Private Sector
Public Sector
Bank of India vs Indian Overseas Bank Recurring Deposit Comparison 2025
Compare interest rates, features, and returns between Bank of India (Private Sector) and Indian Overseas Bank (Public Sector). Compare the security of public sector banking with the convenience of private sector services.
Interest Rate Comparison
General rates across different tenures
Current selection: 3 years (1095 days) -BOI: % |IOB: %
Direct comparison of general rates
Feature Comparison
| Features |  BOI Private Sector |  IOB Public Sector |
|---|---|---|
Minimum RD Amount | ₹500 | ₹100 |
Current Interest Rate (Selected Tenure) | % | % |
Premature Withdrawal Penalty | 1% | 1% |
Official Rate Source | View Official Rates | View Official Rates |
Key Advantages:
Key Advantages:
₹5 Lakh Insurance Limit
The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of up to ₹5 lakhs per depositor per bank. This includes both principal and accrued interest for RDs.
⚠️ Recommendation:
Keep your total deposits (RDs + FDs + Savings) under ₹5 lakhs per bank. If you need larger investments, distribute them across multiple banks.
Smart Distribution Strategy
Multiple RDs: Open RDs in both BOI and IOB
Family Accounts: Use different family members' accounts for additional coverage
Best of Both: Combine BOI (convenience) with IOB (security)
💡 Pro Tip:
RDs are perfect for goal-based investing. You can open separate RDs for different financial goals across different banks to maximize returns and safety.
Key Insights & Recommendations
- • Minimum amount: ₹500
- • Private Sector banking preference
- • Government-owned bank with strong security
- • Established in 1906, nationalized in 1969
- • Wide branch network across India
- • Minimum amount: ₹100
- • Public Sector banking preference
- • Government-owned bank with strong security
- • Wide branch network across India
- • Competitive interest rates
- • Open multiple RDs for different goals
- • Keep ≤₹5L per bank for insurance
- • Use BOI for convenience
- • Use IOB for stability
- • Review rates periodically
Ready to Invest in Recurring Deposits?
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