Bank of India FD (Fixed Deposit) Calculator

Bank of India FD Calculator Overview

Bank of India fixed deposits are investment products provided by Bank of India, one of the leading public sector banks in India. Bank of India fixed deposits offer investors a safe and secure investment option with attractive returns. These deposits allow investors to earn higher returns than regular savings accounts and offer flexibility in terms of maturity and interest rates. Bank of India fixed deposits come with a variety of features and benefits, including competitive interest rates, easy withdrawal, and no minimum balance requirement. Bank of India fixed deposits are ideal for investors looking for a safe and secure investment with the potential for higher returns. You can deploy the Bank of India FD Calculator to decode the potential returns.

Bank of India Fixed Deposit Features

Here is the list of key features the investor gets with Bank of India fixed deposit schemes:

• Attractive Interest Rates: Bank of India offers competitive and attractive interest rates on its fixed deposit schemes. 
• Flexible Tenure: Bank of India offers a range of flexible tenure options ranging from 7 days to 10 years. 
• Loan Against FD: Bank of India provides loan against fixed deposit up to 90% of the deposit amount. 
• Nomination Facility: Bank of India offers its customers a nomination facility to ensure their deposits' safety. 
• Senior Citizens Benefits: Bank of India offers additional interest rate for senior citizens on their deposits. 
• Auto-Renewal Facility: Bank of India offers an auto-renewal facility to its customers for their fixed deposits. 
• Multiplier Option: Bank of India also provides the multiplier option to its customers to earn higher interest rates on their deposits.

What is the Bank of India Fixed Deposit Calculator?

Bank of India FD Calculator is an online tool used to calculate the maturity amount of fixed deposits in the Bank of India. This calculator helps calculate the maturity amount based on the principal amount, deposit tenure, and interest rate. The Bank of India Fixed Deposit Rates Calculator also helps to compare different fixed deposit schemes offered by the Bank of India. The Bank of India Fixed Deposit Calculator is a handy AI tool that helps customers to plan their investments and make informed decisions. It provides instant results based on the given inputs within seconds.

How to use the Bank of India FD Calculator? 

Using the Bank of India FD Calculator is a simple process. You just need to open Urban Money’s FD calculator to get the desired values quickly. Here’s how to use the calculator without any hassle:

• Scroll up to the top of the Bank of India FD Calculator page. 
• Select monthly, quarterly, half-yearly or yearly based on the results you wish to compute.
• Followed by selecting the investment value toggling the scroller, or entering the value.
• Choose the tenure you want to stay invested with the Bank of India Fixed Deposit along with the offered interest rates. 
• Based on the inputs, the calculator will show results on the right half of the screen within a second.

In the output the user gets, amount invested, wealth gained, and future value of the investment.

How Does a Bank of India FD Calculator Work?

The Bank of India Fixed Deposit Calculator works on a simple mechanism. The user enters a desirable value in the input field. This input includes investment amount, investment tenure and rate of interest. As soon as the user enters the value, the calculator computes the output and presents it on the screen. The output comprises the future value and investment-to-return ratio.

Formula to Determine Bank of India FD Returns?

The formula for calculating the return on a fixed deposit is: 

Return = (Principal x Rate of Interest x Time Period) / 100 

Where,

• Principal = The initial amount of money invested 
• Rate of Interest = The rate of interest earned on the deposit 
• Time Period = The length of time the money is invested

For example if you invest $10,000 at 6% interest for one year, the return on the fixed deposit would be:

Return = (10,000 x 6 x 1) / 100 Return = 600

Therefore, the return on the fixed deposit would be $600.

Benefits of Using Bank of India Fixed Deposit Calculator

When you deploy a Bank of India FD Calculator, you unlock the below-depicted benefits:

• Easily compare rates: The Fixed Deposit Calculator makes it easier to compare rates across multiple banks and financial institutions. This helps you to make an informed decision on where to invest your money. 
• Quickly calculate returns: The Fixed Deposit Calculator helps you to quickly calculate the return of your deposit based on the amount and term of your investment. 
• Calculate the effect of compounding: The Fixed Deposit Calculator helps to calculate the effect of compounding on your return. This helps you to understand how your return can increase over time with the same amount of money. 
• Track your progress: The Fixed Deposit Calculator allows you to track your progress over time. This lets you ensure you are on track to meet your financial goals. 
• Easy to use: The Fixed Deposit Calculator is easy to use and is designed to help you make the best decision for your investments.

Comparison of Bank of India Fixed FD with other Banks

Bank of India offers a variety of fixed deposits for their customers, with competitive interest rates and flexible terms. To help you make an informed decision, here is a comparison of Bank of India FDs with other banks.

Name of Bank	For General Citizens (p.a.)	For Senior Citizens (p.a)
IndusInd Bank FD Rates	2.75% to 6.5%	3.25% to 7%
State Bank of India FD Rates	2.90% to 5.50%	3.40% to 6.30%
ICICI Bank FD Rates	2.75% to 5.75%	3.25% to 5.75%
IDBI Bank FD Rates	2.70% to 5.75%	3.20% to 6.50%
Kotak Mahindra Bank FD Rates	2.50% to 5.90%	3.00% to 6.40%
Punjab National Bank FD Rates	3.00% to 5.60%	3.50% to 6.10%
HDFC Bank FD Rates	2.75% to 5.75%	3.25% to 6.50%
Canara Bank FD Rates	2.90% to 5.75%	2.90% to 6.25%
RBL Bank FD Rates	3.25% to 6.65%	3.75% to 7.15%
Axis Bank FD Rates	2.50% to 5.75%	2.50% to 6.50%
Bank of Baroda FD Rates	2.80% to 5.35%	3.30% to 6.35%
IDFC First Bank FD Rates	3.50% to 6.50%	4.00% to 7.00%
Punjab and Sind Bank FD Rates	3.00% to 5.40%	3.50% to 5.90%