Bank of India Fixed Deposit

Bank of India Fixed Deposit

Customers of Bank of India have a variety of FD options to protect their investments and earn interest on them. The interest rate on a Bank of India Fixed Deposit is higher than the interest rate on a savings account. Customers may make a one-time deposit of a certain amount when they open an account. Under the current tenure, no new money may be deposited or withdrawn. The interest rates offered by Bank of India Fixed Deposit are most attractive.

Bank of India Fixed Deposit Basic Eligibility Criteria

The following is a list of qualified candidates to open an FD account with the Bank of India. It can, however, differ for certain schemes:

• Individuals
• Joint accounts for two or more individuals
• Partnership firms
• Trusts
• Minors
• Blind persons
• Illiterate persons
• Joint Hindu families
• Limited companies and partnership firms
• Municipalities and panchayats
• Charitable, religious, and educational institutions
• Associations, societies, clubs, etc.
• Sole proprietary concerns

Documents Required:

• Proof of Identity
  • Passport
  • PAN card
  • Voter ID
  • Driver’s license
  • Aadhaar card
• Proof of Address
  • Passport
  • Aadhaar card
  • Bank statement with a cheque
• Proof of Date of Birth
  • Service discharge certificate
  • PAN card
  • Aadhaar card
  • Voter ID

Special Features of Bank of India Fixed Deposit Rates

The tenure of BOI FDs varies from 7 to 10 years.
The bank offers a nomination service.
There is a loan/overdraft facility available for up to 90% of the RD number.
Senior citizens will get an additional 0.50 per cent interest rate on top of the normal rates.
Bank of India offers a variety of FD options to its customers.
A minimum investment amount of Rs. 10,000 is needed to open an FD with BOI.

Fixed Deposit Schemes Offered by the Bank of India

• Term Deposit with Double Benefits
• The interest is compounded quarterly in this process, but it is only paid out at the end of the term, along with the initial deposit.
• The deposit should be made for at least six months.
• This plan is appropriate for short to medium-term investments ranging from 12 to 120 months.
• The minimum deposit volume is Rs. 10,000 (in Metro and Urban branches) and Rs. 5000 (in other branches) (in rural and semi-urban branches)

Scheme for Fixed/Short-Term Deposits

• The Bank of India offers a non-cumulative fixed deposit option with interest paid half-yearly.
• This plan is better for those who do not have a steady income or who want to supplement their current income.
• There are two types of tenure: The short-term tenure is seven days, and the fixed-term tenure is one to ten years.
• The minimum short-term deposit is Rs. 1000, while the minimum fixed-term deposit is Rs. 10000.
• If you withdraw before the end of the 12-month period, you won’t be penalised. If withdrawn before the end of the 12-month period, 0.5 per cent and 1% on deposits of less than Rs.5 lakh and more than Rs.5 lakh, respectively.

The Reserve Bank of India (RBI) Deposit Plan (Monthly/Quarterly)

• The interest in this cumulative fixed deposit scheme is charged to the depositors on a monthly or quarterly basis, depending on their preferences.
• After the 12-month period has passed, a premature withdrawal is permitted. If deposits of less than Rs. 5 lakh are withdrawn before the deadline, a penalty of 0.5 per cent is imposed, and a penalty of 1 per cent is imposed on deposits of Rs. 5 lakh and above.
• Investors can choose to receive their interest payments monthly or quarterly, depending on their preferences.
• Interest is subject to TDS (Tax Deducted at Source) (TDS)
• Investors’ current accounts are paid with interest on a monthly basis.
• Investors’ savings accounts are paid with quarterly interest.

Sunidhi Tax-Saving Deposit Scheme (Star Sunidhi)

• As the name suggests, this is a Bank of India tax-saving fixed deposit scheme that provides income tax benefits to account holders under Section 80C of the Income Tax Act, 1961, with a cap of Rs. 1.5 lakh per financial year.
• The length of service varies between 5 and 10 years.
• The required minimum deposit is Rs. 10,000.

Savings on Capital Gains Tax (Term Deposit)

• This plan is available as a savings account as well as a term deposit account.
• The bank offers two types of term deposits: cumulative and non-cumulative.
• This scheme is advantageous to those who are selling a capital asset, such as real estate.
• Capital gain is the amount gained by selling an asset.
• This account can be opened by investors to avoid having their money taxed.
• For deposits of less than Rs. 5 lakh, the penalty is 0.5 per cent; for deposits of more than Rs. 5 lakh, the penalty is 1 per cent.

FAQs

✅What is the minimum amount needed to open a Bank of India fixed deposit account?

For metro and urban branches, a minimum deposit of Rs. 10,000 is required, whereas rural and semi-urban branches require a deposit of Rs. 5,000.

✅How do I open a BOI FD account?

If you already have a BOI account, you can open an FD through net banking. You may, however, make a reservation at any Bank of India branch near you.

✅Who is eligible to open a Bank of India fixed deposit account?

A fixed deposit account may be opened by any resident citizen, Hindu Undivided Family, NRIs, companies, and minors.

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