Bank of India (BOI), one of India's most established nationalized banks, is headquartered in Mumbai and provides a broad spectrum of banking and financial services to retail and corporate clients.

A founding member of SWIFT (Society for Worldwide Interbank Financial Telecommunication), BOI leverages this global network for seamless financial transactions and communications.

Customers have access to a diverse range of fixed deposit schemes, offering an opportunity to preserve savings while earning significant interest. BOI's fixed deposit interest rates generally surpass those of savings accounts.

Fixed deposits require a lump-sum initial deposit, prohibiting further deposits or withdrawals during the deposit term.

Features and Advantages of BOI Fixed Deposits

• Tenure Options: BOI FDs range from short terms of 7 days to long terms of 10 years.
• Nomination Facility: Nomination can be set up for FD accounts.
• Loan/Overdraft: Borrow up to 90% of your deposit amount.
• Seniors' Benefit: Higher rates with an extra 0.50% for senior citizens.
• Diverse FD Plans: Offers multiple fixed deposit schemes.
• Minimum Investment: Start with as little as Rs. 10,000.

BOI FD Interest Rates 2024

Bank of India FD Schemes Overview

Regular Fixed Deposit: The minimum deposit is Rs 10,000 in urban areas and Rs 5,000 in rural areas. Interest is paid semi-annually. No penalties for closure after 12 months for deposits under Rs 5 lakh.

Star Sunidhi Tax-Saving Deposit: Tenure of 5-10 years. Premature withdrawal allowed only in the event of the depositor’s death.

Short Term Deposit: Minimum Rs 1 lakh deposit, with tenure up to 6 months. Regular FD terms apply for premature closure.

Double Benefit Term Deposit: Interest is compounded quarterly and paid at maturity. Premature closure penalties apply.

Motor Accident Claims Term Deposit: 3-10+ year tenure; withdrawal requires court authorization, with no penalties on the death of claimant.

NRE Term Deposit: 1-10 year tenure, tax-exempt, fully repatriable, no interest on withdrawals made before 12 months.

NRO Term Deposit: 7 days to 10 years tenure, subject to withholding tax, repatriable up to USD 1 Million.

FCNR Deposit: 1-5 year tenure, available in multiple foreign currencies, tax-exempt.

RFC Deposit: 1-3 year tenure, free repatriability, tax exemption for non-ordinarily residents.

Capital Gain Tax Saving: Offers savings and term deposit options, TDS applicable.

Opening a BOI Fixed Deposit

Open a BOI FD via internet banking, mobile app, or offline at a branch. For internet banking, log in, navigate to 'Fixed Deposit', provide the necessary details, and confirm the transaction. Via the mobile app, log in, choose 'Open FD', enter details and confirm. At a branch, fill the FD form, submit documents, and make the deposit.

Qualifications for BOI Fixed Deposit

BOI offers FDs to residents, individual/joint account holders, minors, senior citizens, societies, trusts, sole proprietorships, companies, clubs, and NRIs via NRE/NRO accounts.

Documents Required for BOI Fixed Deposit

Identity Proof: Options include Aadhaar, PAN, passport, ration card with photo, voter ID, senior citizen ID, driving license.

Address Proof: Options include electricity/telephone bills, Aadhaar, passport, driving license, postal certificate.

Premature Withdrawal of BOI Fixed Deposits

BOI permits premature withdrawals on FDs. Under Rs. 5 lakh, a 0.5% penalty applies if withdrawn before 12 months. Over Rs. 5 lakh, the penalty is imposed irrespective of the withdrawal time.