Bank of India Revises Interest Rates On FD: Check Current Rates Here

With effect from 1 August 2021, the public sector lender Bank of India has revised interest rates on its fixed deposits of less than Rs 2 Cr. For deposits maturing in 7 days to 45 days, the bank is offering an interest rate of 2.85% after the most recent revision. The bank is now promising an interest rate of 3.85% on deposits maturing in 46 days to 179 days. BoI is now offering an interest rate of 4.35% on deposits maturing in 180 days to less than 1 year whereas for deposits maturing in 1 year and above but less than 2 years, the bank is now providing an interest rate of 5.00%. For fixed deposits maturing in 2 years to less than 10 years, BoI is now offering an interest rate of 5.05% to the general public.

Bank of India FD Rates For The General Public

Following the most recent revision, BoI is now promising the below-listed interest rates on fixed deposits of less than Rs 2 Cr to the general public.

Period	Regular FD Rates In %
7 days to 14 days	2.85
15 days to 30 days	2.85
31 days to 45 days	2.85
46 days to 90 days	3.85
91 days to 179 days	3.85
180 days to 269 days	4.35
270 days to less than 1 year	4.35
1 Year & above but less than 2 Yrs	5.00
2 years & above to less than 3 years	5.05
3 years & above to less than 5 years	5.05
5 years & above to less than 8 years	5.05
8 years & above to 10 years	5.05
Source: Bank Website, W.e.f. 01.08.2021

Bank of India FD Rates For Senior Citizens

Senior citizens will continue to get an additional interest rate of 0.50% over and above card rates for the general public on fixed deposits of less than Rs 2 Cr.

Period	Senior Citizens FD Rates In %
7 days to 14 days	3.35
15 days to 30 days	3.35
31 days to 45 days	3.35
46 days to 90 days	4.35
91 days to 179 days	4.35
180 days to 269 days	4.85
270 days to less than 1 year	4.85
1 Year & above but less than 2 Yrs	5.50
2 years & above to less than 3 years	5.55
3 years & above to less than 5 years	5.55
5 years & above to less than 8 years	5.55
8 years & above to 10 years	5.55
Source: Bank Website, W.e.f. 01.08.2021

Bank of India Penalty Charges In Case of Premature Withdrawal

In case of premature withdrawal of the deposit, Bank of India will impose the following charges as a penalty to the depositors.   

Category of the deposits	Penalty on premature withdrawal of the deposit
Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months	NIL
Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months	0.50%
Deposits of Rs. 5 Lacs & above withdrawn prematurely	1.00%

As an important note for the customers' Bank of India has mentioned on its official website that "In case of the deposits which have been prematurely closed for renewing for a longer period than the remaining period of the original contract tenure, there shall be "No penalty" for the premature withdrawal irrespective of the amount of the deposit. No Penalty for the premature withdrawal of Term deposits due to death of depositor/s. No penalty on premature withdrawals of Term Deposits by Staff, Ex-Staff, Staff/Ex-Staff Senior Citizens and spouse of deceased staff as a first account holder."