2024 Bank of India FD Interest Rates - Discover Latest FD Rates
2024 Bank of India FD Interest Rates - Discover Latest FD Rates
May 10, 2023
5 Minutes
Bank of India Fixed Deposit: Secure Your Savings with Lucrative Returns
Bank of India (BOI), a venerable nationalized bank based in Mumbai, stands out as a reliable choice for various banking and financial services. One of its standout offerings is the Fixed Deposit (FD), providing investors with an opportunity to secure their savings and earn attractive interest rates.
Key Features of BOI Fixed Deposit:
Interest Rates:
BOI FD rates range from 4.50% to 6.00%, offering competitive returns depending on the deposit tenure.
Minimum Investment:
A modest sum of Rs. 10,000 is all it takes to initiate an FD with BOI.
Flexible Tenure:
BOI provides tenures ranging from 7 days to 10 years, allowing customers to align their investment horizon with their financial goals.
Additional Benefits for BOI FD Investors:
Nomination Facility:
BOI ensures the protection of depositors' savings by allowing them to nominate a person to receive the deposit amount in case of the depositor's demise.
Loan and Overdraft Facilities:
Investors can leverage their BOI FDs to avail loans or overdrafts, offering financial flexibility during unforeseen circumstances.
Senior Citizen Benefits:
Senior citizens enjoy an extra 0.50% interest rate, making BOI FDs an attractive investment option for this demographic.
Diverse FD Schemes to Suit Varied Needs:
Fixed/Short-Term Deposit Scheme:
Ideal for those without a regular income, offering short-term and fixed-term deposit options.
Monthly/Quarterly Deposit Scheme:
Allows customers to receive interest on a monthly or quarterly basis, catering to those seeking regular income.
Star Sunidhi Tax-Saving Deposit Scheme:
Enables account holders to save on income tax under Section 80C, with a minimum deposit amount of Rs. 10,000 and tenures ranging from 5 to 10 years.
Capital Gain Tax Saving Scheme (Term Deposit):
Designed for individuals selling capital assets, providing a means to save on capital gains tax.
BOI FD Rates Based on Tenure:
Short-term deposits (7 days to 12 months):
Interest rates range from 2.85% to 4.35% p.a.
Medium-term deposits (1 year to less than 5 years):
Interest rates hover around 5.60% to 6.00% p.a.
Long-term deposits (5 years to 10 years):
Offer an interest rate of 5.75% p.a.
Simple Process of Opening a BOI FD Account:
Customers can open an FD account through internet banking, mobile app, or by visiting the nearest branch.
The process involves filling out necessary details, nominee information, and payment instructions.
Tax Implications and TDS:
BOI FDs qualify for tax saving under Section 80C, but interest income is taxable based on income tax slabs.
TDS of 10% is applicable if interest income exceeds Rs. 40,000 p.a.
Loan Against FD and Premature Closure:
BOI offers loans against FDs, providing liquidity without breaking the investment.
Premature closure is allowed with applicable penalties: 0.5% for deposits below Rs. 5 lakhs and a consistent penalty for deposits above Rs. 5 lakhs.
In summary, Bank of India Fixed Deposit stands out as a secure investment option with competitive interest rates and a variety of benefits. Its flexibility in tenure and diverse FD schemes cater to different investment needs. Opening an FD account is straightforward, with added tax-saving benefits. The option of loans against FDs ensures customers can meet their financial needs without compromising their investments. As with any investment, it is recommended to review terms and conditions and seek advice from a financial advisor if necessary. Secure your savings with BOI FDs and enjoy the peace of mind that comes with a trusted banking partner.
Bank of India Fixed Deposit: Secure Your Savings with Lucrative Returns
Bank of India (BOI), a venerable nationalized bank based in Mumbai, stands out as a reliable choice for various banking and financial services. One of its standout offerings is the Fixed Deposit (FD), providing investors with an opportunity to secure their savings and earn attractive interest rates.
Key Features of BOI Fixed Deposit:
Interest Rates:
BOI FD rates range from 4.50% to 6.00%, offering competitive returns depending on the deposit tenure.
Minimum Investment:
A modest sum of Rs. 10,000 is all it takes to initiate an FD with BOI.
Flexible Tenure:
BOI provides tenures ranging from 7 days to 10 years, allowing customers to align their investment horizon with their financial goals.
Additional Benefits for BOI FD Investors:
Nomination Facility:
BOI ensures the protection of depositors' savings by allowing them to nominate a person to receive the deposit amount in case of the depositor's demise.
Loan and Overdraft Facilities:
Investors can leverage their BOI FDs to avail loans or overdrafts, offering financial flexibility during unforeseen circumstances.
Senior Citizen Benefits:
Senior citizens enjoy an extra 0.50% interest rate, making BOI FDs an attractive investment option for this demographic.
Diverse FD Schemes to Suit Varied Needs:
Fixed/Short-Term Deposit Scheme:
Ideal for those without a regular income, offering short-term and fixed-term deposit options.
Monthly/Quarterly Deposit Scheme:
Allows customers to receive interest on a monthly or quarterly basis, catering to those seeking regular income.
Star Sunidhi Tax-Saving Deposit Scheme:
Enables account holders to save on income tax under Section 80C, with a minimum deposit amount of Rs. 10,000 and tenures ranging from 5 to 10 years.
Capital Gain Tax Saving Scheme (Term Deposit):
Designed for individuals selling capital assets, providing a means to save on capital gains tax.
BOI FD Rates Based on Tenure:
Short-term deposits (7 days to 12 months):
Interest rates range from 2.85% to 4.35% p.a.
Medium-term deposits (1 year to less than 5 years):
Interest rates hover around 5.60% to 6.00% p.a.
Long-term deposits (5 years to 10 years):
Offer an interest rate of 5.75% p.a.
Simple Process of Opening a BOI FD Account:
Customers can open an FD account through internet banking, mobile app, or by visiting the nearest branch.
The process involves filling out necessary details, nominee information, and payment instructions.
Tax Implications and TDS:
BOI FDs qualify for tax saving under Section 80C, but interest income is taxable based on income tax slabs.
TDS of 10% is applicable if interest income exceeds Rs. 40,000 p.a.
Loan Against FD and Premature Closure:
BOI offers loans against FDs, providing liquidity without breaking the investment.
Premature closure is allowed with applicable penalties: 0.5% for deposits below Rs. 5 lakhs and a consistent penalty for deposits above Rs. 5 lakhs.
In summary, Bank of India Fixed Deposit stands out as a secure investment option with competitive interest rates and a variety of benefits. Its flexibility in tenure and diverse FD schemes cater to different investment needs. Opening an FD account is straightforward, with added tax-saving benefits. The option of loans against FDs ensures customers can meet their financial needs without compromising their investments. As with any investment, it is recommended to review terms and conditions and seek advice from a financial advisor if necessary. Secure your savings with BOI FDs and enjoy the peace of mind that comes with a trusted banking partner.
Author
Pluto Team
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