BOI fixed deposit: interest rates, types, eligibility, documents
BOI fixed deposit 2020: The interest provided on the FD differs and is more than the general savings account. BOI also offer loans at competitive rates in exchange of the FD certificates. Bank of India offers fixed deposits to customers as part of its savings product portfolio. It offers attractive returns through competitive rates of interest and flexible tenures. These FD schemes offered by BOI are good investment options for those looking to earn safe, guaranteed returns on excess funds or savings.
A Fixed Deposit (FD) is one of the most popular financial instruments among the general saving public in India as it provides a higher rate of interest than a regular savings account. Fixed Deposit (FD) is the safest of investments that give high returns after a period. Having a Fixed Deposit account translates into greater savings, as your money steadily earns interest in the bank at a higher rate than a regular savings account but with the same level of safety. But there is a catch. You cannot withdraw money from an FD account except upon the payment of a penalty.
The State Bank of India (BOI) offers a wide range of Fixed Deposits (FDs) that offer a good rate of return and come with various other benefits. Some of the features of BOI FDs include nomination facility, flexible tenure options, auto renewal facility, different interest payout options, loan/overdraft facility, Etc. It is very easy to open an BOI FD online and this can be done at the click of a button in a paper-free manner.
Types of State Bank of India FDs:
- BOI Tax Saving Scheme
- Reinvestment Plan
- BOI MODS
- Annuity Deposit Scheme
- BOI flexi Deposit Scheme
BOI FD Interest Rates:
|Maturity Buckets||Deposits less than Rs.2 Cr||Rs.2 Cr & above but less than Rs.10 Crs|
|w.e.f. 01.08.2019||w.e.f. 01.08.2019|
|7 days to 14 days||5.00*||5.00|
|15 days to 30 days||5.00||5.00|
|31 days to 45 days||5.00||5.00|
|46 days to 90 days||5.50||5.50|
|91 days to 179 days||5.75||5.75|
|180 days to 269 days||6.00||6.00|
|270 days to less than 1 year||6.00||6.00|
|1 Year & above but less than 2 Yrs||6.50||6.50|
|2 years & above to less than 3 years||6.50||6.50|
|3 years & above to less than 5 years||6.50||6.50|
|5 years & above to less than 8 years||6.50||6.50|
|8 years & above to 10 years||6.35||6.35|
Some Important features of BOI car loan are as follows:
At present, the highest rate of interest provided on BOI FDs for individuals is 6.25% p.a, while the highest rate of return offered to senior citizens is 6.75% p.a. There are various advantages of opening an FD with BOI:
- Flexible tenure options
- BOI FDs offer competitive industry rates
- Different interest payout options such as monthly, quarterly, etc
- Higher rate of interest for senior citizens
The following are eligible to open an FD account in Bank of India:
- Joint accounts for 2 or more individuals
- Partnership firms
- Blind persons
- Illiterate persons
- Joint Hindu families
- Limited companies and partnership firms
- Municipalities and panchayats
- Charitable, religious, and educational institutions
- Associations, societies, clubs etc.
- Sole proprietary concerns
To apply for BOI Fixed Deposit, the following document must be submitted to the bank:
- Application form
- Depositor’s photograph
- Identity proof and Address proof
- Pan Card copy
- Aadhaar card details
Now, Close Your BOI FD Online Easily
State Bank of India (BOI) customers can easily close their Fixed Deposit (FD) account online before maturity. The bank recently took to social media and even posted a video on Twitter to create awareness about how to preclose an FD online.
How to Close an BOI -FD Online:
- Log on to the website
- Choose the FD account and then tap ‘close account prematurely’
- A list of all the FDs you hold with the bank will be displayed. Choose the one you want to close and tap ‘proceed’
- Confirm details and mention the reason for closing your FD
- Type in the password that is sent to your registered mobile number and confirm the transaction
All customers will receive an alert once their FDs are closed and their bank account will be credited with the FD amount. It is advisable to initiate the closure between 8.00 a.m. to 8.00 p.m. for immediate closure.
*This is applicable to customers holding ETDR/STDR e-term deposits
Taxes on BOI FD accounts
Taxes are applicable on interest earned on Bank of India fixed deposit schemes. Taxes are mainly applicable in two categories: those who provide PAN (Permanent Account Number) and those who do not. For those who have provided PAN details are charged 10% TDS (Tax Deducted at Source) when the income from FD exceeds ₹ 10,000 in a financial year. For customers who don’t provide PAN details, 20% TDS is applicable on income more than ₹ 10,000.
FAQs for BOI Fixed Deposit
- Can new customers open an FD online? If not, how can they do so?
For new customers, they will not be able to open an FD online unless they have an internet banking password and username. In such a case, the customer will have to request the bank for an internet banking account.
- Can a customer open a term deposit account online in BOI?
Yes. All existing customers of BOI, who have an internet banking password and username can open an FD account.
- Is it possible to deposit an additional amount into my already existing FD?
No. This will not be possible
- What are the consequences of not providing PAN card details?
PAN card is absolutely mandatory to open an FD account. If a customer fails to provide PAN card details, the following will be the consequences:
- A higher rate of TDS will be deducted, which will be at 20%, instead of 10%
- The Income Tax department will not give the customer any TDS credit or issue a TDS certificate
- Certain forms like 15G/H and other kind of tax exemption certificates will become invalid
- Can an BOI FD account be closed online?