Bank of India 400 Days Fixed Deposit Scheme: High Returns for FD Investors
Bank of India (BOI) has introduced the 400 Days Fixed Deposit Scheme, offering attractive interest rates for fixed deposit investors looking for a medium-term investment option. This scheme promises a safe and secure way to grow your savings with competitive returns.
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Interest Rates in Bank of India 400 Days Scheme
- For General Customers (Under 60 years): 7.30% interest
- For Senior Citizens (60 years or above): 7.80% interest
These interest rates make the 400 Days scheme a great option for both general customers and senior citizens. Senior citizens benefit from a higher interest rate of 7.80%.
Key Features of the BOI 400 Days Scheme
- Maturity Period: 400 days
- Interest Payment: Interest is paid at maturity (not monthly, quarterly, or half-yearly).
- Eligibility: Indian residents, including minors, NRE/NRO accounts, Hindu Undivided Families (HUF), partnerships, and companies, can apply for this scheme.
How to Apply for the BOI 400 Days Scheme
To open a fixed deposit under the 400 Days Scheme, visit any Bank of India branch. The following documents are required:
- Valid Proof of Identity (one of the following):
- Passport
- Driving License
- Aadhar Card
- Voter ID
- NREGA Job Card
- Population Register
- Recent Passport-size Photograph
- PAN Card or Form 60 (if PAN is not available)
- If you already have an account with Bank of India, you do not need to provide additional KYC documents.
Eligibility for the BOI 400 Days Scheme
- Eligible Applicants: Indian residents, including minors, NRE/NRO account holders, HUF, partnership firms, and companies.
Minimum and Maximum Investment Amount
- Minimum Investment: ₹10,000
- Maximum Investment: No upper limit (as per Bank of India’s policies).
Projected Maturity Amount (For 400 Days)
The maturity amount depends on the investment made and the applicable interest rate. Here’s a projection based on the general interest rate of 7.30% for general customers (under 60 years) and 7.80% for senior citizens (60 years or upto 80 yrs) and 7.95% for senior citizens 80yr and above .
For General Customers (Under 60 years):
| Investment Amount | Maturity Amount (Approx.) |
|---|---|
| ₹10,000 | ₹10,825 |
| ₹50,000 | ₹54,125 |
| ₹1,00,000 | ₹1,08,250 |
For Senior Citizens (60 years or above):
| Investment Amount | Maturity Amount (Approx.) |
|---|---|
| ₹10,000 | ₹10,833 |
| ₹50,000 | ₹54,417 |
| ₹1,00,000 | ₹1,08,834 |
These amounts are approximate and can vary based on compounding and other terms.
How to Open a Fixed Deposit Account
To open your FD under the 400 Days Scheme, simply visit a Bank of India branch. You'll need to bring the required documents, as mentioned earlier. If you're an existing customer, there’s no need for additional KYC documents.
Important Notes:
- Premature Withdrawal: Bank of India generally allows premature withdrawal, but there may be a penalty for early withdrawal.
- Interest Payment: The interest is paid at maturity, i.e., at the end of 400 days.
Conclusion
The Bank of India 400 Days Scheme offers attractive interest rates of 7.30% for general customers and 7.80% for senior citizens , 7.95% for senior citizens 80yr and above .. It is an excellent option for medium-term investments, with a relatively short maturity period of 400 days. If you are looking for a secure and rewarding fixed deposit option, this scheme could be perfect for you.
Visit a Bank of India branch to apply and start growing your savings with a high interest return.
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