BOI Fixed Deposit Schemes: Secure Savings in 2024

Bank of India (BOI), a prominent nationalized bank in India, has its headquarters in Mumbai. BOI caters to both retail and corporate clients through a comprehensive array of banking and financial services.

As a founder of the SWIFT network, BOI ensures easy and efficient financial transactions internationally.

The bank offers diverse fixed deposit schemes, ideal for safeguarding savings with attractive interest rates that typically exceed those of regular savings accounts.

Fixed deposits involve a one-time sum, restricting further deposits or withdrawals during the term.

Features and Benefits of BOI Fixed Deposits

• Tenure Options: FD terms range from 7 days to 10 years.
• Nomination Facility: Set up nomination for accounts.
• Loan/Overdraft: Up to 90% of the deposit amount can be borrowed.
• Seniors' Benefit: Senior citizens receive an additional 0.50% interest.
• Diverse FD Plans: Multiple schemes are available.
• Minimum Investment: Starting investment is Rs. 10,000.

BOI FD Interest Rates 2024

Tenure	Interest Rate (PA)	Seniors' Rate (PA)
7 days - 1 month 15 days	3%	3.5%
1 month 16 days - 5 months 26 days	4.5%	5%
5 months 27 days - 8 months 25 days	5.5%	6%
8 months 26 days - 11 months 30 days	5.75%	6.25%
1 year - 1 year 11 months 30 days	6.8%	7.3%
2 years - 2 years	7.25%	7.75%
2 years 1 day - 2 years 11 months 30 days	6.75%	7.25%
3 years - 4 years 11 months 30 days	6.5%	7%
5 years - 9 years 11 months 29 days	6%	6.5%

Bank of India FD Schemes Overview

Regular Fixed Deposit: Minimum deposit required is Rs 10,000 in urban and Rs 5,000 in rural areas. Interest is provided semi-annually with no penalty for closure after 12 months if under Rs 5 lakh.

Star Sunidhi Tax-Saving Deposit: Fixed term between 5 to 10 years, with premature withdrawal only upon the depositor’s death.

Short Term Deposit: Requires a minimum deposit of Rs 1 lakh, with up to a 6-month tenure, subject to regular FD terms for premature closure.

Double Benefit Term Deposit: Quarterly compounded interest paid upon maturity, with applicable early closure penalties.

Motor Accident Claims Term Deposit: Duration ranges from 3 to over 10 years, with withdrawal contingent on court orders and no death penalties for claimants.

NRE Term Deposit: Tenure ranges from 1 to 10 years, fully tax-exempt, and repatriable, offering no interest for early withdrawals before 12 months.

NRO Term Deposit: Options for 7 days to 10 years tenure, tax withheld, with repatriation up to USD 1 Million.

FCNR Deposit: Offers a 1 to 5-year term in various foreign currencies, enjoying tax exemption.

RFC Deposit: Provides a tenure of 1 to 3 years with complete repatriability and tax exemption for non-resident individuals.

Capital Gain Tax Saving: Includes savings and term deposit choices and is subject to TDS.

Opening a BOI Fixed Deposit

BOI FDs can be opened through internet banking, mobile apps, or by visiting branches. For internet banking, log in and select 'Fixed Deposit' to complete the process. Through mobile apps, proceed by logging in and choosing the 'Open FD' option. Alternatively, visit a branch to fill out the required form and submit documents along with the deposit.

Eligibility for BOI Fixed Deposit

These deposits are available to Indian residents, individual/joint account holders, minors, senior citizens, societies, trusts, sole proprietorships, companies, clubs, and NRIs through NRE/NRO accounts.

Documents Required for BOI Fixed Deposit

Identity Proof: Include Aadhaar, PAN, passport, photo-based ration card, voter ID, senior citizen ID, and driving license.

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

Premature Withdrawal of BOI Fixed Deposits

BOI permits early withdrawal of FDs. A penalty of 0.5% applies to sums below Rs 5 lakh if withdrawn before 12 months, while penalties for sums over Rs 5 lakh are non-discriminatory of the withdrawal period.