How to find the best rates for Bank of India Fixed Deposit
A renowned public institution in the Indian banking space, Bank of India offers attractive retail fixed-return investment solutions in the form of fixed deposits. These FD schemes are developed to suit varying investment timelines with holding periods ranging from short to medium to long-term.
Fixed deposit interest rates are ascertained based on the banks liquidity requirements as well as market rate movements. Frequent changes make it difficult for investors to ascertain maturity amounts. The above table reflects the latest rates thereby enabling real-time comparison.
BOI Short-Term FD Rates
In line with what most banks offer, the returns on BOIs shortest deposit term of 30 days stands at 4.5%. For deposit-periods of 60 and 90 days, the rate is 1.5% higher at 6.5%. It increases to 7.3% for a holding of 120 days and to 7.75% for 6 months.
The 9-month scheme offers the highest short-term returns at 8.25%.
Interest rates on the banks deposits for terms 1 year and above are pegged at a 8.9%. This applies on holdings up to 5 years.
BOI Senior Citizen FD Rates
Senior citizens are offered a 0.5% enhancement on existing rates for tenors of 6 months and above. The rates remain unchanged for short-term holdings of 30 to 120 days.
All rates indicated above are on an annual basis, compounded quarterly.
Changes in Fixed Deposit Rates for Bank of India
Mumbai based government-owned Bank of India has joined the league of other banks in changing rates on fixed deposits over various tenures. The recently imposed rate cuts from the Reserve Bank of India has been passed on to the bank’s customers. The changes have been reflected in the rates of term deposits as well.
For fixed deposits of amounts low than Rs. 1 crore, the tenures from 270 days till 5 years have seen rate changes in two brackets, with the lowest rate being 8% and the highest being 8.25%. For deposits of Rs. 1-10 crores, the higher tenure ranges of 270 days to above 10 years, the highest rate available is 8% and the lowest is 7.5%. For deposits of Rs. 10 crores and more, another tenure bracket has been imposed, of 364 days to 13 months having a interest rate of 7.6%. HUF, Capital Gain Scheme and NRE/NRO Deposits will not be getting any additional rates in case of staff or senior citizen status.
For Domestic/NRO Term Deposits, the highest rate is 8.25% and the lowest is 8% for deposits of low than a crore across tenure ranges from 270 days to 5 years. For deposits of more than a crore but low than ten crores, the tenure of 270 days-1 year will have an interest rate of 7.5% and it would also be the same for the tenures of 5 years and above. For deposits more than 10 crores, a high of 7.6% and a low of 7.5% rates are available for tenures of 270 days-2 years.
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