Interest Rates
4.50% – 6.00%
Time Period
3 months – 10 years
Min - Max Amount
10,000 - No limit
Compounding
Quarterly
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Expected Rate of Return
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Invested Amount
₹ 10,000
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Bank of India, established on 7th September 1906 by a group of influential businessmen in Mumbai, began its journey with just one office, 50 employees, and a paid-up capital of ₹50 lakh. Initially under private ownership, it was nationalised in July 1969 along with 13 other major banks. Since then, the bank has witnessed remarkable growth, evolving into a prominent financial institution with a strong national footprint and a significant global presence.
Today, Bank of India operates over 5,100 branches across all Indian states and union territories, including specialised branches. These are administered through 69 Zonal Offices and 13 FGMO Offices. Internationally, the bank has 47 offices abroad, comprising 22 of its own branches (including the IBU at GIFT City, Gandhinagar), one representative office, four subsidiaries operating 23 branches, and one joint venture.
The bank holds a leading position among nationalised banks in terms of business volume. It also offers attractive fixed deposit (FD) interest rates, which are typically higher than those on savings accounts. Customers can open FDs with a fixed amount, although additional deposits or withdrawals are restricted during the deposit’s tenure.
Tenure | Regular Rate (% p.a.) | Senior Citizen Rate (% p.a.) |
7 days to 14 days | 4.50 | 5.00 |
15 days to 30 days | 4.50 | 5.00 |
31 days to 45 days | 4.50 | 5.00 |
46 days to 90 days | 5.25 | 5.75 |
91 days to 179 days | 5.75 | 6.25 |
180 days to 210 days | 6.00 | 6.50 |
211 days to 269 days | 6.00 | 6.50 |
270 days to less than 1 Year | 6.00 | 6.50 |
1 Year | 6.50 | 7.00 |
Above 1 Year to < 2 Years (excl. 450 Days) | 6.25 | 6.75 |
450 Days (Star Vaibhav) | 6.25 | 6.75 |
2 Years to less than 3 Years | 6.00 | 6.50 |
3 Years to less than 5 Years | 5.50 | 6.00 |
5 Years to less than 8 Years | 5.50 | 6.00 |
8 Years & above to 10 Years | 5.50 | 6.00 |
Note: The data is as of June 16, 2025
These FDs range between 7 days to less than a year, offering interest rates from 3.00% to 5.50% for regular customers and 3.50% to 6.00% for senior citizens. This type of FD can be suitable for short-term savings and quick liquidity.
These FDs range from 1 year to less than 5 years, with interest rates between 6.50% to 6.25% for regular customers and 7.00% to 6.75% for senior citizens. This can be a suitable option for planned expenses over the medium term.
These FDs range from 5 years to 10 years, offering 6.00% for regular customers and up to 6.50% for senior citizens. This can be suitable for long-term wealth creation with stable and assured returns.
| Tenure | Institution Name | Interest Rate (% p.a.) |
|---|---|---|
| 12 months to 10 years | 6.50› |
 | 15 months to less than 18 months | 7.25› |
 | 365 days | 7.25› |
 | 15 months to less than 16 months | 8.00› |
 | 444 days | 7.30› |
Note: The data is as of July 15, 2025
Note: Non-Resident Indians (NRIs) are also eligible to invest in Bank of India FDs but only through NRE or NRO accounts.
Investing in the Bank of India Tax Saving Fixed Deposit offers tax benefits of up to ₹1,50,000 per financial year under Section 80C of the Income Tax Act. However, this tax benefit is not available for other types of fixed deposits offered by the bank.
It's important to note that the interest earned on Bank of India fixed deposits is fully taxable as per the investor’s applicable income tax slab. Additionally, if the total interest income from FDs exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), a Tax Deducted at Source (TDS) of 10% will be applied.
If PAN details are not submitted to the bank, the TDS rate increases to 20%, regardless of the interest amount.
Bank of India permits premature withdrawal of Fixed Deposits; however, certain penalties may apply depending on the deposit amount and tenure. In most cases, the penalty ranges between 0.5% and 1% of the FD amount, subject to specific conditions.
For deposits below ₹5 lakh, a 0.5% penalty is charged if the withdrawal is made before completing 12 months. However, if the same deposit is withdrawn after 12 months, no penalty is applied.
For fixed deposits exceeding ₹5 lakh, a 0.5% penalty is levied on premature withdrawal, regardless of whether the withdrawal is made before or after 12 months. The exact terms may vary based on the deposit size and duration it has been held.
