Bank of India FD Calculator
FD Interest rates of Domestic/NRO Deposits of less than Rs. 2 crore - General Citizens
| Tenure | Regular Citizens |
| 7 days to 14 days | 2.85 |
| 15 days to 30 days | 2.85 |
| 31 days to 45 days | 2.85 |
| 46 days to 60 days | 3.85 |
| 61 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 to 443 days | 5.3 |
| 444 days | 5.5 |
| 445 days to less than 2 years | 5.4 |
| 2 years to less than 3 years | 5.4 |
| 3 years to less than 5 years | 5.35 |
| 5 years to less than 8 years | 5.35 |
| 8 years to 10 years | 5.35 |
Note: The FD interest rates are effective as of 23 June 2022
FD Interest rates of Domestic/NRO Deposits of less than Rs. 2 crore - Senior Citizens
| Tenure | Senior Citizens |
| 7 days to 14 days | 2.85 |
| 15 days to 30 days | 2.85 |
| 31 days to 45 days | 2.85 |
| 46 days to 60 days | 3.85 |
| 61 days to 90 days | 3.85 |
| 91 days to 179 days | 3.85 |
| 180 days to 269 days | 4.85 |
| 270 days to less than 1 year | 4.85 |
| 1 year to 443 days | 5.8 |
| 444 days | 6 |
| 445 days to less than 2 years | 5.9 |
| 2 years to less than 3 years | 5.9 |
| 3 years to less than 5 years | 6.1 |
| 5 years to less than 8 years | 6.1 |
| 8 years to 10 years | 6.1 |
Note: The FD interest rates are effective as of 23 June 2022
FD Interest rates of Domestic/NRO Deposits of less than Rs. 2 crore - General Citizens
| Tenure | Regular Citizens |
| 5 years to less than 8 years | 5.35 |
| 8 years to 10 years | 5.35 |
FD Interest rates of Domestic/NRO Deposits of less than Rs. 2 crore - Senior Citizens
| Tenure | Senior Citizens |
| 5 years to less than 8 years | 6.1 |
| 8 years to 10 years | 6.1 |
FD Interest rates of Domestic/NRO Deposits of Rs. 2 crore to less than Rs 10 crore
| Tenure | Interest rates for Regular Citizens (%) p.a. |
| 7 days to 14 days | 4.5 |
| 15 days to 30 days | 4.5 |
| 31 days to 45 days | 4.5 |
| 46 days to 60 days | 4.75 |
| 61 days to 90 days | 4.75 |
| 91 days to 179 days | 5.25 |
| 180 days to 269 days | 5.4 |
| 270 days to less than 1 year | 5.4 |
| 1 Year to 443 days | 6.25 |
| 444 days | 6.25 |
| 445 days to less than 2 years | 6.25 |
| 2 years to less than 3 years | 4.5 |
| 3 years to less than 5 years | 4.5 |
| 5 years to less than 8 years | 4.5 |
| 8 years to 10 years | 4.5 |
Note: The FD interest rates are effective as of 20 August 2022
Bank of India NRI FD Rates 2022
Bank of India NRE (Non-Resident External) Fixed Deposit Interest Rates
| Tenure | For deposits of less than Rs. 2 crore | For deposits of Rs. 2 crore & above but less than Rs.10 crore |
| 1 year and above to 443 days | 5.3 | 6.25 |
| 444 days | 5.5 | 6.25 |
| 445 days to less than 2 years | 5.4 | 6.25 |
| 2 years to less than 3 years | 5.4 | 4.5 |
| 3 years to less than 5 years | 5.35 | 4.5 |
| 5 years to less than 8 years | 5.35 | 4.5 |
| 8 years and above to 10 years | 5.35 | 4.5 |
FCNR (B) Fixed Deposit Interest Rates
| Tenure | USD | GBP | EUR | JPY | CAD | AUD |
| 1 year to less than 2 years | 2.85 | 1.9 | 0.02 | 0.55 | 0.99 | 0.94 |
| 2 years to less than 3 years | 3 | 2.2 | 0.21 | 0.55 | 2.05 | 1.42 |
| 3 years to less than 4 years | 3.1 | 2.25 | 0.36 | 0.54 | 2.27 | 1.78 |
| 4 years to less than 5 years | 3.12 | 2.3 | 0.46 | 0.55 | 2.33 | 2.05 |
| 5 years | 3.15 | 2.4 | 0.52 | 0.56 | 2.34 | 2.17 |
Note: The FD interest rates are effective as of 1 September 2022
RFC Fixed Deposit Interest Rates
| Tenure | USD | GBP |
| 1 year to less than 2 years | 2.85 | 1.9 |
| 2 years to less than 3 years | 3 | 2.2 |
| 3 years | 3.1 | 2.25 |
Note: The FD interest rates are effective as of 1 September 2022
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Bank of India FD Calculator
Bank of India fixed deposit offers high interest rates and flexible investment tenures. If you know the maturity amount of your FD beforehand, it will be easier for you to choose your suitable FD scheme. You can do so with an online Bank of India FD calculator. Let’s learn more about this tool in this article.
Bank of India Fixed Deposit (FD) Calculator
Fixed deposit is one of the safest investment tools for investors with low-risk appetite. It provides steady and guaranteed earnings. You can also avail of the tax benefit under Section 80C of the Income Tax Act if you invest in a tax-saving FD.
Bank of India fixed deposit interest rate ranges between 3.00% and 6.75% for general citizens, whereas, for senior citizens, these rates can fall anywhere between 3.00% and 7.25% for an investment of less than ₹2 crore. The interest rates keep changing as per the investment tenure and amount.
The interest rate is variable for FDs. Hence, manual calculations can get complicated. This is why you should consider using the online Bank of India FD calculator. You can calculate the returns and compare multiple FD schemes and choose the one most fitting to your requirements.
How Does the Bank of India FD Calculator Work?
Bank of India fixed deposit calculator is a simple tool that you can conveniently use by following these simple steps:
1. Provide an investment amount in the “Total Investment” box
2. Drag the cursor to draw a purple line until reaching the desired tenure, or you can manually enter the number of years in the box provided
3. To finish, enter the interest rate and check the right side of the page
4. It will prompt the “Estimated Return” and “Total Value” you will receive against your FD
You can change these numbers and make variations in deposit amount, interest rate and tenure to estimate different results.
Fixed deposit interest is calculated in two ways: compound interest and simple interest.
For compound interest, the formula is:
A = P (1 + r/n) ^ n*t
Here,
“A” represents the FD amount received at maturity
“P” denotes your fixed deposit principal amount
“r” infers the annual BoI fixed deposit rate of interest
“n” denotes the frequency of interest compounded
“t” signifies the investment term or tenure
While using the BOI FD calculator, you have to enter an investment amount, tenure and interest rate to obtain an accurate maturity amount.
Let’s have a look at this illustration to get a clarified understanding of how this tool works:
So, we can assume a fixed deposit investment of ₹10,000 for 5 years at an annual interest rate of 7%.
As per the formula:
A = 10,000 (1 + 7%/1) ^ 1*5
A = ₹14,148.
So, the interest amount is A – P, i.e., 14,148-10,000 = ₹4,148
In case of simple interest, this formula is used:
M= P+ (PXRXT/100)
Here, M is the maturity amount, P is the investment amount, T is the tenure of investment, and R is the rate of interest.
Benefits of An Online Bank of India FD Calculator
Some noteworthy benefits of the BoI FD calculator are:
- It offers a fast calculation without any risk of error in results.
- The Bank of India fixed deposit interest rate varies as per investment tenures. You can compare the returns for different interest rates and deposit amount and pick a suitable scheme.
- This free online tool helps you plan your finances in a hassle-free way.
- You don’t need to sign up or register.
- This tool is totally free, and you can use it anytime, anywhere.
Upstox Bank of India bank fixed deposit calculator can be of great benefit to determine the interest and maturity amount of your fixed deposit investments. Also, it offers a user-friendly interface to boost user experiences. If you are planning to invest in BoI FD, use this online tool to get a clear idea of your returns and plan your finances accordingly.
Frequently Asked Questions
What is the highest interest rate on Bank of India FD?
The highest rate of interest can be 6.75% for general citizens on Bank of India FD. However, this can go up to 7.25% for senior citizens. These rates are applicable for deposit amount less than ₹2 crore.
What is the minimum amount of investment for FDs under Bank of India?
The minimum investment amount can be ₹5000 for FDs under Bank of India.
What is the penalty for early withdrawal in Bank of India FD?
Bank of India levies a penalty of 1% on the applicable interest rate for early withdrawal in FD.
In how many years has FD doubled in the Bank of India?
You can calculate the number of years it will need to double Bank of India fixed deposit amount with rule of 72. You need to divide 72 by the rate of interest imposed on your investment amount. For example, if the interest amount for your FD amount is 6.40%, it will take (72/6.40) 11.25 years to double your deposit amount.
Can a customer open a term deposit account online in Bank of India?
Yes, a customer can open a term deposit account online in Bank of India through a simple procedure.
What is the lock-in period for Tax Saving FD Scheme?
The lock-in period for tax saving FD scheme is of 5 years. You cannot make any withdrawal or take any loan against your FD during this lock-in period.
Are there any special rates for senior citizens?
Yes, Bank of India offers an additional rate of 0.50% over and above the standard FD interest rate.
Can I deposit an extra amount into an already existing FD?
No, you cannot deposit an extra amount into an already existing FD. You can open another FD account.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.