Bank of India Recurring Deposit Interest Rates
Recurring deposits can be opened with Bank of India by individuals, as joint applications and also by minors. A Bank of India recurring deposit can be started only with tenures ranging in multiples of three and up to a maximum of 10 years. The interest rate is compounded on a quarterly basis for a Bank of India RD. The minimum instalment amount should be Rs. 500 for branches in Metros and Rs. 100 for BOI branches in the rural and semi-urban areas. Bank of India does not mandate a maximum recurring deposit limit. The biggest advantage of opening a BOI recurring deposit account is that, if the tenure of the deposit is long, the interest rate got would also be relatively higher.
Bank of India – Short Term RD Interest Rates
As short term deposits, Bank of India offers recurring deposits with tenures starting at 6 months and up to 2 years. The interest rates offered for the short tenures range from 6.50% to 6.70% for deposit amounts below Rs. 1 crore, 4.25% to 4.50% for deposit amounts between Rs 1 crore and below Rs. 10 crore and ranges from 4.25% to 4.50% for deposits above Rs.10 Crore.
Bank of India – Medium and Long Term RD Interest Rates
Bank of India offers tenures ranging above 2 years to up to 5 years as mid-range terms and from 5 years to 10 years as long-term deposits. The interest rates offered for the mid tenures is 6.65% to 6.60% for deposit amounts below Rs. 1 crore, 4.50% for deposit amounts between Rs 1 crore and below Rs. 10 crore and ranges from 4.50% for deposits above Rs.10 Crore. The interest rates offered for the long-term deposits is 6.50% for deposit amounts below Rs. 1 crore, 4.50% for deposit amounts between Rs 1 crore and below Rs. 10 crore and ranges from 4.50% for deposits above Rs.10 Crore.
Bank of India – Senior Citizen RD Interest Rates
Senior Citizens have to mandatorily open a Bank of India recurring deposit account for a minimum period of 6 months and above to get special interest rates. The senior citizen should definitely be the primary account holder and should be aged above 60 when the deposit is being opened. Bank of India gives an additional interest rate of 0.50% over the regular rates for recurring deposits below Rs. 1 crore. Ex-BOI staff and spouse (if staff is deceased) can get an additional 1.50% on their recurring deposit accounts.
Bank of India – NRE Recurring Deposit Interest Rates
Bank of India offers recurring deposits schemes to NRIs with tenures ranging from 1 to 10 years. The interest rate given is decided based on the amount deposited. For deposit amounts below Rs. 1 crore, the interest rate offered is 6.70% for the tenure of 1 Year and above but less than 2 Years. For deposit amounts of Rs 1 crore and up to Rs 10 crore, the interest rate offered to NRIs is 4.50% for the tenures of 1 year & above but less than 2 Years and 4.50% for tenures ranging from 3 to 10 years.
| Tenure | Recurring Deposit Interest Rates below Rs.1 Crore | Recurring Deposit Interest Rates On Rs.1 Crore but below Rs. 10 crore | Recurring Deposit Interest Rates above Rs.10 Crore |
| 180 days to 269 days | 6.5 | 4.25 | 4.25 |
| 270 days to less than 1 Year | 6.5 | 4.25 | 4.25 |
| 1 Year & above but less than 2 Years | 6.7 | 4.5 | 4.5 |
| 2 Years to less than 3 years | 6.65 | 4.5 | 4.5 |
| 3 Years to less than 5 years | 6.6 | 4.5 | 4.5 |
| 5 years to less than 8 years | 6.5 | 4.5 | 4.5 |
| 8 years & above to 10 years | 6.5 | 4.5 | 4.5 |
NRE Recurring deposit rates
| Tenure | Recurring Deposit Interest Rates below Rs.1 Crore | Recurring Deposit Interest Rates On Rs.1 Crore but below Rs. 10 crore | Recurring Deposit Interest Rates above Rs.10 Crore |
| 1 Year & above but less than 2 Years | 6.7 | 4.5 | 4.5 |
| 2 Years to less than 3 years | 6.65 | 4.5 | 4.5 |
| 3 Years to less than 5 years | 6.6 | 4.5 | 4.5 |
| 5 years and above up to 10 Years | 6.5 | 4.5 | 4.5 |
