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Updated 19 Dec 2023
Bank of India has various schemes to safeguard and better serve its senior citizen customers. Financial security is paramount as you age, and BOI offers competitive interest rates for its senior citizens. Let’s look at the interest rates for senior citizen customers at BOI Bank.
| Tenure | Interest rate (% p.a.) |
|---|---|
| 7 days to 14 days | 3.50% |
| 15 days to 30 days | 3.50% |
| 31 days to 45 days | 3.50% |
| 46 days to 90 days | 5.00% |
| 91 days to 179 days | 5.00% |
| 180 days to 269 days | 5.50% |
| 270 days to less than 1 year | 6.00% |
| 1 Year | 6.50% |
| Above 1 Year to 399 Days | 6.50% |
| 400 days (Monsoon Deposit) | 7.75% |
| 401 days to less than 2 Years | 6.50% |
| 2 years to less than 3 Years | 7.25% |
| 3 years to less than 5 Years | 7.00% |
| 5 years to less than 8 Years | 6.50% |
| 8 years & above to 10 Years | 6.50% |
The only eligibility is that you must be 60 or above on the account opening date. The documentation is standard, just as it is for the general public FD, such as identity and address proofs.
Can I open a joint Senior Citizen FD with a non-senior citizen?
Yes, but the primary account holder must be a senior citizen to avail of the senior citizen interest rate.
Is there a minimum or maximum deposit amount for Senior Citizen FDs?
The minimum and maximum deposit amounts are generally determined by the specific FD scheme chosen and are the same for both regular and senior citizens.
Can Senior Citizen FDs be broken before maturity?
Yes, but there may be a penalty or reduced interest rate for premature withdrawal.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
