If you are a citizen of India who is aged 60 years and above then you as a senior citizen can open a fixed deposit (FD) account with the Bank of India, where based on the tenure and deposit made by you will enjoy certain benefits including additional interest on your deposits when compared to what is offered to a general individual.
The process to apply for a Bank of India FD is very simple and hassle-free.
Bank of India FD rates for deposits less than Rs.2 crore
Tenure | Interest rate for general public (p.a.) | Interest rate for senior citizens (p.a.) |
7 days to 14 days | 3.00% | 3.50% |
15 days to 30 days | 3.00% | 3.50% |
31 days to 45 days | 3.00% | 3.50% |
46 days to 90 days | 4.50% | 5.00% |
91 days to 179 days | 4.50% | 5.00% |
180 days to 269 days | 5.00% | 5.50% |
270 days to less than 1 year | 5.50% | 6.00% |
1 Year | 6.00% | 6.50% |
Above 1 Year to 399 Days | 6.00% | 6.50% |
400 days (Monsoon Deposit) | 7.25% | 7.75% |
401 days to less than 2 Years | 6.00% | 6.50% |
2 Years to less than 3 Years | 6.75% | 7.25% |
3 Years to less than 5 Years | 6.50% | 7.00% |
5 Years to less than 8 Years | 6.00% | 6.50% |
8 years & above to 10 Years | 6.00% | 6.50% |
Note:The interest rates are applicable w.e.f. from 27 July 2023. Senior citizens will be paid an additional interest rate of 0.50% across all tenures.
Things to know about Bank of India Senior Citizens FD
- The applicant in order to enjoy the additional interest should make deposits for tenure six months and above.
- The senior citizen should be the primary account holder and should be aged 60 years and above.
- The senior citizen will enjoy an additional 0.50% interest on the deposits of up to Rs.2 crore.
- For deposits below Rs.2 crore, an additional 1.5% interest will be offered.
FAQs on Bank of India senior citizen FD Rates
- Do I need to have a Bank of India savings account to open a fixed deposit?
Yes, you need to have a Bank of India savings account to open a fixed deposit.
- Is nomination facility available on Bank of India fixed deposit?
Yes, nomination facility is available on Bank of India fixed deposit.
- Is premature withdrawal facility available on Bank of India senior citizen fixed deposit?
Yes, premature withdrawal facility available on Bank of India senior citizen fixed deposit.
