Bank of India NRI FD Rates: Bank of India is a state-owned commercial Indian Bank. The bank offers a wide range of financial and investment services to its customers in India and foreign countries. BOI NRI fixed deposits are one of the best investment avenues for Non-Resident Indians. These customers can open fixed deposit accounts with the bank to enjoy attractive Bank of India NRI FD Rates.
In this Article:
- Bank of India NRI Fixed Deposit Rates
- Types of BOI NRI FD Schemes
- Premature Withdrawal
- Documents required to apply for BOI NRI FD Accounts
- How to apply for Bank of India NRI Fixed Deposit Account
- Bank of India NRI Fixed Deposit Calculator
- FAQs
Bank of India NRI Fixed Deposit Rates
Non-Resident Indians can invest their foreign income in 4 different types of FD schemes by Bank of India. BOI NRI FD interest rates vary from scheme to scheme.
1. Non-Residential External Fixed Deposit Interest Rates
Bank of India offers one of the best NRE FD rates in India 2021 for flexible tenure. Take a look at the Bank of India NRE FD Rates 2020-21:
| Tenure | For deposit less than Rs. 2 Cr | For Deposit Rs. 2 Cr to less than Rs. 10 Cr |
|---|---|---|
| 1 Year to less than 2 years | 5.25% | 3.50% |
| 2 Years to less than 3 years | 5.30% | 3.50% |
| 3 Years to less than 5 years | 5.30% | 3.50% |
| 5 Years to less than 8 years | 5.30% | 3.50% |
| 8 Years to 10 years | 5.30% | 3.50% |
Note: BOI NRE interest rates for deposits less than Rs. 2 Cr and Rs. 2 Cr to Rs. 10 Cr are applicable from 1st October 2020 and 1 September 2020 respectively.
2. Non-Residential Ordinary Fixed Deposit Interest Rates
Take a look at the Bank of India NRO FD Rates 2020-21 for deposits less than Rs. 2 Cr.
| Tenure | For deposits less than Rs. 2 Cr. | For Deposit Rs. 2 Cr to less than Rs. 10 Cr |
|---|---|---|
| 7 days – 14 days | 3.25% | 3.00% |
| 15 days – 30 days | 3.25% | 3.00% |
| 31 days – 45 days | 3.25% | 3.00% |
| 46 days – 90 days | 4.25% | 3.20% |
| 91 days – 179 days | 4.25% | 3.25% |
| 180 days – 269 days | 4.75% | 3.25% |
| 270 days – less than 1 year | 4.75% | 3.25% |
| 1 year – less than 2 years | 5.25% | 3.50% |
| 2 years – less than 3 years | 5.30% | 3.50% |
| 3 years – less than 5 years | 5.30% | 3.50% |
| 5 years – less than 8 years | 5.30% | 3.50% |
| 8 years – 10 years | 5.30% | 3.50% |
Note: BOI NRO interest rates for deposits less than Rs. 2 Cr and Rs. 2 Cr to Rs. 10 Cr are applicable from 1st October 2020 and 1 September 2020 respectively.
For deposits of Rs. 10 Cr and above
| Tenure | For deposits less than Rs. 10 Cr and above |
|---|---|
| 7 days – 14 days | 2.75% |
| 15 days – 30 days | 2.75% |
| 31 days – 45 days | 2.25% |
| 46 days – 90 days | 2.75% |
| 91 days – 120 days | 2.75% |
| 121 days – 179 days | 2.75% |
| 180 days – 269 days | 2.90% |
| 270 days – less than 1 year | 2.90% |
| 1 year | 3.00% |
| 1 year – less than 2 years | 3.00% |
| 2 years – less than 3 years | 3.00% |
| 3 years – less than 5 years | 3.00% |
| 5 years – less than 8 years | 3.00% |
| 8 years – 10 years | 3.00% |
Note: The above-mentioned BOI NRO interest rates are effective from 19th December 2020.
3. Foreign Currency Non-Repatriable (B) Fixed Deposit Rates (FCNR FD)
| Tenure/currency | USD | GBP | EUR | CAD | AUD | YEN |
|---|---|---|---|---|---|---|
| 1 year to less than 2 years | 0.95% | 0.60% | 0.00% | 1.12% | 0.58% | 0.45% |
| 2 years to less than 3 years | 0.97% | 0.60% | 0.00% | 1.02% | 0.60% | 0.46% |
| 3 years to less than 4 years | 1.03% | 0.66% | 0.00% | 1.13% | 0.67% | 0.46% |
| 4 years to less than 5 years | 1.15% | 0.72% | 0.03% | 1.26% | 0.82% | 0.46% |
| 5 years | 1.28% | 0.78% | 0.07% | 1.38% | 0.97% | 0.48% |
Note: The above-mentioned interest rates are applicable for BOI FCNR FD with effect from 1st Feb 2021.
4. Resident Foreign Currency Fixed Deposit Rates (RFC FD)
| Tenure/currency | USD | GBP |
|---|---|---|
| 1 year to less than 2 years | 0.95% | 0.60% |
| 2 years to less than 3 years | 0.97% | 0.60% |
| 3 years | 1.03% | 0.66% |
Note: The above-mentioned interest rates are applicable for BOI RFC FD with effect from 1st Feb 2021.
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 05/02/2021)
Types of NRI FD Schemes by Bank of India
Bank of India offers 4 types of fixed deposit accounts to its NRI customers. Here are the features and benefits of various BOI FD schemes:
- NRE (Rupee) Fixed Deposit Account
- NRO (Rupee) Fixed Deposit Account
- FCNR (B) Term Deposit Account
- RFC Fixed Deposit Account
- BOI Non-Resident External Fixed Deposit Account
| Particulars | Details |
|---|---|
| Period | 1 to 10 years |
| Eligibility | NRIs (Prior approval of RBI is mandatory for individuals/entities of Pakistan/Bangladesh nationality) |
| Currency denomination | INR |
| Taxability | Not taxable in India |
| Premature withdrawal | Allowed after 12 months subject to 1% penal interest rate |
| Benefits | – Nomination facility available – Joint account can be opened with 2 or more NRIs – Freely repatriable – Forex risks involved |
- BOI Non-Resident Ordinary Fixed Deposit Account
| Particulars | Details |
|---|---|
| Period | 7 days to 10 years |
| Eligibility | Any person residing outside India (Other than residents of Nepal and Bhutan) |
| Currency denomination | INR |
| Taxability | Interest earned is taxable in India |
| Premature withdrawal | Allowed with penalty |
| Benefits | – Nomination facility available – Joint account can be opened with 2 or more NRIs – Principal up to USD 1 million subject to FEMA 2000 guidelines |
- BOI FCNR (B) Fixed Deposit Account
| Particulars | Details |
|---|---|
| Period | 1 to 5 years |
| Eligibility | NRIs (other than a resident of Nepal and Bhutan) Individuals/entities of Pakistan/Bangladesh nationality/ownership require prior approval of RBI |
| Currency denomination | USD, GBP, EUR, JPY, AUD & CAD |
| Taxability | Not taxable in India |
| Premature withdrawal | Allowed with penalty |
| Benefits | – Nomination facility available – Joint account can be opened with 2 or more NRIs – Freely repatriable |
- BOI RFC FD Account
| Particulars | Details |
|---|---|
| Period | 1 to 3 years |
| Eligibility | Individual NRI (Other than residents of Nepal and Bhutan) |
| Currency denomination | USD & GBP |
| Taxability | Not taxable till individuals continue to be ‘Resident but not ordinarily resident’; thereafter TDS @10% + surcharge as applicable to be deducted |
| Premature withdrawal | Allowed |
| Benefits | – Nomination facility available – Joint account can be opened with 2 or more NRIs – Freely repatriable |
Click on the button below to instantly book an NRI FD
BOI NRI FD: Premature Withdrawal
Bank of India allows customers to withdraw funds from their NRI FD accounts before the maturity, with the following terms and conditions:
NRE Deposits:
- No interest will be paid for NRE deposits maintained with Bank of India for less than 12 months. Hence, no penalty.
- No penalty if FDs worth less than Rs. 5 lakh are kept with the bank for 12 months or above.
- A penalty of 1.00% will be charged on deposits of Rs. 5 lakh and above withdrawn prematurely after completion of 12 months.
FCNR Deposits:
- No interest will be payable on fixed deposits withdrawn prematurely before the completion of 12 months from the date of booking.
- 1% penalty will be charged on FD withdrawn prematurely after the completion of 12 months from the date of booking.
Documents required to apply for BOI NRI FD Accounts
To open NRI FD accounts with Bank of India, you will need to submit the following documents:
- Completely filled and duly signed BOI FD account opening application form
- Latest passport-size photographs of depositor(s)
- Residential proof of the current residential country
- Photocopy of valid visa (work permit, student visa, residence visa, etc.)
- Photocopy of passport
How to apply for Bank of India NRI Fixed Deposit Account
SBNRI is an online one-stop destination for expert services and advisory on all major NRI specific aspects including NRI FD schemes.
To get full assistance with NRE Account Opening and booking other Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.
Bank of India NRI Fixed Deposit Calculator
Calculate your returns on FD and much more with an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and Youtube Channel for more details.
FAQs
Yes, as per guidelines prescribed by SEBI (Securities and Exchange Board of India), PAN Card is a mandatory document for NRIs who wish to invest in India. It is because once NRIs make an investment in India, they will have taxable income in India that has to be documented as per their PAN.
Bank of India offers attractive NRE FD rates ranging from 3.50% to 5.30% per annum.
Bank of India charges 30% TDS + surcharge on interest earned from NRE fixed deposits. Upon returning to India, NRE or FCNR account holders will need to inform the bank about the change of their residential status.
Bank of India FD rates vary from scheme to scheme. BOI offers various FD account schemes to its Indian as well as NRI customers. For example, NRI FD rates offered by the bank range from 0.03% per annum for FCNR to 5.30% per annum for NRE FD.
Note: FD interest rates are subject to periodic changes.
