Bank of India (BOI) is among the oldest nationalized banks in India, with its headquarters located in Mumbai. It provides a comprehensive range of banking and financial services to both retail and corporate clients.

As a founding member of SWIFT (Society for Worldwide Interbank Financial Telecommunication), Bank of India utilizes this network for efficient financial processing and communication services.

The bank offers a variety of fixed deposit schemes, allowing customers to safeguard their savings while earning interest.

The interest rates on Bank of India's fixed deposits are generally higher than those on savings accounts. At the time of opening an FD, customers must deposit a specified amount, and no additional deposits or withdrawals are permitted during the tenure of the deposit.

Key Features and Advantages of Axis Bank Fixed Deposits

• Tenure Options: BOI fixed deposits are available with terms ranging from 7 days up to 10 years.

• Nomination Facility: Bank of India provides a nomination facility for FD accounts.

• Loan/Overdraft Availability: Customers can access loan or overdraft facilities up to 90% of the fixed deposit amount.

• Higher Rates for Seniors: Senior citizens receive an additional 0.50% interest above the standard rates.

• Variety of FD Plans: A wide selection of fixed deposit schemes is offered by Bank of India.

• Minimum Investment: The minimum amount required to open a fixed deposit with BOI is Rs. 10,000.

Bank of India FD Interest Rates 2024

Types of Axis Bank FD Schemes

Bank of India Fixed Deposit Schemes Overview

• Regular Fixed Deposit:

Minimum Deposit: Rs 10,000 in metro/urban, Rs 5,000 in rural/semi-urban, and for senior citizens.

Interest Payout: Semi-annually on October 1st and April 1st.

Premature Closure: No penalty after 12 months for deposits under Rs 5 lakh; otherwise, up to 1% penalty.

• Star Sunidhi Tax-Saving Deposit Scheme:

Tenure: 5-10 years.

Deposit Limits: Minimum Rs 10,000, maximum Rs 1.5 lakh per financial year.

Premature Withdrawal: Not allowed before 5 years except in case of depositor’s death.

• Short Term Deposit:

Minimum Deposit: Rs 1 lakh for 7-14 days in metro/urban areas.

Tenure: Up to 6 months.

Premature Closure: Penalties applicable as per regular FD terms.

• Double Benefit Term Deposit:

Interest Rate: Quarterly compounding.

Interest Payout: At maturity.

• Premature Closure: Penalties applicable as per regular FD terms.

Quarterly/Monthly Term Deposit:

Interest Payout: Monthly/quarterly, with monthly payouts at a discounted rate.

Premature Closure: Penalties applicable as per regular FD terms.

• Motor Accident Claims Term Deposit:

Tenure: 3-10+ years based on court directives.

Minimum Deposit Amount: Based on monthly annuity needs.

Premature Closure: Allowed with court’s permission, no penalties in case of the claimant’s death.

• NRE Term Deposit:

Tenure: 1-10 years.

Taxation: Exempt from income tax; full repatriability.

Premature Closure: No interest for deposits held less than 12 months; other withdrawals after 12 months without penalty under Rs 5 lakh.

• NRO Term Deposit:

Tenure: 7 days to 10 years.

Taxation: Subject to withholding tax; repatriable up to USD 1 Million.

Premature Closure: Penalties applicable as per regular FD terms.

• FCNR Deposit:

Tenure: 1-5 years.

Currency: USD, AUD, GBP, EUR, CAD, JPY.

Taxation: Exempt from income tax; full repatriability.

• RFC Deposit:

Tenure: 1-3 years.

Currency: USD, GBP.

Taxation: Exempt from income tax until the depositor is resident but not ordinarily resident.

Premature Withdrawal: Free repatriability.

• Capital Gain Tax Saving Scheme:

Accounts: Account ‘A’ (Savings) and Account ‘B’ (Term Deposit).

Interest Exemption: Subject to TDS; not used as security.

Premature Withdrawal: Conversion to a savings account allowed.

These schemes cater to a wide range of financial needs from short-term liquidity to long-term savings and tax benefits, accommodating both residents and NRIs with various depositor benefits.

How to Open a Fixed Deposit Account with Axis Bank

You can open a Bank of India FD account through various channels including mobile app, internet banking, and offline at a branch.

1) Internet Banking:

Step 1: Log in to your Bank of India NetBanking account.

Step 2: Navigate to the ‘Fixed Deposit’ tab, select ‘Open FD’, and choose the type of deposit account.

Step 3: Enter all required details including nominee information and maturity instructions.

Step 4: Confirm the details and complete the transaction. A confirmation message will be displayed once successful.

2) Mobile App - Bank of India App:

Step 1: Download and log in to the Bank of India App.

Step 2: Select ‘Open FD’ and choose the deposit account type.

Step 3: Provide all necessary details, nominee information, and payment instructions.

Step 4: Confirm the details and complete the transaction. You will see a confirmation message upon successful account opening.

3) Offline at a Branch:

Step 1: Visit your nearest Bank of India branch.

Step 2: Complete the FD application form and submit it along with the necessary documents and the deposit amount.

Step 3: Upon successful processing of your application, you will receive an FD receipt from the bank.

These methods provide flexible options for customers to securely invest their savings in fixed deposits with Bank of India.

Qualifications for Opening a Fixed Deposit Account at Axis Bank

Bank of India offers fixed deposit accounts to a wide range of customers including:

• Residents

• Individual and joint account holders

• Minors

• Senior citizens

• Societies, trusts, and similar organizations

• Sole proprietorships

• Companies

• Clubs

Additionally, Non-Resident Indians (NRIs) are eligible to invest in these schemes through their NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.

Necessary Documents to Open a Fixed Deposit Account at Axis Bank

To start a fixed deposit investment with Bank of India, customers must provide identification and address proof. Below are the acceptable documents:

Proof of Identity (choose one):

• Aadhaar card

• PAN card

• Passport

• Ration card with photograph

• Voter ID

• Senior Citizen ID (if applicable)

• Driving license

Proof of Address (choose one):

• Electricity bill

• Telephone bill

• Aadhaar card

• Passport

• Driving license

• Certificate issued by the Post Office

These documents are required to verify the identity and residence of the account holder during the FD account opening process.

Early Withdrawal of Axis Bank Fixed Deposit

Bank of India allows premature withdrawal on all fixed deposits. For deposits under Rs. 5 lakhs, BOI imposes a 0.5% penalty if withdrawn before completing 12 months.

However, no penalty is charged if these deposits are withdrawn after 12 months. For deposits exceeding Rs. 5 lakhs, a penalty of 0.5% is applied to premature withdrawals regardless of whether they occur before or after 12 months.