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** Disclaimer: Bank of India has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.


Bank of India is among the most-trusted public sector banks in India. This renowned bank offers a wide range of banking and financial services to its customers, including a range of fixed deposits like short-term FDs, medium-term FDs, and long-term FDs. 


You can also avail a ton of other services like loans and overdraft facilities, and enjoy attractive Bank of India FD interest rates. BOI refers to its FDs as ‘Term Deposits’ and you can invest in these across a wide range of tenors, ranging up to 10 years.


The Bank of India FD rates are also highly competitive. You can enjoy BOI FD rates of up to 7.05% per annum and fetch generous returns. To know more about Bank of India fixed deposit rates and other features, read on.

BOI FD Interest Rates for Senior Citizens & Non-Senior Citizens

Fixed Deposits are a great way to save up for the future. Bank of India offers exciting interest rates for both senior and non-senior citizen investors. In fact, the Bank of India FD rates for senior citizen investors are 0.50% higher when compared to non-senior citizens.


Here’s a look at the BOI FD interest rates for different schemes:


BOI FD Interest rate per annum on deposits less than Rs. 2 Crores

BOI FD Interest rate per annum on deposits more than Rs. 2 Crores but less than Rs. 10 Crores

7 days to 45 days



46 days to 90 days



91 days to 179 days



180 days to 269 days



270 days to less than 1 year



1 year to 443 days



444 days



445 days to less than 2 years



2 years to less than 3 years



3 years to less than 5 years



5 years to less than 8 years



8 years to 10 years



BOI FD Interest Rate for a ₹1 Lakh FD

Fixed Deposits provide an investor with the opportunity to interest on a given corpus based on the tenor. For instance, at an interest of 3.00%, with a 30-day tenor, Bank of India offers non-senior citizen investors ₹250 as monthly interest on a ₹1 Lakh FD.


Listed below are the Bank of India interest rates for FD of Rs.1 Lakh against different tenors offered by the bank:


Interest Rate

Maturity Amount

Interest Amount

7 to 45 days


₹1,00,058 - ₹1,00,370

₹58 - ₹370

46 to 179 days


₹1,00,567 - ₹1,02,207

₹567 - ₹2,207

180 to 269 days


₹1,02,466- ₹1,03,685

₹2,466 - ₹3,685

Features and Benefits of Bank of India (BOI) FD Schemes

The Bank of India FD has a number of features and benefits that makes it an efficient fixed deposit to invest in. Some of them are listed below:



Bank of India offers a wide range of tenors to choose from that start at 7 days and go up to 10 years

The interest earned during a particular tenor can be withdrawn either on a monthly or on a quarterly basis

Bank of India FDs have a nomination facility

Loan against FD facility is available on the deposited amount

How to Book an FD in Bank of India

You can choose to open a Bank of India FD online through the internet banking portal or offline by visiting the bank’s nearest branch. 

To book a BOI FD online, follow these steps:

  • Login to the official website of Bank of India

  • Enter your username and password

  • Select the ‘Fixed Deposit’ tab on the homepage

  • Fill in required details and click on ‘Confirm’ once you verify

  • You will be able to see a confirmation message on your screen

To book a BOI FD offline, follow the steps listed below: 

  • Visit the nearest Bank of India branch

  • Fill in all required fields in the FD Application form provided

  • Submit all necessary documents

  • Deposit your money

  • Collect your FD Receipt



Eligibility Criteria and Documents Required to Book an FD in Bank of India

Entities listed below are eligible to open an FD in the Bank of India: 

  • Individuals (single accounts)

  • Two or more Individuals (group accounts)

  • Sole proprietors

  • Partnership firms

  • Illiterate people

  • Blind people

  • Limited Companies

  • Minors

  • Associations, Clubs, Societies etc.

  • Joint Hindu Families (Only non-trading accounts)

  • Trusts

  • Government and Quasi-Government Bodies

  • Panchayats

  • Charitable Institutions

  • Religious Institutions

  • Educational Institutions


The Documents you will have to submit to Book a BOI FD as are follows:

  • Proof of Identity

  1. Aadhar Card
  2. PAN Card
  3. Passport
  4. Driving License
  5. Government-issued Photo ID Card
  6. Senior Citizen Card (if applicable)
  • Proof of Address

  1. Passport
  2. Utility bills (Electricity or Telephone bill)

Additionally, you may also be asked to submit the following documents:

  • Bank account statement

  • Age proof (birth certificate)

Different Types of FD Schemes Offered:

With a better understanding of the Bank of India FD interest rates, take a look at the types of FD schemes offered by the Bank of India.

  • Fixed/Short-term Deposit Scheme

This is a non-cumulative FD wherein the interest is paid half-yearly, i.e., on October 1 and April 1. Under this scheme, investors can choose a short-term tenor of just 7 days, or a fixed-term ranging from 1 to 10 years. 

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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The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products. 

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The Bank of India FD interest rates vary depending on the tenor of the deposit. Broadly speaking, they range from 3.00% per annum to 7.05% per annum. Also, the Bank of India FD rates for senior citizen investors are higher by 0.50% per annum.

In case of the standard fixed deposit, the minimum amount is ₹10,000 in metro and urban branches and ₹5,000 in rural and semi-urban branches.

Like the minimum deposit amount, the tenor of the FD also depends on the type of fixed deposit you choose. However, the tenor of standard FDs in the Bank of India ranges from 7 days to 10 years.

To open an FD in the Bank of India, you will need the following documents as an individual- 

  • Proof of identity like your PAN card, Voter ID, Aadhaar card, or Passport 

  • Proof of address, like your telephone bill or electricity bill 

  • Age proof, such as your birth certificate or school certificate 

  • Bank details & Passport-size photograph.

Yes, Bank of India does allow premature withdrawal of FDs. However, a penalty of 0.50% will be charged on deposits less than ₹5 Lakhs and a penalty of 1% will be charged for deposits over ₹5 Lakhs.

You can either use a BOI FD Calculator to calculate this or simply divide 72 by the highest rate offered by the bank. In this case, the highest rate is 7.05% per annum. So, the number of years in which your FD will double is 10.21 years (72 divided by 5.35).

The Bank of India FD interest rates vary based on the tenor of the deposit. So, whether you invest ₹1 lakh or any other amount, the interest rate is decided based on the tenor of the fixed deposit scheme. The BOI FD rates go up to 7.05% per annum.

The Bank of India fixed deposit rates for an FD of ₹5 Lakhs depend on your investment tenor. These rates can go up to 7.05% per annum.

No, you cannot avail a loan against the BOI Star Sunidhi Tax-Saving Deposit Scheme.

Yes, you can invest online in a Bank of India fixed deposit scheme.

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