Maturity: ₹10,69,754 at 6.8% p.a. Interest earned: ₹69,754. Senior citizen maturity: ₹10,75,023.
| Year | Deposit | Interest Earned | Maturity Value |
|---|
A ₹10 Lakh Fixed Deposit in Bank of India for 1 Year at 6.8% p.a. (quarterly compounding) will mature to ₹10,69,754. You earn ₹69,754 as interest, giving a total return of 7.0% on your investment.
At 6.8% p.a. (quarterly compounding), ₹10 Lakh FD in Bank of India for 1 Year matures to ₹10,69,754. Interest earned: ₹69,754. Senior citizen maturity: ₹10,75,023 at 7.3%.
Bank of India offers 6.8% p.a. for general citizens and 7.3% p.a. for senior citizens on 1 Year Fixed Deposit. The rate applies regardless of the deposit amount.
For ₹10 Lakh at 6.8% for 1 Year, you would earn approximately ₹69,754 as interest, making total maturity ₹10,69,754. Senior citizens earn ₹75,023 at 7.3%.
Yes, premature withdrawal is allowed. Bank of India's policy: 0.50% penalty on applicable rate. You will receive a reduced interest rate on early withdrawal.
Compare with other banks on this page to find the best rates. Bank FDs offer DICGC insurance up to \u20B95 Lakh. Consider both rate and safety.