Bank of India FD Interest Rates 2025

Bank of India FD Interest Rates 2025 – Bank of India has revised its fixed deposit interest rates for deposits below ₹3 crore, effective from April 15, 2025. The rates vary based on tenure and investor category (general public, senior citizens, or super senior citizens). Below is a summary of the latest FD rates for callable deposits (permitting premature withdrawal, subject to penalties):

Table of Contents

Interest Rates for General Public (Below ₹3 Crore)

7 to 14 days: 3.00% p.a.
15 to 30 days: 3.00% p.a.
31 to 45 days: 3.00% p.a.
46 to 90 days: 4.50% p.a.
91 to 179 days: 4.50% p.a.
180 days to less than 1 year: 6.00% p.a.
1 year: 6.80% p.a.
333 days (Star Dhan Vriddhi Scheme): 7.30% p.a. (highest rate for general public)
Above 1 year to less than 2 years: 6.80% p.a.
2 years to less than 3 years: 7.05% p.a.
3 years to less than 5 years: 6.50% p.a.
5 years to less than 8 years: 6.00% p.a.
8 years to 10 years: 6.00% p.a.

Interest Rates for Senior Citizens (60 years and above)

Senior citizens receive an additional 0.50% p.a. on deposits with tenures of 6 months and above:

7 to 14 days: 3.00% p.a.
15 to 30 days: 3.00% p.a.
31 to 45 days: 3.00% p.a.
46 to 90 days: 4.50% p.a.
91 to 179 days: 4.50% p.a.
180 days to less than 1 year: 6.50% p.a.
1 year: 7.30% p.a.
333 days (Star Dhan Vriddhi Scheme): 7.80% p.a. (highest rate for senior citizens)
Above 1 year to less than 2 years: 7.30% p.a.
2 years to less than 3 years: 7.55% p.a.
3 years to less than 5 years: 7.00% p.a.
5 years to less than 8 years: 6.50% p.a.
8 years to 10 years: 6.50% p.a.

Interest Rates for Super Senior Citizens (80 years and above)

Super senior citizens receive an additional 0.65% p.a. over the general public rates for tenures of 6 months and above:

333 days (Star Dhan Vriddhi Scheme, Callable): 7.95% p.a.
333 days (Star Dhan Vriddhi Scheme, Non-Callable): 8.10% p.a. (highest rate for super senior citizens)

Interest Rates for Non-Callable Deposits (Above ₹1 Crore)

Non-callable deposits, which do not permit premature withdrawal, offer higher rates:

333 days (Star Dhan Vriddhi Scheme, General Public): 7.45% p.a.
333 days (Senior Citizens): 7.95% p.a.
333 days (Super Senior Citizens): 8.10% p.a.

Bank of India Tax Saver FD Rates (Star Sunidhi Deposit Scheme)

The Star Sunidhi Tax-Saving Deposit Scheme has a fixed 5-year tenure with the following rates:

General Public: 6.00% p.a.
Senior Citizens: 6.75% p.a.
Super Senior Citizens: 6.90% p.a.

This scheme offers tax deductions up to ₹1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961. Premature withdrawal is not permitted.

Note: Rates for deposits of ₹3 crore and above or FCNR (B) deposits in foreign currencies (e.g., USD, GBP, EUR, CAD, AUD) can be obtained by contacting a BOI branch. The 400-day deposit scheme has been discontinued as of April 15, 2025.

Key Features of Bank of India Fixed Deposits

Minimum Deposit: ₹10,000 for fixed-term deposits; ₹5,000 for short-term deposits in rural/semi-urban branches; ₹1 lakh for short-term deposits (7–14 days); ₹1 crore for non-callable deposits.
Maximum Deposit: No upper limit, except for the Star Sunidhi Tax-Saving Scheme (max ₹1.5 lakh per year).
Tenure Range: 7 days to 10 years.
Interest Payout Options: Monthly, quarterly, half-yearly, or at maturity for non-cumulative FDs; cumulative FDs (e.g., Double Benefit Term Deposit) compound interest quarterly and pay at maturity.
Loan Facility: Loans up to 90% of the deposit amount are available, except for the Star Sunidhi Tax-Saving Scheme.
Premature Withdrawal: Allowed for callable deposits with penalties (0.5% for deposits below ₹5 lakh withdrawn before 12 months; 1% for deposits above ₹5 lakh; no penalty for deposits below ₹5 lakh withdrawn after 12 months). No interest is paid for deposits withdrawn before 7 days.
Auto-Renewal: Available for most schemes, except non-callable deposits and the Star Sunidhi Tax-Saving Scheme.
Nomination Facility: Available for all FD schemes.
Safety: Deposits are insured up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Types of Bank of India FD Schemes

Fixed/Short-Term Deposit: Flexible tenures (7 days to 10 years) with non-cumulative interest payouts (half-yearly).
Double Benefit Term Deposit: Cumulative FD with quarterly compounding, ideal for short- to medium-term investments (6 months to 10 years).
Star Sunidhi Tax-Saving Deposit: 5-year lock-in FD with tax benefits under Section 80C.
Star Monthly/Quarterly Income Deposit: Non-cumulative FD with monthly or quarterly interest payouts, suitable for regular income needs.
Star Dhan Vriddhi Scheme: Special 333-day FD offering the highest rates (7.30% for general public, 7.80% for senior citizens, 8.10% for super senior citizens on non-callable deposits).
Motor Accident Claimant Annuity Deposit (MACAD): Designed for accident victims, providing monthly annuity payments.
Star Flexi Recurring Deposit: Allows flexible installment amounts in multiples of a core installment.
Capital Gains Account Scheme: For taxpayers claiming capital gains exemptions under Section 54.
NRI FD Schemes: Includes NRO, NRE, FCNR (B), and RFC deposits. NRO/NRE rates align with domestic rates; FCNR (B) rates vary by currency.

Taxation on Bank of India FDs

Tax Deducted at Source (TDS): TDS is deducted on interest income exceeding ₹40,000 p.a. (₹50,000 for senior citizens) at 10% if PAN is provided, or 20% if not. For NRO deposits, TDS is 30% as per Double Taxation Avoidance Agreement (DTAA) rules.
Tax-Saving FD: The Star Sunidhi Tax-Saving Scheme qualifies for deductions up to ₹1.5 lakh under Section 80C. Interest income remains taxable per the investor’s tax slab.

Frequently Asked Questions (FAQs)

1. What is the minimum deposit amount for a Bank of India FD?

The minimum deposit is ₹10,000 for fixed-term deposits, ₹5,000 for short-term deposits in rural/semi-urban branches, and ₹1 lakh for short-term deposits (7–14 days). The Star Sunidhi Tax-Saving Scheme requires a minimum of ₹10,000 and a maximum of ₹1.5 lakh per year. Non-callable deposits require a minimum of ₹1 crore.

2. What is the tenure range for BOI FDs?

The tenure ranges from 7 days to 10 years. The Star Sunidhi Tax-Saving Scheme has a fixed 5-year tenure, extendable to 10 years.

3. Do senior citizens get higher interest rates?

Yes, senior citizens (60 years and above) receive an additional 0.50% p.a. on tenures of 6 months and above. Super senior citizens (80 years and above) receive an additional 0.65% p.a. on tenures of 6 months and above. The highest rate is 8.10% p.a. for super senior citizens on the 333-day non-callable Star Dhan Vriddhi Scheme.

4. Is premature withdrawal allowed?

Yes, for callable deposits, premature withdrawal is permitted with penalties: 0.5% for deposits below ₹5 lakh withdrawn before 12 months; 1% for deposits above ₹5 lakh; no penalty for deposits below ₹5 lakh withdrawn after 12 months. No interest is paid if withdrawn before 7 days. Non-callable deposits and the Star Sunidhi Tax-Saving Scheme do not allow premature withdrawal.

5. Can I open a joint FD account?

Yes, joint accounts can be opened with up to two nominees designated. For the Star Sunidhi Tax-Saving Scheme, only the first account holder is eligible for tax benefits under Section 80C.

6. Are NRIs eligible to open BOI FDs?

Yes, NRIs can open NRO, NRE, FCNR (B), and RFC fixed deposits. NRO and NRE rates align with domestic rates, while FCNR (B) rates depend on the currency (e.g., USD, GBP, EUR, CAD, AUD). NRO deposits are subject to TDS at 30% under DTAA rules, while NRE deposits are tax-exempt unless the individual becomes a resident.

7. What documents are required to open a BOI FD?

- Application form
- Proof of identity and address (per KYC norms)
- Two photographs
- PAN card copy or Form 60/61 (if PAN is unavailable)
- Age proof for senior citizens
- Additional documents for HUFs, firms, or NRIs as applicable

8. Is there a loan facility against BOI FDs?

Yes, loans up to 90% of the deposit amount are available, except for the Star Sunidhi Tax-Saving Scheme. The loan interest rate is typically 1–1.5% higher than the FD rate.

9. Does BOI offer an auto-renewal facility?

Yes, auto-renewal is available for most FD schemes, except non-callable deposits and the Star Sunidhi Tax-Saving Scheme. The deposit is renewed at the prevailing rate on maturity.

10. How can I calculate the maturity value of my FD?

Use the Bank of India FD Calculator on their website or third-party platforms like Scripbox or Paisabazaar. Input the principal amount, tenure, and interest rate to estimate the maturity value and interest earned. For example, a ₹10 lakh deposit for 1 year at 6.80% yields approximately ₹10,70,160.

11. Is there a monthly income scheme?

Yes, the Star Monthly/Quarterly Income Deposit Scheme offers monthly or quarterly interest payouts, credited to a linked savings or current account, ideal for those seeking regular income.

12. Are BOI FDs safe?

Yes, BOI FDs are insured up to ₹5 lakh per depositor under the Deposit Insurance and Credit Guarantee Corporation (DICGC), ensuring safety as per RBI guidelines.

13. How can I open a BOI FD account?

- Offline: Visit a BOI branch, submit the application form, KYC documents, and deposit amount to receive an FD receipt.
- Online: Log in to BOI’s internet banking or mobile app, select “Open FD” under the “Fixed Deposit” tab, choose the deposit type, enter details (amount, tenure, nominee), and confirm. A digital receipt is generated upon completion.

14. What is the penalty for premature withdrawal?

For callable deposits: 0.5% penalty for deposits below ₹5 lakh withdrawn before 12 months; 1% penalty for deposits above ₹5 lakh; no penalty for deposits below ₹5 lakh withdrawn after 12 months. No interest is paid for withdrawals before 7 days.

15. How long will it take for my FD to double?

Using the Rule of 72, divide 72 by the interest rate. For the highest rate of 7.30% (general public), the FD doubles in approximately 9.86 years. For senior citizens at 7.80%, it takes about 9.23 years.

For more information visit : https://bankofindia.co.in/interest-rate/rupee-term-deposit-rate

Also visit : https://postofficefd.com/canara-bank-fd-interest-rates-2025/