higher for senior citizens, allowing them to set aside a certain sum of money into the bank and earn returns.

Users can choose to put their money for a short term, medium term, and long term tenure depending on the Bank of India FD rates on each. Apart from the attractive interest rates and the schemes, the bank also provides its customers with the BOI FD calculator to help them calculate and compare the interest rates and amount at the end of maturity.

BOI Fixed Deposit Interest Rate

Bank of India offers attractive interest rates to its customers. They can deposit between Rs. 10,000 to Rs.10,00,00,000 for a wide range of tenures between 7 days to 10 years. Given below is the table displaying the Bank of India FD rates for deposits which are less than Rs. 1 crore.

Tenure

BOI FD Rates (Annually)

7 –45  Days

5.25 Percent

46 – 90 Days

5.75 Percent

91 – 179 Days

6.00 Percent

180 Days – Less than 1 Year

6.25 Percent

1 Year  – Less than 2 Years

6.60 Percent

2 Years  – Less than 3 Years

6.65 Percent

3 Years  – Less than 5 Years

6.40 Percent

5 Years – 10 Years

6.35 Percent

BOI Senior Citizen FD

There are different interest rates for the BOI FD senior citizen. The bank offers a higher percentage of interest to senior citizens. Given below is the table displaying the interest rates for deposits which are less than Rs. 1 crore for BOI FD senior citizen.

Tenure

BOI Senior Citizen FD Rates (Annually)

7 –45  Days

5.25 Percent

46 – 90 Days

5.75 Percent

91 – 179 Days

6.00 Percent

180 Days – Less than 1 Year

6.75 Percent

1 Year  – Less than 2 Years

7.10 Percent

2 Years  – Less than 3 Years

7.15 Percent

3 Years  – Less than 5 Years

6.90 Percent

5 Years – 10 Years

6.85 Percent

Bank of India FD schemes

BOI offers various attractive fixed deposit schemes for its customers. Some of these schemes, such as double benefit term deposit, fixed/ short-term deposit, quarterly/ monthly term deposit, and the star Sunidhi tax-saving deposit scheme allow customers earn good returns at the end of the term maturity. Here are the details of such schemes which the customers can choose from.

Bank of India Double Benefit Term Deposit

It is highly useful for short to medium term investment as provides a higher yield on the principal amount at the end of the term. The minimum period is 6 months and maximum is 12 months with deposit starting from Rs.10,000 (Rs. 5,000 for senior citizens). Interest is compounded on a quarterly basis and therefore, the interest, and the principal amount is paid to the customer only at the end of the term period.

Bank of India Fixed/Short Term Deposit

Bank of India offers fixed deposit to customers for short tenures as well as long tenures, ranging from 7 days to 12 months. This scheme is beneficial for those wishing to invest in short term financial instruments with deposit starting from Rs. 10,000 (Rs.5,000 for senior citizens). But, the minimum amount per single deposit for a short period of 7 days to 14 days is Rs.1 lakh.

Bank of India Quarterly/ Monthly Term Deposit

This scheme is beneficial for those who are looking for a regular income while keeping the principal amount intact. Interest is paid out either monthly or quarterly. The deposit period rates from 1 month to 10 years. The deposit amount starts from Rs.10,000 (Rs.5,000 for senior citizen).

Bank of India Star Sunidhi Tax-Saving Deposit Scheme

This is a long term savings deposit account offering income tax benefits to the customer with the period ranging from 5 years to 10 years. The minimum deposit for this scheme is Rs.10,000 per annum to Rs.1,50,000 per annum with Bank of India FD interest rates ranging from 4% to 7.50%.

BOI FD Calculator

It is quite tedious to calculate the interest rate and therefore the Bank of India provides the BOI FD calculator to help its customers. Using this calculator, customers can calculate the maturity value of the principal amount which is the deposited amount. Not only is this a convenient solution to check and compare the Bank of India FD interest rates with other banks but it saves time, effort, and money.

How to Calculate BOI Fixed Deposit Interest Rate

The best way to calculate the BOI fixed deposit rates is through the calculator provided by the bank. Customers can check the interest earned and the final value at the time of maturity if the BOI FD Calculator is provided with the following variables:

Principal Amount (Rs.): the initial deposited money.

  • The Rate of Interest (%): the proportion given to the customers which is decided by the bank.
  • Period (days/ months/ years): time till which the customer decides to keep the principal amount.
  • Frequency (compounded monthly/ quarterly/ half yearly/ yearly): compounded at a certain interval of time and decided by the bank.

This is a convenient option for those who want to compare the interest rates of various banks before finalizing the bank they want to keep their money in. This calculator is provided in the bank’s online portal and it is free of cost. The calculator is a feasible option as customers do not have  to personally go to the bank to inquire about the details.

Investing the money is always better than just keeping it in a bank where the customers earn no profit as interest on savings accounts is not that attractive. The schemes and the rates offered by Bank of India allow customers to avail various benefits depending on the tenure and the principal amount chosen.