Bank of India FD Calculator
The Bank of India FD Calculator is a convenient online tool designed to help you calculate the interest earned and maturity amount on your fixed deposit. It simplifies your investment planning by giving you precise projections based on your deposit amount, tenure, and interest rate.
What is a Fixed Deposit in Bank of India?
A Fixed Deposit (FD) with the Bank of India is a popular savings option offering guaranteed returns over a specified period. By depositing a lump sum for a fixed tenure, you can earn interest at attractive rates. It is a secure and low-risk investment suitable for both regular and senior citizen investors.
How to Use Bank of India FD Calculator
To get started, enter the following details:
- Deposit Amount: Minimum ₹1,000 and in multiples thereafter
- Tenure: Ranging from 7 days to 10 years
- Interest Rate: As offered by Bank of India based on tenure and age
- Compounding Frequency: Monthly, quarterly, half-yearly, or yearly
The calculator will instantly show your total interest earned and maturity value.
Bank of India FD Interest Rates (2025)
- General Public: Approx. 6.00% – 7.25% p.a.
- Senior Citizens: Additional 0.50% on applicable rates
Rates may vary. Check the official website for updated information.
Types of Fixed Deposits Offered
- Short-Term FD: 7 days to 12 months
- Long-Term FD: 1 year to 10 years
- BOI Double Benefit Deposit Scheme
- Tax Saving FD: 5-year lock-in with tax benefits under Section 80C
Example Calculation
If you invest ₹2,00,000 for 5 years at 7.25% interest compounded quarterly, your returns would be:
- Interest Earned: ₹85,745 (approx.)
- Total Maturity Amount: ₹2,85,745
Advantages of Using the FD Calculator
- Fast and accurate maturity projections
- Easy comparison of different FD tenures
- No need for manual calculations
- Helps in better financial decision-making
Taxation on FD Interest
Interest earned on FDs is taxable. TDS is applicable if annual interest exceeds ₹40,000 (₹50,000 for senior citizens). To avoid TDS, eligible individuals can submit Form 15G or 15H.
How to Open an FD with Bank of India
- Visit the nearest Bank of India branch or use internet/mobile banking.
- Fill in your deposit amount, tenure, and interest payout preference.
- Submit KYC documents if not already provided.
- Receive your FD receipt and enjoy guaranteed returns.
Conclusion
The Bank of India FD Calculator is a helpful tool for estimating your fixed deposit returns. Whether you’re saving for the short term or long term, this calculator enables you to plan better and invest smarter. Use it to find the most rewarding FD scheme based on your financial goals.
Visit Bank of India’s official website for current FD rates and product details.