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
Account Type
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
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.
Rate of Interest
Interest will be paid at the time of maturity along with principal through quarterly compounding.
Period (Multiple of 3 months)
Minimum: 6 months
Maximum: 120 months
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.
Loan against ----Bank---- Scheme
N.A.
Nomination (if any)
N.A.
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.
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?
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I do have the fixed deposit account with the Bank of India and the customer service is good one for me with them. I have felt that the response is also good too. Rate of interest is around 7.75% for my deposit and nowadays its really reducing one.
I bank with Bank of India for a fixed deposit as well. The services are good and there are no issues to open this account. I can do everything online and the rate of interest is also good. There are no charges for these transactions. Satisfied overall.
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9
GANGADHARAN GANGADHARAN
, ahmedabad
Reviewed on Feb 09, 2018
Definitely good. But they provide very low interest rate on FD. Interest rate is 7.3%. Staffs behave well and well trained. You can get better interest rate at other banks, almost 1% high interest rate. Now a days lots of ATM from BOI is available.
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17
Debabrata Dutta
, kolkata
Reviewed on Oct 18, 2016
Against this fixed deposit the Bank of India had offered me a loan. It is very simple to take loan basis the deposit. No much formalities and no much paper works. By filling a single form we get the loan. Interest rate for the fixed deposit was 8.5%.
BOI is a Government bank and their norms are in line with RBI. The reason why I had chosen BOI is because its a very old bank and its next to my place. My father and mother is holding an account here and that is why I am using this account. I know the BOI staff so I had taken this FD .Interest rate offered by BOI was 8% to 9%
Bank of India is same like other banks in regards to the rate for Fixed deposit. Service is not good like private but product and money will be safe. It is an nationalized bank and that is only good thing about them. All the government banks are low in services.
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11
RAMESH NANAK MANOJA
, mumbai
Reviewed on Nov 21, 2015
I had the fixed deposit account with the Bank of India. The rate of interest is okay with them. Customer service is good with them and there are no drawbacks with them. I had it for an year of time like I deposited around 75000 Rupees and I got around a lakh of Rupees as the returns, I am happy with them.
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11
JAANAGIRAAMAN GANESAN
, coimbatore
Reviewed on Nov 13, 2015
I had the fixed deposit with the Bank of India and the experience is good with them. Interest rate is common to all, like every bank is giving same rates to the customers. They are having the locker facilities. I been with them from the last 12 years of time. Customer service in the rural areas are not that much okay while in the urban areas they are good.
BOI Fixed deposit is very good. They are providing the best interest rate , they have provided online banking . This request was placed at the branch and its a cumulative interest rate this FD was withdrawn after 6 days from the date of placing the deposit and there is no charges for the same we can liquidate it when ever we want,.
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6
AKHILESH YADAV MADDIBOYANA
, bangalore
Reviewed on Nov 11, 2015
I do have the fixed deposit with the Bank of india. I used to visit the branch for some of the thing and the rest of the thing I used to dealt with online banking. The drawback is I have to download the application to do the online banking, which is secure but not user friendly. Customer service is good and the rate of interest is also good. There are no minimum lock in period for this.
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11
MURGESH KANNAN PILLAI
, mumbai
Reviewed on Oct 22, 2015
I have opened my Fixed deposit account with Bank of India. The services are good from them. The response is very good too. The process was not a lengthy one to open this account. It was fast. I been having this account with them for the last ten years. They offer a good rate of interest. There are no charges as such for this account.
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5
ABHISHEK JAIN
, new delhi
Reviewed on Oct 13, 2015
I hold an Fixed Deposit account with BANK OF INDIA for the last two years. Since the branch is very near to my house I opened this account to me. They have offered me 9.50% interest rate for this. There was no additional or hidden charges to open this account.
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15
ANIKET SINGH MAHRA
, ghaziabad
Reviewed on Sep 15, 2015
Bank of India Fixed deposit was okay . I have been holding this FD for 4 years. This FD was opened at the Branch. I have submitted my id cards for opening this FD. This was taken for a period of 10 years. There was no online access for that . Branch is next to my place . They are also ready to provide overdraft based on this account. However I am not ready to accept that
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9
VANITHAMANI MUTHUSAMY
, coimbatore
Reviewed on Aug 06, 2015
I had a fixed deposit with Bank of India. The services has been good from them. I got a good rate on interest and it was for two years. After maturity the benefits was as expected. The process did not take long after maturity. It could be done online. I did have to visit the bank.
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11
ALOK SHRIVASTAVA
, mumbai
Reviewed on Jul 11, 2015
Firstly, I have a savings account with Bank of India and secondly it is a government organization so comparatively safe and thirdly the rate of interest 8.75% is high. I think for senior citizens, the rate is of 9.2%. Certainly the rate is of simple rate and it comes at the time of maturity.
Term period that I have opted for Fixed Deposit is 5year and the rate of interest is 8.75%. If we want to break the deposit in between the term, can do it very well but there must be some penalty charges. As per our convenience we can prefer the tenure and at the end of the maturity, I do get the accumulated interest. Bank of India is very good but they lacks in service when we compare with private banks.
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5
HARDIK SORATHIYA
, mumbai
Reviewed on Jun 16, 2015
Term period that I have opted for Fixed Deposit is 5year and the rate of interest is 8.75%. If we want to break the deposit in between the term, can do it very well but there must be some penalty charges. As per our convenience we can prefer the tenure and at the end of the maturity, I do get the accumulated interest. Bank of India is very good but they lacks in service when we compare with private banks.
Bank of India Fixed deposit is really good. Their online support is not that good and no facility like Whats up. Interest rate offered for the loan is high however the interest rate offered for FD is normal. My father had an account with bank of India, infact this is my first account which prompted me to open this FD with the same Bank.
I operatived for Bank of India Fixed Deposit. I got competitive rate of Interest. They provide very quick services & is beneficial to us. Bank is providing varied types of scheme as requirement of customers. I recommended this bank. I like and trust Bank Of India.
Term period that I have opted for Fixed Deposit is 5year and the rate of interest is 8.75%. If we want to break the deposit in between the term, can do it very well but there must be some penalty charges. As per our convenient we can prefer the tenure and at the end of the maturity, I do get the accumulated interest. Bank of India is very good but they lacks in service when we compare with private banks.
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9
DURGESH PRATAP SINGH
, kolkata
Reviewed on Feb 02, 2015
Fixed Deposit
