Bank of India Recurring Deposit Schemes & Interest Rates

NRE Recurring Deposit Rates

Find the Best Rates for a Bank of India Recurring Deposit

Anyone can open an RD account with Bank of India as joint applications. The tenure of an RD account with Bank of India ranges from 3 months-10 years. The interest rate for an RD account for Bank of India is compounded on a quarterly basis and the minimum deposit amount is 500 rupees for metros and 100 rupees for the branches of BOI in rural areas. BOI doesn't mandate any maximum limit for the deposit amount. The most considerable advantage of opening a BOI RD account is that if the tenure is long, the interest rate applicable on the deposit is also high.

Bank of India - Short Term RD Interest Rates

Bank of India offers Rd with tenures ranging from 6 months-2 years. The interest rates offered for short tenures range from 6.5%-6.7% for deposits amounting to less than a crore. For deposits amounting to 1-10 crore, the interest rate applicable ranges from 4.25%-4.5%. The same rate of interest is applicable on deposits amounting to great than 10 crores.

Bank of India - Medium and Long-Term RD Interest Rates

The medium-term RD accounts for Bank of India range from 2-5 years and the long-term deposit term ranges from 5-10 years. The interest rate applicable on the medium term deposits is 6.6-6.65% for deposits amounting to less than a crore, 4.5% for deposits amounting from 1-10 crores and the same rate of interest is applicable on deposits amounting to greater than 10 crores. Interest rates offered for long-term deposits is 6.5% for deposits that amount to less than a crore, 4.5% for deposits amounting to 1-10 crores and the same interest rate is applicable on deposits amounting to greater than 10 crores

Bank of India - Senior Citizen RD Interest Rates

Senior citizens are required to open their Bank of India Recurring Deposit accounts for a minimum tenure of 6 months to get the special interest rates. The senior citizen must be the primary account holder and must be above 60 years of age while the account is being opened. An additional interest rate of 0.5% is applicable on the senior citizen RD accounts for RD below 1 crore. An ex-BOI employee and spouse of a BOI employee can avail an additional interest rate of 1.05% on their RD accounts.

Bank of India - NRE Recurring Deposit Interest Rates

RD schemes are offered by BOI to NRIs as well. The tenure of an NRE RD account ranges from 1-10 years and the interest rate applicable to these accounts is 6.7%. For deposits amounting to less than a crore, the interest rate applicable is 6.7% and for deposits amounting form 1-10 crores, the interest rate applicable is 4.5%.