Bank Of India Interest Rate

  
  1. Bank Of India Fd Rate
  2. Bank Of India Interest Rates 2018
  3. Indian Bank Fixed Deposit Rates

Banks offer a range of financial products to their customers to meet their needs. These products also include Savings Account. People park their money with Savings Account for a variety of reasons. The most attractive features offered by a Savings Account are liquidity of funds, provides ATM/Debit card, paying utility bills through standing instructions, platform for net banking, online shopping, viewing statements online and facility of mobile banking.

Earlier banks used to offer same rate on their savings accounts Interest rate i.e. 4% per annum and you used to get the same returns with any bank. But during the year 2012, Reserve Bank of India (RBI) has de-regulated interest on savings account and banks are now free to decide on the interest rate that they want to offer on savings account which directly benefits the customers. Due to stiff competition, banks have started paying higher saving interest rates like 6% to 7% in order to attract more and more people to open the account with them and enhance their customer base.

Savings Account Interest rates in 2021 is calculated on daily basis for the closing day balance which will get accumulated and will be paid to the customers on quarterly or half yearly basis. You can use Savings Interest Rate Calculator to calculate your saving interest.

Below list will help you selecting the best savings account in 2021 for parking your money in terms of higher interest rate and other features. It also facilitates you to calculate the interest amount on your deposit.

@Concession of 0.10% in the applicable rate of interest for Home Loan and Vehicle Loan upto -@Terms and conditions applicable. We're here to help you when you need financial support Bank of India launches COVID Personal Loan & COVID Pensioner Loan (conditions apply). Please contact your nearest branch.

Important Aspects of a Savings Account that Should Be Kept in Mind

Bank of india interest rate today
  • Interest earned on the savings bank account is taxable. However, Section 80TTA of the Income Tax Act provides for a deduction of upto Rs 10,000 in each financial year. You will be eligible for this deduction whether the saving account is opened with a bank or a post office.
  • Most of the banks offer you auto sweep savings accounts which provide a facility in which the bank interlinks your saving bank with a Fixed Deposit account and any excess amount in the savings bank is automatically transferred to the fixed deposit (FD). Under such account, your overall interest on savings account increases.
  • You need to maintain a monthly average balance (MAB) in your savings account. If you fail to maintain the same, it attracts a non-maintenance fee. The monthly average balance (MAB) requirement varies from bank to bank and also varies based on whether it is in urban, semi-urban or rural branch.
  • Savings accounts impose an upper limits on the number of free ATM withdrawals per month. If your ATM transactions go beyond this limit then they would be chargeable and you need to pay respective fee.
  • Whenever there is no transaction in any account for more than a period of 24 months or 2 years, that account is categorised by the bank as a dormant account. Any savings or current account can become dormant due to prolonged non operation. You can reactivate your dormant account in some easy steps.

Saving Account Interest Rate List (as on 06 Mar 2021)

  1. In Bank Of India Fixed Deposit account, a fixed sum of money is deposited for fixed tenure usually for a period from 7 days to 10 years. A higher interest rate is offered on fixed deposits which vary from bank to bank according to the amount deposited and duration of investment.
  2. Bank of India FD Interest Rates 2020. Bank of India FD Rates in India; Tenure General Public FD Rates Senior Citizen FD Rates; 7 days to 14 days: 3.50%: 3.50%: 15.
India
Bank NameRates (p.a.)LimitCalculate
Rbl Bank 6%
6%
Upto Rs 1 Lakh
Above Rs 1 Lakh to Rs 10 Lakhs
Dcb Bank 4%
6%
Below Rs 1 Crore
Above Rs 1 Crore to Rs 5 Crores
Yes Bank5%
6%
Below Rs 1 Lakh
Rs 1 Lakh to Rs 1 Crore
Kotak Mahindra Bank 5%
6%
Upto Rs 1 Lakh
Above Rs 1 Lakh to Rs 1 Crore
Bandhan Bank 4%
6%
Below Rs 1 Lakh
Rs 1 Lakh & above
Indusind Bank4%
5%
Upto Rs 10 Lakhs
Above Rs 10 Lakhs to Rs 1 Crore
Laxmi Vilas Bank4%
5%
Upto Rs 1 Lakh
Above Rs 1 Lakh to Rs 5 Lakhs
Idbi Bank4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Uco Bank4%
4%
Upto Rs 50 Lakhs
Over Rs 50 Lakhs
Bank Of India4%
4%
Upto Rs 50 Lakhs
Above Rs 50 Lakhs
State Bank Of Mysore4%
4%
Upto Rs 1 Crore
Above Rs 1 Crore
City Union Bank 4%
4%
Upto Rs 1 Lakh
Above Rs 1 Lakh
Indian Bank4%
4%
Upto Rs 50 Lakhs
Above Rs 50 Lakhs
South Indian Bank4%
4%
Upto Rs 1 Lakh
Above Rs 1 Lakh to below Rs 5 Crore
Union Bank Of India4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Jammu And Kashmir Bank 4%
4%
For Any Amount
Above Rs 10 Lakhs
Bank Of Maharashtra4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
State Bank Of Hyderabad4%
4%
Upto Rs 1 Crore
Above Rs 1 Crore
Indian Overseas Bank4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Tamilnad Mercantile Bank 4%
4%
Upto Rs 1 Lakh
Above Rs 1 Lakh
United Bank Of India4%
4%
Upto Rs 50 Lakhs
More Than Rs 50 Lakhs
Karnataka Bank 3%
4%
Upto Rs 1 Lakh
Above Rs 1 Lakh to Rs 50 Lakhs
Canara Bank4%
4%
Upto Rs 50 Lakhs
Above Rs 50 Lakhs
State Bank Of Patiala4%
4%
Upto Rs 1 Crore
Above Rs 1 Crore
Dhanalakshmi Bank4%
4%
Upto Rs 50 Lakhs
More Than Rs 50 Lakhs
Oriental Bank Of Commerce4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Vijaya Bank4%
4%
Below Rs 50 Lakhs
Rs 50 Lakhs & above
Karur Vysya Bank4%
4%
Upto Rs 1 Lakh
Above Rs 1 Lakh
Central Bank Of India4%
4%
Upto Rs 50 Lakhs
Above Rs 50 Lakhs
State Bank Of Travancore4%
4%
Upto Rs 1 Crore
Above Rs 1 Crore
Federal Bank4%
4%
Below Rs 50 Lakhs
Rs 50 Lakhs & above upto Rs 10 Crores
Allahabad Bank4%
4%
Less than Rs 40 Lakhs
Rs 40 Lakhs & above
Punjab National Bank4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Jammu And Kashmir Bank 4%
4%
Upto Rs 10 Lakhs
Above Rs 10 Lakhs to Rs 1 Crore
Axis Bank4%
4%
Below Rs 50 Lakhs
Rs 50 Lakhs & above
Corporation Bank4%
4%
Below Rs 50 Lakhs
Rs 50 Lakhs & above
State Bank Of Bikaner And Jaipur4%
4%
Upto Rs 1 Crore
Above Rs 1 Crore
Hdfc Bank4%
4%
Below Rs 50 Lakhs
Rs 50 Lakhs & above but below Rs 500 Crores
Andhra Bank4%
4%
Upto Rs 50 Lakhs
Above Rs 50 Lakhs
Punjab And Sind Bank4%
4%
Upto Rs 20 Lakhs
Above Rs 20 Lakhs
Dena Bank4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Syndicate Bank4%
4%
Upto Rs 25 Lakhs
Above Rs 25 Lakhs
Icici Bank 4%
4%
Below Rs 50 Lakhs
Rs 50 Lakhs & above
Bank Of Baroda4%
4%
Upto Rs 50 Lakhs
Above Rs 50 Lakhs
State Bank Of India4%
4%
Upto Rs 1 Crore
Above Rs 1 Crore
Catholic Syrian Bank 4%
4%
Upto Rs 1 Lakh
Above Rs 1 Lakh to Rs 50 Lakhs
Disclaimer: The Saving Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings. Bank of india interest rate calculatorSource: Bank Websites

Who can Open a Savings Bank Account?

  • Savings Bank Account can be opened in the name of an individual or in the names of two or more individuals.
  • If it is a Joint account, it can be operated jointly or either/ survivor or former/ survivor clause.
  • Savings Bank Account can be opened in the name of minor but is required to be operated by natural guardian.

Features of Savings Bank Account

  • No special rate is offered to senior citizen
  • TDS is not applicable
  • Nomination facility is available
  • Loan against deposit is not permitted
  • Interest rate is decided by the bank

Facilities Offered by Savings Account

  • Unique/ Personalized Account Number
  • ATM-cum-Debit Card
  • Cheque Book
  • Pass book/ Bank Statement
  • Nomination
  • Standing Instructions
  • Cheque Collection
  • Instant Credit of Outstation Cheque upto Rs.15,000/-
  • Internet Banking
  • Mobile Banking
  • Fund Transfer using NEFT, RTGS & IMPS
  • SMS Alerts
  • e-Statement
  • Several offers and discounts on Debit Card

As you know that a Fixed Deposit (FD) is an investment option offered by banks that gives you higher rate of interest than a regular savings account. By investing in an FD, you can achieve your financial goals comfortably due to higher returns offered by it.

Bank Of India FD provides an option to deposit lump sum amount for a specific period, ranging from 7 days to 10 years. You can choose any of the tenures offered by Bank Of India FD according to your convenience and financial objective. As soon as you select the tenure and deposit the amount in Bank Of India_ FD, it will start earning an interest based on the tenure of the deposit. Customer is allowed to deposit lump sum money into a fixed deposit only once into his FD account at the time of opening the account with the bank and afterwards he cannot deposit additional money in the same FD account.

You can also get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 to 1.5 lakh by investing in Bank Of India FD for a tenure of 5 years or more.

Following table provides you Bank Of India FD Rates of various tenors. Also, given below is the facility/ option, through which you can calculate the interest rate and the maturity value of your Bank Of India FD for different tenures by clicking on the 'calculate' button provided in the table.

Bank Of India Fd Rate

Bank Of India Fixed Deposit Interest Rates (as on 06 Mar 2021)

Maturity PeriodInterest Rate (p.a.)Calculate Interest Rate
30 Days 3.25%
45 Days 3.25%
60 Days 4.25%
90 Days 4.25%
120 Days 4.25%
6 Months 4.75%
9 Months 4.75%
12 Months 5.35%
2 Years 5.25%
3 Years 5.25%
4 Years 5.25%
5 Years 5.25%
10 Years 5.25%

Features & Benefits: Bank Of India Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Bank Of India branch.
  • No cap on the Maximum Amount of FD
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 85% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Tax benefit of amount up to Rs 1,50,000, through tax saving term deposit scheme
  • Part withdrawal facility and auto-renewal facilities are also available
  • Senior citizens can enjoy higher interest rate as compared to regular citizens
  • NRE, NRO and FCNR deposit facility is offered by the bank

Bank Of India Interest Rates 2018

SavingsBank Of India Interest Rate

Who is Eligible for Bank Of India Fixed Deposit

Any of the following persons is eligible to invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Important Things to Know Before Investing in Fixed Deposits

  • Always compare tenure-wise FD interest rates of different banks before finalizing the bank for opening an FD account, in order to get maximum interest rate on selected tenure.
  • The tenure for most bank fixed deposits varies from 7 days to 10 years. You should choose the FD Tenure according to your convenience and objective behind investment.
  • Opt for interest payout options such as monthly or quarterly, if required. Otherwise, choose cumulative option so that you can receive lump sum amount when FD gets matured.
  • You can also avail loan or overdraft against FD, if you have immediate requirement of funds.
  • If your annual income is non-taxable, you can submit Form 15G or Form 15H in order to avoid TDS.
  • Don't forget to make nomination in your FD account.
  • If you are a senior citizen then open your FD in a bank which offers extra interest of 0.25% to 0.75% to senior citizens.
  • When you open fixed deposit online or offline, do not forget to give instructions on what to do on maturity of your FD. If you do not give any instruction, your fixed deposit will be renewed automatically on maturity.

Calculation of Interest on FD of Bank Of India

Interest on FD for different tenures is calculated in following manner:

  1. Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
  2. Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
  3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
  4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

Bank Of India FD Interest Calculator

Bank Of India FD Interest Calculator is an online financial tool that allows you to calculate the maturity value of your fixed deposit at the interest rate offered by bank. The amount of FD, interest rate, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

Automatic Renewal of Bank FD

Bank FD matures on specific date. On maturity, if you have not given any specific instructions such as payout or renewal of FD, most of the banks automatically renew the FD for the same period for which it was initially made at the interest rate prevailing on the date of maturity of FD. This is called Automatic Renewal of Bank FD.

You should choose the option on the account opening form, if you do not want the bank to auto renew your FD. You have 2 options on the account opening form while depositing money in FD, first one is auto renew and second one is deposit of amount to your account after maturity. In case you have not mentioned any option on the account opening form then you will need to visit the bank branch on maturity day of your bank FD and opt for credit of the final proceeds of your bank FD into your savings account if you do not want an auto renewal of your FD.

Bank FD News Mar 2021

13-01-2020: SBI revised FD interest rate

SBI has announced a cut in retail fixed deposits of FD rates. The latest FD rates on SBI deposits is effective from 10th January 2020. The bank has cut the FD rates by 15 bps on long-term deposits maturing in 1 year to 10 years. Now FD interest rate for 7 to 45 days is 4.50%, for 46 to 179 days is 5.50%, for 180 days to 1 year is 5.80% and for 1 year to 10 years is 6.10%.

09-01-2020: Axis Bank reduced FD interest rate

Axis Bank reduced interest rates by up to 20 bps from January 9. FDs for less than Rs 2 crore and with the tenor of less than 1 year will earn 6.40%, for the tenor of 5 years to up to 10 years, FD rates is 6.50%.

07-01-2020: HDFC Bank deposits up by 25% (YoY) in 2019

The largest private sector lender HDFC Bank's deposits up by 25% (YoY) in 2019. Its deposits are at Rs 10.67 trillion as of December 31, 2019 growing by 25% as compared to Rs 8.52 trillion as of December 31, 2018..

24-12-2019: HDFC Bank revised FD interest rate

The revised rate for FDs maturing in 9 months 1 day to less than 1 year will be 6.05%. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%.

01-12-2019: PNB cuts off FD rates

With effect from December 1, 2019, FDs for less than Rs 2 crore and the tenor of 271 days to below 1 year will be 6% for general customers and 6.5% for senior citizens. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens.

12-11-2019: ICICI Bank reduces FD interest rate

The interest rates on ICICI Bank FD for less than Rs 2 crore and the tenor of 185 days to 289 days will be 5.75%, for 5 years to up to 10 years will be 6.40% and 6.9% for senior citizens. Its interest rates will be effective from December 7, 2019.

Public Sector Banks FD Interest Rates

Indian Bank Fixed Deposit Rates

Allahabad BankAndhra BankBank Of Baroda
Bank Of IndiaBank Of MaharashtraCanara Bank
Central Bank Of IndiaCorporation BankIdbi Bank
Indian BankIndian Overseas BankOriental Bank Of Commerce
Punjab National BankSyndicate BankUco Bank
Union Bank Of IndiaUnited Bank Of IndiaVijaya Bank
State Bank Of IndiaState Bank Of MysoreState Bank Of Patiala
State Bank Of TravancoreState Bank Of Bikaner And JaipurPunjab And Sind Bank

Private Sector Banks FD Interest Rates

Axis BankBandhan Bank LimitedCatholic Syrian Bank Limited
City Union Bank LimitedDcb Bank LimitedDhanalakshmi Bank
Federal BankHdfc BankIcici Bank Limited
Idfc Bank LimitedJammu And Kashmir Bank LimitedIndusind Bank
Karnataka Bank LimitedKarur Vysya BankKotak Mahindra Bank Limited
Laxmi Vilas BankThe Nainital Bank LimitedRbl Bank Limited
South Indian BankTamilnad Mercantile Bank LimitedYes Bank
Equitas Small Finance Bank LimitedUjjivan Small Finance Bank LimitedUtkarsh Small Finance Bank
Suryoday Small Finance BankAu Small Finance Bank LimitedCapital Small Finance Bank Limited
Esaf Small Finance Bank LimitedNorth East Small Finance Bank LimitedFincare Small Finance Bank Ltd