Fixed Deposit or FD is a good interest rate investment option. Bank of India offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of Bank of India Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Bank of India also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Bank of India Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Bank of India will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Bank of India.
Bank of India Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Bank of India Fixed Deposit Interest Rate
| Maturity Buckets | Deposits less than Rs.2 Cr | Rs.2 Cr & above but less than Rs.10 Cr |
|---|---|---|
| w.e.f. 10.02.2020 | w.e.f. 10.02.2020 | |
| 7 days to 14 days | 4.25* | 4.25 |
| 15 days to 30 days | 4.25 | 4.25 |
| 31 days to 45 days | 4.25 | 4.25 |
| 46 days to 90 days | 5.50 | 4.85 |
| 91 days to 179 days | 5.50 | 4.90 |
| 180 days to 269 days | 6.00 | 5.30 |
| 270 days to less than 1 year | 6.00 | 5.30 |
| 1 Year & above but less than 2 Yrs | 6.30 | 5.50 |
| 2 years & above to less than 3 years | 6.25 | 5.60 |
| 3 years & above to less than 5 years | 6.25 | 5.50 |
| 5 years & above to less than 8 years | 6.25 | 5.50 |
| 8 years & above to 10 years | 6.25 | 5.50 |
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