Bank of India - Fixed Deposit Rates

As of October 2026, Bank of India offers a highest interest rate of 6.85% p.a. for general citizens and 7.45% p.a. for senior citizens on fixed deposits.

Yes, Bank of India is a registered bank regulated by the RBI. Your deposits (up to ₹5 Lakhs per depositor) are insured by DICGC, which covers both principal and accrued interest.

The minimum tenure for a fixed deposit with Bank of India starts from 7 Days. Longer tenures may offer higher interest rates.

Yes, Bank of India offers an additional benefit of up to 0.75% p.a. over the general citizen rate for senior citizens (aged 60 and above).

These rates apply to domestic retail individuals making callable fixed deposits under ₹3 Crore (with premature withdrawal permitted). Deposits of ₹3 Crore and above are classified as bulk deposits and follow separate rate structures.

Yes, interest earned on fixed deposits is taxable as per your income tax slab. TDS is deducted at 10% if total interest exceeds ₹50,000 per year (₹1,00,000 for senior citizens). You can submit Form 121 (which replaced Form 15G/15H from April 2026) to avoid TDS if your total income is below the taxable limit.

Bank of India links its penalty to deposit size and holding period. Deposits below ₹5 lakh attract 0.50% only if withdrawn before completing 12 months — no penalty after that. Deposits of ₹5 lakh and above attract 1% regardless of holding period. Check BOI's official penalty page before booking.

Yes, Bank of India currently offers special FD rates on select tenures that are higher than the regular rates. These are typically limited-period offers and subject to change.