Bank of India Term Deposit Interest Rate

Bank of India Term Deposit Interest Rate

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.

Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.

The Bank has 4467 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 50 Zonal Offices. There are 54 branches/ offices and 5 Subsidaries and 1 joint venture abroad.

The Bank came out with its maiden public issue in 1997 and follow on Qualified Institutions Placement in February 2008. . Total number of shareholders as on 30/09/2009 is 2,15,790.

While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.

Presently Bank has overseas presence in 20 foreign countries spread over 5 continents – with 53 offices including 4 Subsidiaries, 4 Representative Offices and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.

upee Term Deposit Rate
 
Bank has revised rate of Interest on Domestic Term Deposits as follows:-

  1. For deposits less than Rs.1 Crore (No Change)
  2. For deposits of Rs.1 Cr & above but less than Rs.10 Cr(Revised)
  3. For deposits of Rs. 10 Cr & above but less than Rs.100 Cr. (Revised)
  4. For deposits of Rs. 100 Cr. & above. (Revised)
 
Domestic Rupee Term Deposits (% p.a.)
 

Maturity

For deposits less than Rs.1 Cr
Existing w.e.f. 26.08.13Rate w.e.f. 04.09.13
(No Change)
07 days to 14 days *

4.00

4.00

15 days to 30 days

4.50

4.50

31 days to 45 days

6.50

6.50

46 days to 90 days

6.75

6.75

91 days to 179 days

7.00

7.00

180 days to 269 days

8.00

8.00

270 days to 364 days

8.00

8.00

1 Year to less than 2 Years

9.00

9.00

2 Years to less than 3 Years

9.00

9.00

3 Years to less than 5 years

9.00

9.00

5 years to less than 8 years

9.00

9.00

8 years and above up to 10 Years

8.75

8.75

 
* Minimum Deposit Rs.1 Lac
 
  • For deposits of Rs.1 Cr & above but less than Rs.10 Cr (Revised)
  • For deposits of Rs.10 Cr&above but less than Rs. 100 Cr (Revised)
  • For deposits of Rs. 100 Cr & above (Revised)
 

Maturity

For deposits of Rs.1 Cr & above but less than Rs.10 Cr

For deposits of Rs.10 Cr & above but less than Rs. 100 Cr

For deposits of Rs.100 Cr & above( New Bucket Introduced)

Existing w.e.f. 26.08.13Revised
Rate w.e.f.
04.09.13
Existing w.e.f. 26.08.13Revised Rate 
w.e.f.
04.09.13
Existing w.e.f. 26.08.13Revised Rate 
w.e.f.
04.09.13
07 days to 14 days4.254.254.504.504.504.50
15 days to 30 days4.754.755.005.005.005.00
31 days to 45 days6.506.506.506.506.506.50
46 days to 90 days6.756.756.756.756.756.75
91 days to 179 days7.507.507.507.507.507.50
180 days to 269 days8.008.008.258.258.258.25
270 days to less than 1 year8.258.258.258.258.258.25
1 Year9.759.2510.259.2510.259.25
Above 1 Year to less than 2 Years8.508.508.508.508.508.50
2 Years to less than 3 Years8.258.258.258.258.258.25
3 Years to less than 5 years7.257.257.257.257.257.25
5 years to less than 8 years7.007.007.007.007.007.00
8 years and above up to 10 Years7.007.007.007.007.007.00
For deposits of Rs.10 crore and above ,Please contact the branch.

Branches shall seek prior approval from Bank of India, Treasury Branch for quoting rates for deposit of Rs.10 crore and above even at card rate”.

Senior Citizens (Including Senior Citizen Ex-staff) :

 

  1. 0.50% p.a. additional interest over and above card rates on their deposits of six months & above and upto 10 years.

There will not be any penalty on Premature Withdrawal on domestic rupee deposits. In case of premature withdrawal interest applicable for the appropriate run period or the contracted rate whichever is lower will be paid.

No interest will be paid for premature withdrawal below 7 days in case of term Deposits and below 3 months in case of recurring deposits.

 

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