Interest Rate CIBIL Based Rate of Interest and REPO Based Rate of Interest C & IC Advances- MCLR- Revision in Spread from The Bank’s Base Rate has been revised from 9.00% pa. Effective from . Bank of India FD Calculator. You can calculate the maturity amount by using the online Bank of India FD Calculator available over the internet. All you have to do is enter the basic details related to your FD account such as the rate of interest, the tenure and the deposit amount. Bank of India FD Rates Amidst Coronavirus. 1 day ago announced on Friday that it has reduced home loan interest rate to 6.70%.The revised interest rate is effected from March 5, 2021, stated the bank in a press release. Customers can avail of this interest rate for home loans up to Rs 75 lakh. For loans above Rs 75 lakh, interest rates are pegged at 6.75% onwards, stated the release.
Check out the Bank of India FD Rates
Bank of India is offering multiple fixed deposit options for its customers on their surplus savings for a fixed tenure. For this, the customers need to make a single time deposit to their FD account at the time of opening an account with the bank. These customers don’t need to deposit more money and cannot withdraw any money in the account during the period of depositing the money into the account. The fixed deposit of the bank of India is considered to have a higher rate of interest in comparison to their saving deposits.
Contents
Benefits:-
- The interest on the deposit is calculated for the completed months.
- There is proper nomination facility available.
- Loan or overdraft up to 90 percent deposit is available.
FD and its details:-
Premature Withdrawing Process
There is facility of premature closure of term deposit with the bank of India that is along with lower interest rate of 0.50%. This is liable with deposits less than Rs 5 lakh and 1 % for deposits above Rs 5 lakh than that of contracted rate. The penal provisions for the premature closure on Bank of India FD that are subjected to change from time to time and can also deposit the schemes.
Loan Against Fixed Deposit
The bank of India is offering with loan up to 90% against own deposit. The bank of India is not offering any loan against the FD of any other bank. Loan is offered against FD at the rate of 5% to 7.7%. the minimum loan tenure is restricted to maximum tenure of FD.
Documents Required Opening Fixed Deposit Accounts
Various documents required to open fixed deposit account in the bank of India are like:-
- Identity proof like PAN card, voter ID card, passport, driving license.
- Address proofs like telephone bill, electricity bill, bank statement with cheque.
The customer is required to open the FD account at the time of opening the account with the bank. There is no facility to deposit more of money and withdraw any money in the account during the tenure of deposit. Interest rate to the account is calculated for the completed months and not for half of the month.
Note: – RBI is the deciding authority for the changes in any kind of FD rates of interest occurring from time to time. The FD interest rates are liable to change on notification from the Reserve Bank of India with defined formats.
Gayatri Mohapatra
Indian Bank Fixed Deposit Rates
Gayatri Mohapatra has 10 years of experience in content writing. She write on all niches specially with banking (worked as a professional Banker for 4 years). She is keen learner for which she choose this profession.