Bank of India (BOI) is an Indian commercial bank founded in 1906 and nationalized in 1969. They have over 3 lakh employees and are focused on blending traditional values and ethics with modern infrastructure.
The following are Bank of India FD interest rates for various tenures:
|Tenure||Interest rates for amount <INR 2 Cr.||Interest rates for amount >INR 2 Cr. to <INR 10 Cr.||Interest rates for amount INR 10 Cr. and above|
|7 to 14 days||3.25%||3.00%||2.75%|
|15 to 30 days||3.25%||3.00%||2.75%|
|31 to 45 days||3.25%||3.00%||2.75%|
|46 to 90 days||4.25%||3.20%||2.75%|
|91 to 179 days||4.25%||3.25%||2.75%|
|180 days to 269 days||4.75%||3.25%||2.90%|
|270 days to less than 1 year||4.75%||3.25%||2.90%|
|1 Year & above but less than 2 Yrs||5.25%||3.50%||3.00%|
|2 years & above to less than 3 years||5.30%||3.50%||3.00%|
|3 years & above to less than 5 years||5.30%||3.50%||3.00%|
|5 years & above to less than 8 years||5.30%||3.50%||3.00%|
|8 years & above to 10 years||5.30%||3.50%||3.00%|
Bank of India offers 0.50% higher FD interest rates for senior citizens than for the general citizens for minimum deposit of INR 5000.
Bank of India provides the facility of premature withdrawals but they charge the following penalty for the same:
|Category of the deposits||Penalty on premature withdrawal of the deposit|
|Deposits less than INR 5 Lacs withdrawn on or after completion of 12 months||
|Deposits less than INR 5 Lacs withdrawn prematurely before completion of 12 months||0.50%|
|Deposits of INR 5 Lacs & above withdrawn prematurely||1.00%|
Tax Deducted at Source under section 194A is deducted at the rate of 10% on the Bank of India FD interest if the total interest income during the financial year exceeds INR 40,000. On the other hand, this limit is INR 50,000 for senior citizens.
To claim exemption from TDS, FD holders may declare that the tax on total income earned is zero by submitting form 15H for senior citizens and Form 15G for other taxpayers.
Term Deposit accounts may be opened in the names of the following
Investors need to submit the following documents to open a FD Account with the Bank of India:
Yes, they can invest through their NRO or NRE bank accounts.
Bank of India pays interest half yearly on 1st October and 1st April. In case, these dates fall on holidays then the interest is paid on the next working day.
An investor can invest up to INR 10 Cr. in Bank of India fixed deposit scheme for a maximum of 10 years.