Bank Of India Interest Rate
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
- 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)
- 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.
- 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.
Bank Name | Rates (p.a.) | Limit | Calculate |
---|---|---|---|
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 Bank | 5% 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 Bank | 4% 5% | Upto Rs 10 Lakhs Above Rs 10 Lakhs to Rs 1 Crore | |
Laxmi Vilas Bank | 4% 5% | Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 5 Lakhs | |
Idbi Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Uco Bank | 4% 4% | Upto Rs 50 Lakhs Over Rs 50 Lakhs | |
Bank Of India | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of Mysore | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
City Union Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh | |
Indian Bank | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
South Indian Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh to below Rs 5 Crore | |
Union Bank Of India | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Jammu And Kashmir Bank | 4% 4% | For Any Amount Above Rs 10 Lakhs | |
Bank Of Maharashtra | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
State Bank Of Hyderabad | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Indian Overseas Bank | 4% 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 India | 4% 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 Bank | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of Patiala | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Dhanalakshmi Bank | 4% 4% | Upto Rs 50 Lakhs More Than Rs 50 Lakhs | |
Oriental Bank Of Commerce | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Vijaya Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
Karur Vysya Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh | |
Central Bank Of India | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of Travancore | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Federal Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above upto Rs 10 Crores | |
Allahabad Bank | 4% 4% | Less than Rs 40 Lakhs Rs 40 Lakhs & above | |
Punjab National Bank | 4% 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 Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
Corporation Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
State Bank Of Bikaner And Jaipur | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Hdfc Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above but below Rs 500 Crores | |
Andhra Bank | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
Punjab And Sind Bank | 4% 4% | Upto Rs 20 Lakhs Above Rs 20 Lakhs | |
Dena Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Syndicate Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Icici Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
Bank Of Baroda | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of India | 4% 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 |
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 Period | Interest 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
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:
- Simple interest is paid at maturity for fixed deposit tenure of less than 6 months.
- Interest is calculated on a quarterly basis for fixed deposit tenure of 6 months & above.
- 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.
- 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 Bank | Andhra Bank | Bank Of Baroda |
Bank Of India | Bank Of Maharashtra | Canara Bank |
Central Bank Of India | Corporation Bank | Idbi Bank |
Indian Bank | Indian Overseas Bank | Oriental Bank Of Commerce |
Punjab National Bank | Syndicate Bank | Uco Bank |
Union Bank Of India | United Bank Of India | Vijaya Bank |
State Bank Of India | State Bank Of Mysore | State Bank Of Patiala |
State Bank Of Travancore | State Bank Of Bikaner And Jaipur | Punjab And Sind Bank |
Private Sector Banks FD Interest Rates
Axis Bank | Bandhan Bank Limited | Catholic Syrian Bank Limited |
City Union Bank Limited | Dcb Bank Limited | Dhanalakshmi Bank |
Federal Bank | Hdfc Bank | Icici Bank Limited |
Idfc Bank Limited | Jammu And Kashmir Bank Limited | Indusind Bank |
Karnataka Bank Limited | Karur Vysya Bank | Kotak Mahindra Bank Limited |
Laxmi Vilas Bank | The Nainital Bank Limited | Rbl Bank Limited |
South Indian Bank | Tamilnad Mercantile Bank Limited | Yes Bank |
Equitas Small Finance Bank Limited | Ujjivan Small Finance Bank Limited | Utkarsh Small Finance Bank |
Suryoday Small Finance Bank | Au Small Finance Bank Limited | Capital Small Finance Bank Limited |
Esaf Small Finance Bank Limited | North East Small Finance Bank Limited | Fincare Small Finance Bank Ltd |