Eligibility for BOI Fixed Deposits

The following individuals and entities are eligible to open a Fixed Deposit account with Bank of India, subject to bank norms.

• 1

  Individual investors

  Resident individuals as per Bank of India guidelines

• 2

  Senior citizens

  Eligible for additional interest benefits

• 3

  Hindu Undivided Families (HUFs)

  Account operated by the Karta or authorised member

• 4

  Sole proprietorships, partnership firms, and companies

  Valid business documents required

• 5

  Minors

  FD can be opened through a parent or legal guardian

Documents Required

Applicants must submit valid documents to open a Fixed Deposit account with Bank of India, as per bank and regulatory requirements.

• 1

  Identity Proof

  Aadhaar Card, PAN Card, Passport, or Voter ID

• 2

  Address Proof

  Aadhaar Card, Passport, or recent utility bill

• 3

  PAN Card

  Mandatory for fixed deposit investment and TDS compliance

• 4

  Photograph

  Recent passport-size photograph (if required by branch)

• 5

  Senior Citizen Proof (if applicable)

  Valid age proof to avail senior citizen benefits

Online Fixed Deposit Application

Bank of India allows eligible customers to book a Fixed Deposit online through the Internet Banking Portal or the BOI Mobile App, offering a convenient and paperless process.

1. 1

   Access Online Platform

   Visit the official Bank of India website or open the BOI Mobile App on your device.

2. 2

   Log In to Account

   Log in using your registered user ID and credentials. New users must first register to create a user ID.

3. 3

   Select Open FD Option

   Navigate to the Fixed Deposit section and click on the Open FD option.

4. 4

   Choose FD Type

   Select the type of Fixed Deposit account you want to book.

5. 5

   Enter Required Details

   Fill in all necessary details related to the FD account and choose a suitable payment method.

6. 6

   Verify and Confirm

   Carefully verify all details and click on the Confirm option to submit the request.

7. 7

   Receive Confirmation

   After successful booking, you will receive an FD account opening confirmation message from the bank.

Offline Bank of India FD Booking

Customers can also book a Bank of India Fixed Deposit by visiting the nearest bank branch and completing the process in person.

1. 1

   Visit Nearest BOI Branch

   Visit your nearest Bank of India branch along with all required documents.

2. 2

   Collect FD Application Form

   Obtain the Fixed Deposit opening application form from a bank representative.

3. 3

   Fill Application Form

   Fill out the application form carefully with accurate details.

4. 4

   Submit Documents and Deposit Amount

   Attach the required documents, submit the form, and deposit the FD amount.

5. 5

   Receive FD Receipt

   After processing, the bank will issue an FD receipt confirming successful booking.

Interest earned on Bank of India Fixed Deposits is taxable and is added to the investor’s income under the head “Income from Other Sources.” The tax payable depends on the individual’s applicable income tax slab. Example: If you earn ₹30,000 as interest from a Bank of India FD in a financial year, this amount must be added to your total income and taxed as per your slab rate

Bank of India deducts Tax Deducted at Source (TDS) if the total FD interest exceeds ₹40,000 in a financial year. For senior citizens, the TDS limit is ₹50,000. Example: If a regular customer earns ₹45,000 as FD interest, TDS will be deducted since the interest exceeds ₹40,000.

Bank of India Tax Saving Fixed Deposits qualify for a tax deduction up to ₹1.5 lakh per financial year under Section 80C. These deposits have a mandatory lock-in period of 5 years, and premature withdrawal is not allowed. Example: An investment of ₹1,50,000 in a Bank of India Tax Saver FD can be fully claimed as a deduction under Section 80C.

Investors whose total income is below the taxable limit can submit Form 15G (non-senior citizens) or Form 15H (senior citizens) to avoid TDS deduction on FD interest. Example: A senior citizen earning ₹48,000 as FD interest can submit Form 15H to prevent TDS deduction.

Senior citizens enjoy a higher TDS exemption limit of ₹50,000 on FD interest. However, the entire interest amount remains taxable and must be reported while filing income tax returns. Example: If a senior citizen earns ₹55,000 as FD interest, TDS applies only after ₹50,000, but the full ₹55,000 must be declared as income.

What is the minimum amount required to open a Bank of India Fixed Deposit?

The minimum deposit amount generally starts from ₹1,000, depending on the FD scheme.

Do senior citizens get higher interest rates on Bank of India FDs?

Yes, senior citizens are eligible for additional interest rates over regular customers.

Is premature withdrawal allowed on Bank of India Fixed Deposits?

Yes, premature withdrawal is allowed, but penalties may apply as per Bank of India rules.

Are Bank of India Fixed Deposits safe?

Yes, Bank of India is a public sector bank, making its fixed deposits safe and reliable.

Can I open a Bank of India Fixed Deposit online?

Yes, Bank of India allows customers to open Fixed Deposits online through net/mobile banking as well as offline by visiting a branch.