Understanding: BOI FD Interest Rates 2024
Introduction:
Bank of India provides diverse FD interest rates from 3.00% to 7.25% p.a. for regular citizens, 3.00% to 7.75% p.a. for seniors, and 3.00% to 7.90% p.a. for super seniors. They also offer Tax Saving FDs with rates of 6.00%, 6.75%, and 6.90% for respective age groups. Additionally, they have FD options for NRIs including NRO, NRE, RFC, and FCNR deposits in various currencies such as USD, GBP, EUR, CAD, JPY, and AUD.
Understanding BOI FD Interest rates 2024:
BOI FD interest rates represent Bank of India’s rates on Fixed Deposit accounts. FDs are reliable investments where you deposit a fixed amount for a set period, earning interest periodically or at maturity.
The bank offers interest rates ranging from 3.00% p.a. to 7.25% p.a. Senior citizens enjoy an extra 0.5% interest.
Bank of India (BOI) Term Deposit Rates (Less than Rs. 2 crore):
| Tenure | Interest Rates for the General Public (p.a.) |
|---|---|
| 7 days to 14 days | 3.00% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.00% |
| 46 days to 90 days | 4.50% |
| 91 days to 179 days | 4.50% |
| 175 days (New Bucket) | 4.50% |
| 180 days to 210 days | 5.50% |
| 211 days to 269 days | 5.50% |
| 270 days << 1 year | 5.75% |
| 1 Year | 6.50% |
| Above 1 Year << 2 Years | 6.50% |
| 2 Years | 7.25% |
| Above 2 Years << 3 Years | 6.75% |
| 3 Years to less than 5 Years | 6.50% |
| 5 Years to less than 8 Years | 6.00% |
| 8 years & above to 10 Years | 6.00% |
Bank of India Bulk Term Deposit Interest Rates:
| Tenure | Interest Rates (p.a.) |
|---|---|
| 7 days to 14 days | 4.50% |
| 15 days to 30 days | 4.50% |
| 31 days to 45 days | 4.50% |
| 46 days to 90 days | 5.25% |
| 91 days to 179 days (except 175 days) | 6.00% |
| 175 days (New Bucket) | 7.50% |
| 180 days to 210 days | 6.25% |
| 211 days to 269 days | 6.50% |
| 270 days << 1 year | 6.50% |
| 1 Year | 7.25% |
| Above 1 Year << 2 Years | 6.75% |
| 2 Years | 6.50% |
| Above 2 Years << 3 Years | 6.50% |
| 3 Years << 5 Years | 6.00% |
| 5 Years << 8 Years | 6.00% |
| 8 years & >> 10 Years | 6.00% |
Bank of India (BOI) Tax Saving FD Rates – Star Sunidhi Tax Saving Deposit Scheme:
| Tenure | General Public (p.a.) | Senior Citizens (p.a.) |
|---|---|---|
| 5 years to 10 years | 6.00% | 6.50% |
BOI NRI FD Interest Rates 2024:
Interest Rate for NRO Deposits of Less than Rs.2 crore:
| Tenure | NRO FD Rates (p.a.) |
|---|---|
| 7 days to 14 days | 3.00 |
| 15 days to 30 days | 3.00 |
| 31 days to 45 days | 3.00 |
| 46 days to 90 days | 4.50 |
| 91 days to 179 days | 4.50 |
| 180 days to 210 days | 5.50 |
| 211 days to 269 days | 5.50 |
| 270 days to 1 year | 5.75 |
| 1 Year & up to 399 Days | 6.50 |
| 400 days | 7.25 |
| 401 days to 2 Years | 6.50 |
| 2 Years (New Bucket) | 6.80 |
| Above 2 Years to 3 Years | 6.75 |
| 3 Years to 5 Years | 6.50 |
| 5 Years to 8 Years | 6.00 |
| 8 Years to 10 Years | 6.00 |
Interest rates for NRO deposits below Rs.2 crore:
| Tenure | NRO FD Rates (p.a.) |
|---|---|
| 7-14 days | 3.00 |
| 15-30 days | 3.00 |
| 31-45 days | 3.00 |
| 46-90 days | 4.50 |
| 91-179 days | 4.50 |
| 180-210 days | 5.50 |
| 211-269 days | 5.50 |
| 270 days to < 1 year | 5.75 |
| 1 year to 399 days | 6.50 |
| 400 days | 7.25 |
| 401 days to < 2 years | 6.50 |
| 2 years (New Bucket) | 6.80 |
| > 2 years to < 3 years | 6.75 |
| 3 years to < 5 years | 6.50 |
| 5 years to < 8 years | 6.00 |
| 8 years & above to 10 years | 6.00 |
Bank of India FCNR (B) Interest Rates for various currencies:
| MATURITY | USD | GBP | EUR | JPY | CAD | AUD |
|---|---|---|---|---|---|---|
| 1 YR TO < 2 YRS | 5.35 | 5.00 | 2.50 | 0.55 | 0.99 | 3.60 |
| 2 YRS < 3 YRS | 4.00 | 2.50 | 0.21 | 0.55 | 2.05 | 1.42 |
| 3 YRS < 4 YRS | 3.35 | 2.55 | 0.36 | 0.54 | 2.27 | 1.78 |
| 4 YRS < 5 YRS | 3.25 | 2.60 | 0.46 | 0.55 | 2.33 | 2.05 |
| 5 YRS (Maximum) | 3.15 | 2.60 | 0.52 | 0.56 | 2.34 | 2.17 |
BOI FD vs. Other Banks:
| BANKS | GENERAL CITIZENS | SENIOR CITIZEN |
| Bank of India FD Rates | 2.85% – 5.35% | 3.00% – 6.50% |
| SBI Bank FD Rates | 5.30% – 5.40% | 5.80% – 6.20% |
| HDFC Bank FD Rates | 2.50% – 5.60% | 3.00% – 6.35% |
| ICICI Bank FD Rates | 2.75% – 5.70% | 3.25% – 6.20% |
| Axis Bank FD Rates | 2.50% – 5.75% | 2.50% – 6.50% |
| Yes Bank FD Rates | 3.25% – 6.25% | 3.75% – 7.25% |
| Kotak Mahindra Bank FD Rates | 2.50% – 5.75% | 3.00% – 6.25% |
Tips for Maximizing BOI FD Returns:
Here are some tips for maximizing your BOI (Bank of India) FD returns:
- Choose the Right Tenure: Select an FD tenure that aligns with the highest interest rates offered by the bank, which can vary over time.
- Opt for Cumulative FDs: Cumulative FDs reinvest interest, leading to compound growth and higher returns over time.
- Consider Senior Citizen FDs: If eligible, senior citizen FDs offer higher interest rates, providing better returns.
- Ladder Your Investments: Spread your investments across multiple FDs with varying maturities to take advantage of changing interest rates.
- Use Auto-Renewal: Opt for auto-renewal to avoid gaps between maturities and reinvestments, ensuring continuous earning.
- Leverage Tax-Saving FDs: Consider tax-saving FDs if you are in a higher tax bracket, as they offer deductions under Section 80C.
- Monitor Rates Regularly: Keep an eye on BOI’s interest rate changes and adjust your investments accordingly to benefit from the best rates available.
These strategies can help you make the most out of your fixed deposits with Bank of India.
Types Of Bank Of India Interest Rate Schemes:
BOI Fixed Deposit Schemes:
Following categories of fixed deposit schemes are offered by Bank Of India (BOI)
– Min Deposit: Rs 10,000 (Metro/Urban), Rs 5,000 (Rural/Semi-urban), Rs 5,000 (Senior Citizens)
– Interest Payout: Half-yearly
– Premature Closure Penalties Appl
2. Star Sunidhi Tax-Saving Deposit:
– Tenor: 5-10 years
– Min Deposit: Rs 10,000
– Max Deposit: Rs 1.5 lakh/yr
– No Premature Withdrawal Allowed
3. Short Term Deposit:
– Tenor: Within 6 months
– Min Deposit: Rs 1 lakh (Metro/Urban)
– Premature Closure Penalties Apply
4. Double Benefit Term Deposit:
– Tenor: 6 months to 10 years
– Min Deposit: Rs 10,000
– Premature Closure Penalties Apply
5. Quarterly/Monthly Term Deposit:
– Tenor: 10 years
– Min Deposit: Rs 10,000
– Premature Closure Penalties Apply
6. Motor Accidental Claims Term Deposit:
– Tenor: 3-10 years
– Min Deposit: As per annuity
– No Advance/Loan Facility
– Premature Closure Allowed
– Tenor: 1-10 years
– Tax-Free Deposits
– Free Reparability
8. NRO Term Deposit:
– Tenor: 7 days to 10 years
– Tax Deductible
– Partly Repatriable
9. FCNR Deposit:
– Tenor: 1-5 years
– Tax-Free Deposits
– Free Repatriability
BOI FD Schemes Highlights:
– Tenure: 15 days to 10 years
– Interest Withdrawal: Monthly/Quarterly
– Nomination Facility Available
– Loan Facility (except for Tax Saving FD)
Conclusion:
In conclusion, Bank of India (BOI) offers a wide range of Fixed Deposit (FD) schemes catering to various investment needs. With competitive interest rates ranging from 3.00% to 7.90% p.a, BOI FDs act as a safe investment option for the people of India.
However, if you feel like the interest rates for FDs are not doing justice to your hard-earned money, switch to alternate fixed income options. And if you are still pondering for the right choice to do so, consider tapping into Tap Invest. With innovative solutions such as Invoice discounting investment and asset leasing investments, Tap Invest is your first step towards your financial stability.
FAQs For BOI FD Interest Rates 2024:
1. What is the minimum deposit amount required to open an FD with the Bank of India?
– The minimum deposit amount varies depending on the type of FD and the depositor’s location. For regular fixed deposits, it’s Rs 10,000 in metro and urban areas, Rs 5,000 in rural and semi-urban areas, and Rs 5,000 for senior citizens.
2. Can I withdraw the interest earned on my FD before maturity?
– Yes, you can choose to withdraw the interest earned on your FD on a monthly or quarterly basis, depending on your preference. This interest withdrawal option provides you with regular income while your principal amount remains intact.
3. Is nomination facility available for FD schemes offered by Bank of India?
– Yes, Bank of India offers the nomination facility for its FD schemes. You can nominate a person who will receive the deposit amount in case of your unfortunate demise. This ensures smooth transfer of funds to your nominee without any hassles
4. Are there any penalties for premature closure of FD accounts with Bank of India?
– Yes, there are penalties applicable for premature closure of FD accounts. The penalty amount varies depending on the deposited amount and the duration for which the FD has been held. Generally, higher penalties are charged for premature withdrawals of larger amounts and for withdrawals made before completion of 12 months.
5. Does Bank of India offer loan facilities against FD deposits?
– Yes, Bank of India allows you to avail loans against your FD deposits, except for Tax Saving FD schemes. By pledging your FD as collateral, you can obtain a loan with attractive interest rates, enabling you to meet your financial needs without breaking your FD.
