Bank of India RD 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 RD (Recurring Deposit) is an account that offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. It gives you a higher rate of interest than a savings bank account. Bank of India Recurring Deposit interest rates are quite competitive and are higher than the rates on their savings deposits.
The longest permissible term offered by Bank of India for RDs is 10 years. Generally, the longer the term of deposit, the higher is the rate of interest.
Latest Bank of India RD Rate of Interest:
Current RD interest rates in the Bank of India are tabulated below. Here RD rates range is given for different deposit tenure from 6 months – 10 years.
Revised Interest Rates on Retail Domestic Recurring Deposit 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 | 180 - 210 days | 6 | 6.5 | 2024-09-09 |
| Bank of India | 211 - 269 days | 6 | 6.5 | 2024-09-09 |
| Bank of India | 270 days - <1 year | 6 | 6.5 | 2024-09-09 |
| Bank of India | 1 years - <2 years | 6.8 | 7.3 | 2024-09-09 |
| Bank of India | 2 years - <3 years | 6.75 | 7.25 | 2024-09-09 |
| Bank of India | 3 years - <5 years | 6.50 | 7.25 | 2024-09-09 |
| Bank of India | 5 years - <8 years | 6.00 | 6.75 | 2024-09-09 |
| Bank of India | 8 years - 10 years | 6.00 | 6.75 | 2024-09-09 |
You may check the updated Bank of India Interest rate on RD at Bank of India’s official website here.
Check the Bank of India FD Interest rates
How is the Bank of India’s RD rate of interest calculated?
RD interest rates of Bank of India (BoI) 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 RD 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 RD is using the Bank of India RD calculator available over the internet. It is the most hassle-free way of calculating interest.
You may Calculate the Bank of India RD Interest rate by using: RD Calculator
This RD Calculator for Bank of India RD requires some data like – Your Monthly Deposit Amount, Rate of Interest on RD by Bank of India, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
