Bank of India FD Interest Rates is determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
Bank of India FD is an account that allows you to deposit your money for a fixed period of time, earning your interest at a fixed rate. It gives you a higher rate of interest than a savings bank account. Bank of India FD interest rates are quite competitive and are higher than the rates on their savings deposits.
The longest permissible term offered by Punjab National Bank for FDs is 10 years. Generally, the longer the term of deposit, the higher is the rate of interest.
Latest Bank of India FD Rate of Interest:
Current FD interest rates in the Bank of India are tabulated below. Here FD rates range is given for different deposit tenure from 7 days – 10 years.
Revised Interest Rates on Retail Domestic fixed deposits in Bank of India: (All figures in % per annum)
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| Bank of India | 7 - 14 days | 3.00 | 3.5 | 2023-09-20 |
| Bank of India | 15 - 30 days | 3.00 | 3.5 | 2023-09-20 |
| Bank of India | 31 - 45 days | 3.00 | 3.5 | 2023-09-20 |
| Bank of India | 46 - 90 days | 4.50 | 5 | 2023-09-20 |
| Bank of India | 91 - 179 days | 4.50 | 5 | 2023-09-20 |
| Bank of India | 180 - 269 days | 5.00 | 5.5 | 2023-09-20 |
| Bank of India | 270 days - <1 year | 5.50 | 6 | 2023-09-20 |
| Bank of India | 1 years - <2 years | 6.00 | 6.5 | 2023-09-20 |
| Bank of India | 2 years - <3 years | 6.75 | 7.25 | 2023-09-20 |
| Bank of India | 3 years - <5 years | 6.50 | 7.25 | 2023-09-20 |
| Bank of India | 5 years - <8 years | 6.00 | 7.25 | 2023-09-20 |
| Bank of India | 8 years - 10 years | 6.00 | 7.25 | 2023-09-20 |
FD interest rates of Bank of India according to deposit period:
FD is a deposit of a fixed sum of money for a fixed period of time – which can vary anything from a few days to a few years – at a fixed interest rate known at the beginning of the investment.
Depending on the deposit period or tenure, these FDs are further categorised as short-term, medium-term, and long-term deposits.
You may check the updated Bank of India Interest rate on FD at Bank of India’s official website here.
How is the Bank of India FD rate of interest calculated?
FD interest rates of the Bank of India are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
The interest you earn on your deposited amount in FD depends on a lot of factors such as the invested amount, tenure for the deposit, rate of interest, and compounding frequency.
One of the best ways to calculate the interest earned on your FD is using the Bank of India FD calculator available over the internet. It is the most hassle-free way of calculating interest.
You may Calculate the Bank of India FD Interest rate by using: FD Calculator
This FD Calculator for Bank of India FD requires some data like – your principal deposit amount, rate of interest, period (in the number of months), and interest compounding frequency. After calculation, you will get the maturity amount after the maturity period and effective yield in %.
