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Double Benefit Term Deposits from Bank of India is said to provide a higher yield on deposited principal at the end of the mentioned period since the interest is compounded on a quarterly basis; however, the principal along with the accrued interest is paid to the account owner only at the end of the period for which the deposit has been placed with the Bank and no monthly or half-yearly payments as it is in the case of other general types of deposits.
This scheme is highly useful for short term and medium term investment that generally ranges ranging from 12 months to 120 months. In the case of this term deposit a period of 6 months to 120 months may be chosen as term for the deposit.
People who meet the following criteria, are eligible to apply:
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Account Type |
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Amount |
Minimum Amount: Rs.10,000/-in Metro and Urban Branches Rs.5000/- at Rural and Semi urban Branches For senior citizens - Rs5000/- Minimum Amount criteria is not applicable to Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits Maximum Amount: No limits mentioned. |
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Rate of Interest |
Interest will be paid at the time of maturity along with principal through quarterly compounding. |
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Period (Multiple of 3 months) |
Minimum: 6 months Maximum: 120 months |
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TDS |
The payment/credit of interest in the account will be subject to TDS as applicable) PAN number is essential for those accounts where TDS is deducted. |
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Loan against ----Bank---- Scheme |
N.A. |
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Nomination (if any) |
N.A. |
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Pre-withdrawals |
Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible in terms of the directives of the Reserve Bank of India issued from time to time. In terms of the directives, the provision regarding premature withdrawal of deposits is as follows : Request for premature withdrawal: No extra charges or penalties applicable. When closing a deposit prematurely, interest on the deposit for the time that remains with the Bank will be paid at the rate applicable to the period for which the deposit remained with the Bank and not at the contracted rate, as per the bank norms. |
Interest will be paid at the time of maturity along with principal through quarterly compounding.(The payment/credit of interest in the account will be subject to TDS as applicable) PAN number is essential for those accounts where TDS is deducted.
Yes, visually challenged people can apply for this loan.
Yes, minors can open this term deposit account, or an account can be opened in their name.
6 months is the minimum time period for a term deposit and 120 months is the maximum time period for a term deposit.
The following are the minimum amount for deposit:
Yes, this is possible under certain conditions.
Useful Information on BOI Fixed Deposit
Other Fixed Deposit Schemes Offered by BOI
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