| TENURE | REGULAR RATES | SENIOR CITIZEN |
| 7 days to 14 days | 3.00% | 3.00% |
| 15 days to 30 days | 3.00% | 3.00% |
| 31 days to 45 days | 3.00% | 3.00% |
| 46 days to 90 days | 4.50% | 4.50% |
| 91 days to 179 days | 4.50% | 4.50% |
| 180 days to 210 days | 6.00% | 6.50% |
| 211 days to 269 days | 6.00% | 6.50% |
| 270 days to less than 1 year (except 333 days) | 6.00% | 6.50% |
| 1 year | 6.80% | 7.30% |
| Above 1 year to less than 2 years | 6.80% | 7.30% |
| 400 days | 7.30% | 7.80% |
| 2 years | 6.80% | 7.30% |
| Above 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.50% | 7.25% |
| 5 years to less than 8 years | 6.00% | 6.75% |
| 8 years to 10 years | 6.00% | 6.75% |
BOI Current Deposits Plus Scheme
The BOI Current Deposits Plus Scheme is a unique option for businesses and individuals seeking a blend of easy access and higher returns. It combines a current account for everyday transactions with a short-term deposit account that earns interest. Excess funds in your current account are automatically transferred to the deposit, potentially boosting your earnings. You can also easily withdraw funds from the deposit when needed.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
- Home
- FD Interest Rates
- BOI FD Interest Rates
- BOI Current Deposits Plus Scheme
BOI FD Interest Rates 2024
FD Interest Rates for Deposits of Rs.10 Cr & Above W.E.F 14-05-2024
| Maturity Buckets | 10 Crore And Above But Less Than 50 Crore (%) | 50 Crore And Above (%) |
| 7 days to 14 days | 6.25 | 6.25 |
| 15 days to 30 days | 6.25 | 6.25 |
| 31 days to 45 days | 6.35 | 6.35 |
| 46 days to 90 days | 6.50 | 6.50 |
| 91 days to 120 days | 6.75 | 6.75 |
| 121 days to 174 days | 7.40 | 7.40 |
| 175 days | 7.40 | 7.40 |
| 176 days to 179 days | 7.40 | 7.40 |
| 180 days to 269 days | 7.40 | 7.40 |
| 270 days to less than 1 Year | 7.40 | 7.40 |
| 1 Year | 7.50 | 7.50 |
| Above 1 Year but less than 2 Years | 7.15 | 7.15 |
| 2 Years and above but less than 3 Years | 4.50 | 4.50 |
| 3 Years and above to less than 5 Years | 4.50 | 4.50 |
| 5 Years and above to less than 8 Years | 4.50 | 4.50 |
| 8 Years and above to 10 Years | 4.50 | 4.50 |
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
Annualized Rates
Below are the annualised rates for:
-
For deposits less than Rs.2 Cr
-
For deposits of Rs.2 Cr & above but less than Rs.10 Cr
| Maturity | Rate Of Interest % (P.A.) For Deposits Less Than Rs.2 Cr |
Annualized Rate Of Return At Minimum Of The Maturity Bucket % For Deposits Less Than Rs.2 Cr |
Rate Of Interest % (P.A.) For Deposits Of Rs.2 Cr & Above But Less Than Rs.10 Cr |
Annualized Rate Of Return At Minimum Of The Maturity Bucket % For Deposits Of Rs.2 Cr & Above But Less Than Rs.10 Cr |
| 180 days to 210 days | 5.50 | 5.54 | 6.25 | 6.30 |
| 211 days to 269 days | 5.50 | 5.54 | 6.50 | 6.61 |
| 270 days to less than 1 Year | 5.75 | 5.83 | 6.50 | 6.61 |
| 1 Year | 6.80 | 6.98 | 7.25 | 7.45 |
| Above 1 Year to less than 2 Years | 6.80 | 6.98 | 6.75 | 6.92 |
| 2 Years | 7.25 | 7.73 | 6.50 | 6.88 |
| Above 2 Years to less than 3 Years | 6.75 | 7.16 | 6.50 | 6.88 |
| 3 Years to less than 5 Years | 6.50 | 7.11 | 6.00 | 6.52 |
| 5 Years to less than 8 Years | 6.00 | 6.94 | 6.00 | 6.94 |
| 8 Years & above to 10 Years | 6.00 | 7.63 | 6.00 | 7.63 |
People also read: BOI FD Interest Rates
Rate For Senior Citizen Deposits Less Than Rs. 2 Cr. W.E.F 01.04.2024
| Maturity | For Deposits Of Less Than Rs. 2 Cr. For Senior Citizens (%) | For Deposits Of Less Than Rs. 2 Cr. For Super Senior Citizens (%) |
| 07 days to 14 days | 3.00 | 3.00 |
| 15 days to 30 days | 3.00 | 3.00 |
| 31 days to 45 days | 3.00 | 3.00 |
| 46 days to 90 days | 4.50 | 4.50 |
| 91 days to 179 days | 4.50 | 4.50 |
| 180 days to 210 days | 6.00 | 6.15 |
| 211 days to 269 days | 6.00 | 6.15 |
| 270 days to less than 1 Year | 6.25 | 6.40 |
| 1 Year | 7.30 | 7.45 |
| Above 1 Year to less than 2 Years | 7.30 | 7.45 |
| 2 Years | 7.75 | 7.90 |
| Above 2 Years to less than 3 Years | 7.25 | 7.40 |
| 3 Years to less than 5 Years | 7.25 | 7.40 |
| 5 Years to less than 8 Years | 6.75 | 6.90 |
| 8 Years & above to 10 Years | 6.75 | 6.90 |
Annualised Rate For Senior Citizen Deposits for Less Than Rs. 2 Cr. W.E.F 01.04.2024
| Maturity | Rate Of Interest % (P.A.) For Senior Citizens | Annualized Rate Of Return At Minimum Of The Maturity Bucket % * For Senior Citizens | Rate Of Interest % (P.A.) For Super Senior Citizens | Annualized Rate Of Return At Minimum Of The Maturity Bucket % * For Super Senior Citizens |
| 180 days to 210 days | 6.00 | 6.04 | 6.15 | 6.20 |
| 211 days to 269 days | 6.00 | 6.04 | 6.15 | 6.20 |
| 270 days to less than 1 Year | 6.25 | 6.35 | 6.40 | 6.50 |
| 1 Year | 7.30 | 7.43 | 7.45 | 7.59 |
| Above 1 Year to less than 2 Years | 7.30 | 7.50 | 7.45 | 7.66 |
| 2 Years | 7.75 | 8.30 | 7.90 | 8.47 |
| Above 2 Years to less than 3 Years | 7.25 | 7.73 | 7.40 | 7.90 |
| 3 Years to less than 5 Years | 7.25 | 8.02 | 7.40 | 8.20 |
| 5 Years to less than 8 Years | 6.75 | 7.95 | 6.90 | 8.16 |
| 8 Years & above to 10 Years | 6.75 | 8.85 | 6.90 | 9.11 |
People also read: FD Interest Rates
What is the BOI Current Deposits Plus Scheme?
The BOI Current Deposits Plus Scheme is a unique option for businesses and individuals seeking a blend of easy access to funds and potentially higher returns. It combines a current account with a short-term deposit account.Â
Here's how it works:
-
You maintain a minimum balance in both parts.
-
Any excess funds in the current account are automatically swept into the short-term deposit, earning interest.
-
If you need those funds back, you can return them from the short-term deposit to your current account.Â
-
There are limitations on when these sweeps can happen, but it offers some flexibility and the chance to earn interest on idle funds in your current account. Â
-
It's important to maintain the minimum balances and understand the sweep timings to avoid any penalties.
FD interest rates India have fallen consistently over the last 12 years.
Features of BOI Current Deposits Plus Scheme
Below are the features of BOI Current Deposits Plus Scheme:
-
Account Eligibility: Available to corporates, proprietorships, partnerships, individuals, schools, colleges, and other institutions (excluding banks).
-
Minimum Balance: Requires maintaining a minimum average quarterly balance of:
-
Rs. 5,00,000/- in the Current Deposit Account.
-
Rs. 1,00,000/- in the Short Deposit Account (initially).
-
-
Automatic Transfer: Any amount exceeding Rs. 5 lakhs in the Current Deposit Account is automatically transferred to the Short Deposit Account in multiples of Rs. 1 lakh for a period of 7 to 90 days.
-
Fund Availability: To meet urgent needs, funds can be transferred back from the Short Deposit Account to the Current Deposit Account in multiples of Rs. 1 lakh, on a last-in-first-out basis.
-
Interest: Interest is earned only on the Short Deposit portion, based on the deposit's maturity period.
-
Early Withdrawals: Early withdrawals from the Short Deposit Account are allowed without penalty, subject to fund availability.
-
Penalty Charges: A penalty of Rs. 1,000/- per quarter applies if the average quarterly balance in the Current Deposit Account falls below Rs. 5 lakhs.
-
Tax Deducted at Source (TDS): TDS will be applied as per government regulations.
-
Transfer Timing: Transfers between Current and Short Deposit Accounts can only occur on the 1st and 16th of each month.
-
Automatic Renewal: Deposits automatically renew for the original term and amount.
-
Tierization: The scheme may be tiered, with benefits and modalities varying based on the tier assigned to your account.
People also read: FD Calculator
Rates for Senior Citizen Deposits
BOI offers additional benefits for senior citizens (over 60 years old) who are the first account holders:
-
Additional Interest Rate:
-
0.50% p.a. extra on deposits between Rs. 5,000/- and Rs. 2 crore for terms of 6 months to 10 years.
-
0.75% p.a. extra on deposits for 3 years or more.
-
-
Staff/Ex-Staff Senior Citizens: An additional 1.50% p.a. on top of the regular staff rate and senior citizen rate for deposits below Rs. 2 crore (applicable to term deposits of 6 months to 10 years).
Rupee Term Deposit Rate - Additional Rate
| Type Of Accounts | Additional Staff Rate Applicable To Staff/Ex-Staff | Additional Senior Citizen Rate Applicable To Senior Citizen/Ex-Staff Senior Citizen |
| HUF | Not Applicable | Not Applicable |
| Capital Gain Scheme | Not Applicable | Not Applicable |
| NRE/NRO Deposits | Not Applicable | Not Applicable |
Rupee Term Deposit Rate - Penalty Details
| Category Of The Deposits | Penalty On Premature Withdrawal Of The Deposit |
| Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months | NIL |
| Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months | 0.50% |
| Deposits of Rs. 5 Lacs & above withdrawn prematurely | 1.00% |
Early Closure:
-
No penalty if the deposit is prematurely closed for renewal for a longer term than the remaining original term.
-
No penalty for withdrawal due to the depositor's death.
-
No penalty for withdrawal by bank staff, ex-staff, senior staff/ex-staff, or spouse of deceased staff (if first account holder).
-
Penalty applies for premature closure of Capital Gain Account Scheme deposits.
TDS on Term Deposits:
-
TDS applies to the interest earned on the total deposits across all branches.
-
This includes recurring deposits (RDs) as well.
People also read: Which Bank is Best for Fixed Deposit
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*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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