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.
Eligibility Criteria for applying for Bank of India Double Benefit Term Deposit
People who meet the following criteria, are eligible to apply:
- KYC (Know Your Customer) Norms for opening account are applicable for opening these accounts.
- Documentation required for opening this account requires:
- Proof of residence
- Proof of identification
- Recent photograph of the depositor/s.
- Any of the following people or groups may apply:
- Individual — Single Accounts
- Two or more individuals — Joint Accounts
- Sole Proprietary Concerns
- Limited Companies
- Associations, Clubs, Societies, etc.,
- Trusts
- Partnership Firms
- Illiterate Persons
- Blind Persons
- Minors
- Joint Hindu Families (accounts of non-trading nature only)
- Municipalities
- Government and Quasi-Government Bodies
- Panchayats
- Religious Institutions
- Educational Institutions (including Universities)
- Charitable Institutions
Features of Bank of India Double Benefit Term Deposit
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Account Type
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Individual — Single Accounts
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Two or more individuals — Joint Accounts
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Sole Proprietary Concerns
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Limited Companies
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Associations, Clubs, Societies, etc.,
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Trusts
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Partnership Firms
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Illiterate Persons
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Blind Persons
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Minors
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Joint Hindu Families (accounts of non-trading nature only)
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Municipalities
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Government and Quasi-Government Bodies
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Panchayats
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Religious Institutions
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Educational Institutions (including Universities)
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Charitable Institutions
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Amount
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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
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Interest will be paid at the time of maturity along with principal through quarterly compounding.
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Period (Multiple of 3 months)
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Minimum: 6 months
Maximum: 120 months
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TDS
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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
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N.A.
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Nomination (if any)
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N.A.
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Pre-withdrawals
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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.
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Bank of India Double Benefit Term Deposit Interest Rates
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.
Bank of India Double Benefit Term Deposit FAQs
- Is the Bank of India Double Benefit Term Deposit usable for handicapped people?
Yes, visually challenged people can apply for this loan.
- Is the Bank of India Double Benefit Term Deposit usable for Minors?
Yes, minors can open this term deposit account, or an account can be opened in their name.
- What is the minimum and maximum time period for a term deposit?
6 months is the minimum time period for a term deposit and 120 months is the maximum time period for a term deposit.
- What is the minimum amount that may be deposited?
The following are the minimum amount for deposit:
- 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
- Can an Individual withdraw money from the term deposit account earlier than the term is over?
Yes, this is possible under certain conditions.
Details
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