How to Calculate RD Interest Rates in Bank of India?
The RD interest rates on Bank of India recurring deposits are compounded quarterly. This is the formula to calculate the maturity value.
[Tex]Interest~Earned = P \times \frac{(n \times (n+1))}{2} \times r \times \frac{1}{12}[/Tex]
I = Interest Earned
P = Monthly Installment Amount
n = Number of Installments (tenure in months)
r = Rate of Interest per annum
Bank of India (BOI) RD Interest Rates 2024
The Bank of India offers recurring deposits with tenure varying from three months to ten years. Depending on the tenure, the Bank of India’s RD interest rate might range from 3% to 7.25% p.a. A deposit can be opened for as little as Rs. 100 every month for periods in multiples of 3 years. Recurring deposits are one of the most effective strategies to save a small amount of your money each month without burdening yourself. Bank of India’s recurring deposit interest rates can help you gain a significant return on your investments, allowing you to reach your financial goals. Customers of the Bank of India have the option to open recurring deposits in the names of illiterates, blind people, two or more people (joint accounts), minors (under parental supervision), and individuals.
Table of Content
- Bank of India RD Interest Rates 2024
- Features of Bank of India (BOI) Recurring Deposit
- How to Open an RD Account in the Bank of India (BOI)?
- How to Calculate RD Interest Rates in Bank of India?
- Eligibility Criteria to Start an RD Account with Bank of India
- Documents Required for Starting an RD Account
- Types of Bank of India RD Accounts
- RD Premature Withdrawal Rules
- Frequently Asked Questions (FAQs)
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