BOI RFC Term Deposit
BOI RFC Term Deposit is a fixed deposit account offered by the Bank of India specifically for Returning Foreign Citizens (RFCs). RFCs are individuals who were previously Non-Resident Indians (NRIs) but have returned to India for permanent residence after spending a significant amount of time abroad (typically exceeding one year).
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
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Rate Of Interest On RFC Term Deposits W.E.F. 01.10.2023
| Maturity | USD | GBP |
| 1 Year To Less Than 2 Years | 5.35 | 4.75 |
| 2 Years To Less Than 3 Years | 4.00 | 2.50 |
| 3 Years (Maximum) | 3.35 | 2.55 |
Interest Rates On Deposits - ROI On RFC SB W.E.F. 01.10.2023
| USD | GBP |
| 0.10 | 0.18 |
People also read: Bank Of India FD Interest Rates
What are RFC Term Deposits?
RFC Term Deposits are fixed deposit accounts designed specifically for Returning Foreign Citizens (RFCs).
Here's what RFC Term Deposits are:
-
Target Audience: RFCs are individuals who were previously Non-Resident Indians (NRIs) but have returned to India for permanent residence after spending a significant amount of time abroad (typically exceeding one year).
-
Account Purpose: RFC Term Deposits offer RFCs a way to invest their earnings or savings for a fixed term and earn interest on them.
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
Features of BOI RFC Term Deposit
-
Repatriation: Freely Repatriable. This means both the principal amount you deposit and the interest earned can be easily transferred back outside India without any restrictions.
-
Currency of Deposit: USD or GBP: You have the flexibility to deposit your money in either US Dollars (USD) or British Pounds (GBP).
-
Deposit Tenure:Â 12 months to 36 months: The minimum deposit period is 1 year and can go up to 3 years.
-
Interest Rate: The interest rate offered on BOI FCNR (B) Deposits is variable. The bank will advise the current rate based on prevailing guidelines, and it's also displayed on their website.
-
Taxation: As long as you remain an NRI classified as "Resident but not ordinarily resident," the interest earned on your deposit is exempt from Indian taxes.
People also read: FD Interest Rates
Who Can Open An Account Under BOI NRE Term Deposit Account?
-
Eligibility: NRIs (Non-Resident Indians)
-
Individuals/entities of Bangladesh or Pakistan nationality/ownership require prior approval from RBI.
-
Joint account: Permitted
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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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