Bank of India FD Interest Rates

Premature withdrawal is also permitted without penalty in case the amount is withdrawn after 12 months. In case of withdrawal before 12 months, a penalty is applicable at the rate of 0.5% on deposits below ₹5 Lakhs, and at the rate of 1% on deposits above ₹5 Lakhs.

• Double Benefit Term Deposit

The tenor of the Double Benefit Term Deposit ranges from 6 to 120 months. This makes the product suitable for people looking for short-term and medium-term investment options. In this cumulative deposit scheme from Bank of India, interest is compounded quarterly but paid on maturity.

• Star Sunidhi Tax-Saving Deposit Scheme

The minimum deposit amount under this scheme is ₹10,000 while the maximum is ₹1,50,000. The tenor ranges from 5 years to 10 years, and no premature withdrawal is permitted up to 5 years. Additionally, this deposit gives you benefits under section 80C of the Income Tax Act, 1961.

• Quarterly/Monthly Term Deposit

In this FD by BOI, you can receive regular interest payouts every quarter or month. With a maximum tenor of 10 years, the minimum investment amount in this scheme is ₹10,000 for urban and metro investors.

For investors situated in semi-urban and rural areas as well as for senior citizen investors, the minimum investment amount is ₹5,000. If the interest is paid on a monthly basis, it is at a discounted value. Premature withdrawal penalty goes up to 1%, depending on investment. 

• NRE Term Deposit

With investment tenor ranging between 12-120 months, this Bank Of India FD scheme is exempt from taxation. The scheme also offers joint accounts and a nomination facility. The investment is free repatriable and attracts 1% penalty in case of premature withdrawal after 12 months for deposits above ₹5 Lakhs.

• NRO Term Deposit

Investments up to $1 Million are repatriable under FEMA guidelines and TDS is applicable as per the double taxation avoidance agreement. With a tenor of up to 7 days, the premature penalty for this scheme is 0.50%-1.00%, depending on the investment amount. 

• FCNR Deposit

Exempt from taxation, this FD scheme by BOI has a tenor of up to 60 months. Moreover, the investment is freely repatriable with accepted currency being AUD, GBP, JPY, USD, CAD, GBP. 

• RFC Deposit

Like FCNR deposits, investments in RFC deposits are also freely repatriable. The investment tenor of this FD scheme by BOI goes up to 36 months (3 years) and currency accepted is GBP and USD. 

The scheme is exempt from tax as long as you are classified as ‘Resident but not ordinarily resident’. Post that, your earnings are subject to TDS @10% plus applicable surcharge.

• Capital Gain Tax Saving Scheme, 1988

This Bank of India fixed deposit scheme is available for taxpayers who want to claim deductions for capital gain u/s 54 of the Income Tax Act. There are two types of accounts – Savings and Term deposits. For the latter, the prevailing BOI FD rates are applicable. 

You can make premature withdrawal from this scheme by converting your term deposit (B) to a savings account. The scheme is only available to investors residing in semi-urban, urban, and metro regions.

These attractive Bank of India FD interest rates, coupled with a range of fixed deposit schemes, offer investors a viable avenue to park their money. The highest rate of interest on FDs offered by Bank of India comes at 7.05% per annum. 

However, the fixed deposits available on Bajaj Markets offer even higher interest rates. In fact, with interest rates going as high as 8.60% per annum, FDs available on Bajaj Markets are highly lucrative investment options to consider. 

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