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Bank of India 500-Day FD Scheme 2026: Invest ₹10 Lakh and Earn Up to ₹1.03 Lakh in Interest
Bank of India Special FD Scheme 2026: Bank of India has introduced a limited-period fixed deposit scheme offering attractive interest rates to customers looking for stable returns on their savings. Known as the BOI Akshay Fixed Deposit Scheme, this special investment option comes with a tenure of 500 days and offers different interest rates for regular customers, senior citizens and super senior citizens.
According to the bank's reported interest rate structure, regular depositors can earn 6.85% annually, while senior citizens are eligible for 7.35%. Customers aged 80 years and above can receive the highest rate of 7.50% per annum.
For individuals planning to invest ₹10 lakh, the scheme could generate interest earnings ranging from approximately ₹93,836 to ₹1,02,740 over 500 days, depending on the depositor's age category.
What Is the BOI Akshay 500-Day Fixed Deposit Scheme?
The BOI Akshay Fixed Deposit is a special tenure deposit product introduced by the public sector lender Bank of India.
Unlike conventional fixed deposits, which offer several investment periods, this scheme focuses on a specific maturity duration of 500 days.
The product is available for a limited period, making it important for interested customers to verify the current subscription window before investing.
The original report states that deposits below ₹3 lakh crore are eligible. However, this unusually high threshold should be independently confirmed against the bank's official terms, as fixed deposit rate categories commonly distinguish retail deposits from bulk deposits at much lower limits.
The main attraction of the scheme is its differentiated interest rate structure, which offers additional benefits to older depositors.
Bank of India Akshay FD Interest Rates in November 2026
Bank of India offers three reported interest rate categories under its special 500-day deposit scheme.
| Customer Category | Age Group | Annual Interest Rate |
|---|---|---|
| Regular customers | Below 60 years | 6.85% |
| Senior citizens | 60 to 79 years | 7.35% |
| Super senior citizens | 80 years and above | 7.50% |
Senior citizens receive an additional 0.50 percentage points compared with regular depositors.
Super senior citizens receive an additional 0.65 percentage points compared with regular customers.
The higher interest rates may make the scheme particularly relevant for retired individuals who prefer relatively predictable investment returns.
Bank of India FD Calculator: Returns on ₹10 Lakh After 500 Days
The following table presents the maturity values reported for a ₹10 lakh investment under the BOI Akshay Fixed Deposit Scheme.
| Investor Category | Investment | Interest Earned | Maturity Amount |
|---|---|---|---|
| Regular customer | ₹10,00,000 | ₹93,836 | ₹10,93,836 |
| Senior citizen | ₹10,00,000 | ₹1,00,685 | ₹11,00,685 |
| Super senior citizen | ₹10,00,000 | ₹1,02,740 | ₹11,02,740 |
Figures are based on the original report and are indicative. Actual returns depend on the bank's interest calculation, compounding method, deposit dates and applicable tax deductions.
How Much Will Regular Customers Earn on ₹10 Lakh?
Customers below 60 years of age are eligible for the reported annual interest rate of 6.85%.
Suppose an individual invests ₹10 lakh in the BOI Akshay Fixed Deposit for 500 days.
According to the original report's calculation, the investment would generate approximately ₹93,836 in interest.
At maturity, the customer would receive around ₹10,93,836 before applicable taxes.
This means the investor could earn nearly ₹94,000 without exposure to daily stock market price fluctuations.
However, fixed deposit returns are subject to the bank's terms, and the interest income is taxable.
Senior Citizens Can Earn More With 7.35% Interest
Bank of India is offering a higher reported interest rate to customers aged 60 years and above but below 80 years.
Under the special scheme, senior citizens qualify for an annual rate of 7.35%.
For a ₹10 lakh investment held for the full 500-day period, the original report estimates interest earnings of approximately ₹1,00,685.
The total maturity value would therefore reach around ₹11,00,685 before taxes.
Compared with regular depositors, senior citizens could earn approximately ₹6,849 more on the same investment amount, based on the reported calculations.
This additional return may be useful for retirees who depend on interest income as part of their financial planning.
Super Senior Citizens Get the Highest Rate of 7.50%
Customers aged 80 years or above qualify for the highest reported interest rate under the BOI Akshay Fixed Deposit Scheme.
The annual interest rate for this category is 7.50%.
If a super senior citizen deposits ₹10 lakh for 500 days, the original report estimates that the investment would generate approximately ₹1,02,740 in interest.
The total maturity value would reach around ₹11,02,740.
This represents approximately ₹8,904 more in interest than the amount reported for regular customers investing the same principal.
The additional benefit is intended to provide better returns to older depositors.
Calculate Your Estimated BOI Akshay FD Returns
Use the calculator below to estimate the value of a 500-day fixed deposit using quarterly compounding assumptions.
Deposit amount
₹10,00,000
Depositor category
Regular customer (below 60)
Senior citizen (60–79)
Super senior citizen (80+)
Annual interest rate
6.85%
Deposit period
500 days
Estimated maturity amount
₹10,97,507
Estimated interest earned
₹97,507
Illustrative calculation using a simplified quarterly compounding model and 365-day year. The bank's actual maturity amount may differ due to its calculation conventions, deposit dates and rounding. Values are before tax.
Is Interest Earned From Bank of India FD Taxable?
Yes. Interest income earned from fixed deposits is generally taxable under the Income Tax Act.
The amount is usually included in the depositor's taxable income and taxed according to the applicable income tax slab.
Tax Deducted at Source (TDS) may also apply when the interest paid or credited exceeds the relevant statutory threshold.
For the financial year 2026–27, the general TDS thresholds for bank deposit interest are ₹50,000 for non-senior citizens and ₹1,00,000 for resident senior citizens, subject to applicable conditions.
Eligible individuals may submit the prescribed declaration forms to request non-deduction of TDS where permitted.
However, investors should remember that TDS and final income tax liability are different. Even when no TDS is deducted, the interest may still need to be reported in the income tax return.
Is the BOI Akshay FD Scheme Safe?
Bank of India is a public sector bank regulated by the Reserve Bank of India.
Fixed deposits are generally considered lower-risk investment products compared with market-linked instruments such as equities.
However, bank deposits are not backed by an unlimited government guarantee.
Eligible deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh per depositor per bank, including principal and interest, subject to applicable rules.
Therefore, investors placing ₹10 lakh in a single bank should understand that the entire amount is not covered by DICGC deposit insurance.
Important Things to Check Before Investing
Before opening a BOI Akshay Fixed Deposit, customers should verify the scheme's availability and the bank's latest interest rate circular.
They should also review the minimum and maximum deposit amounts, premature withdrawal rules, nomination facility and interest payment options.
Since the scheme is offered for a limited period, the applicable rates may change or the product may be withdrawn for new subscriptions.
Customers can visit their nearest Bank of India branch or check the official website:
Bank of India Official Website
It is advisable to confirm the maturity amount directly with the bank before transferring funds.
Who May Find This 500-Day FD Useful?
The BOI Akshay Fixed Deposit may appeal to individuals who want to invest a lump sum for approximately 16 months without taking direct exposure to stock market fluctuations.
It may also be relevant to retirees and senior citizens looking for relatively predictable interest earnings.
However, investors should compare the scheme with other bank FDs, Post Office Time Deposits and suitable savings products before making a decision.
The most appropriate investment option depends on liquidity needs, tax considerations, deposit protection and personal financial goals.
Final Takeaway
Bank of India's reported 500-day Akshay Fixed Deposit Scheme offers annual interest rates of 6.85% for regular customers, 7.35% for senior citizens and 7.50% for super senior citizens.
Based on the maturity figures provided in the original report, a ₹10 lakh deposit could generate interest ranging from approximately ₹93,836 to ₹1,02,740 over the investment period.
The highest reported maturity amount is approximately ₹11.03 lakh for eligible customers aged 80 years and above.
Before investing, customers should verify the latest rates, eligibility conditions, deposit limits and actual maturity calculations with Bank of India.
Disclaimer: This article is intended for general information only. Interest rates and maturity values are based on the supplied news report and have not been independently verified against the bank's latest official rate circular. Fixed deposit interest is taxable, and deposit insurance limits apply. Consult a qualified financial adviser before making investment decisions.
