• Bank of India Fixed Deposit Schemes

    Bank of India offers fixed deposits to customers as part of its savings product portfolio. Bank of India offers attractive returns through competitive BOI FD interest rates at flexible tenures. These fixed deposit schemes offered by the Bank of India are good investment options for those looking to earn safe, guaranteed returns on excess funds or savings.

    Types of Bank of India Fixed Deposits

    • Double Benefit Term Deposit
    • Regular Fixed Deposit
    • Short Fixed Deposit
    • Quarterly Fixed Deposit
    • Monthly Fixed Deposit
    • Recurring Term Deposit
    • Star Flexi-Recurring Fixed Deposit

    Features of Bank of India Double Benefit Fixed Deposit

    • The Double Benefit Deposits offers you a high yield on your principal amount by the end of the deposit period.
    • The interest will be compounded on a quarterly basis.
    • The principal amount and the amount of interest accrued will be paid by the end of the period for which the deposit will be with the bank.
    • The Double Benefit Deposit Scheme will be useful for short-term and medium-term investments
    • The term usually ranges from 12 months to 120 months.
    • The minimum amount is Rs.10,000 in metro areas and urban branches and Rs.5,000 at rural and semi-urban branches.
    • For senior citizens, the minimum amount is Rs.5,000

    Features of Bank of India Regular Fixed Deposit

    • The interest for the deposit will be calculated for the completed months
    • The minimum amount is Rs.1 lakh for SDR and Rs.10,000 for FDR in metro and urban branches. The amount is Rs.5,000 in rural and semi-urban branches.
    • For senior citizens, the minimum amount is Rs.5,000

    Features of Bank of India Short Fixed Deposit

    • The interest for the deposit will be calculated for the completed months
    • The minimum amount is Rs.1 lakh for SDR and Rs.10,000 for FDR in metro and urban branches. The amount is Rs.5,000 in rural and semi-urban branches.
    • For senior citizens, the minimum amount is Rs.5,000
    • The interest will be paid on a half-yearly basis on 1 October and 1 April.

    Features of Bank of India Quarterly Fixed Deposit

    • The amount invested in this deposit (quarterly/monthly Income certificate) will offer fixed monthly income to you for a specified period leaving the deposit amount intact.
    • The quarterly/ monthly interest will be credited to your account and the monthly interest will be credited to the recurring deposit account.
    • The minimum amount is Rs.10,000 in metro areas and urban branches and Rs.5,000 at rural and semi-urban branches.
    • For senior citizens, the minimum amount is Rs.5,000
    • Payment of interest (monthly/quarterly) will be subject to the applicable TDS and the depositor will get the amount every month at a monthly discounted value.
    • The maximum period for the deposit will be ten years.

    Features of Bank of India Monthly Fixed Deposit

    • The amount invested in this deposit (quarterly/monthly Income certificate) will offer fixed monthly income to you for a specified period leaving the deposit amount intact.
    • The quarterly/ monthly interest will be credited to your account and the monthly interest will be credited to the recurring deposit account.
    • The minimum amount is Rs.10,000 in metro areas and urban branches and Rs.5,000 at rural and semi-urban branches.
    • For senior citizens, the minimum amount is Rs.5,000.
    • Payment of interest (monthly/quarterly) will be subject to the applicable TDS and the depositor will get the amount every month at a monthly discounted value.

    Features of Bank of India Recurring Term Deposit

    • A Recurring Deposit is a type of deposit that enables you to save by paying into the account a fixed amount of money monthly over a stipulated period.
    • The deposits earn compound interest on a quarterly basis.
    • Recurring Deposits will be in equal monthly installments.
    • The monthly installment has to be a minimum of Rs.500 in metro and urban branches and Rs.100 in semi-urban and rural areas.
    • The amount is Rs.1.50 for every Rs.100 per month for deposits of 5 years and below.
    • It is Rs.2.00 for every Rs.100 per month for deposits of more than 5 years.

    Eligibility

    • Individual — single accounts
    • Two or more individuals — joint accounts
    • Illiterate persons
    • Blind persons
    • Minors

    Features of Bank of India Star Flexi-Recurring Deposit

    • The Star Flexi Recurring Deposit scheme is a recurring deposit scheme that offers flexibility to the customer for them to choose core installment and monthly Flexi installments in multiples of the core installment.
    • The amount is Rs.500 multiples for metro and urban branches.
    • Rs.100 and multiples for rural and semi-urban branches.
    • The maximum Flexi installment can be any number of times of the core monthly installment.
    • The tenure is a minimum of 12 months and a maximum of 10 years. (In multiples of 3 months only).

    Eligibility of Bank of India Fixed Deposit Schemes

    • Individual - Single Accounts
    • Two or more individuals - Joint Accounts
    • Sole Proprietary Concerns
    • Illiterate Persons
    • Partnership Firms
    • Minors
    • Blind Persons
    • Associations, Clubs, Societies, etc.
    • Limited Companies
    • Joint Hindu families (accounts of non-trading nature only)
    • Trusts
    • Government and Quasi-Government Bodies
    • Municipalities
    • Religious Institutions
    • Panchayats
    • Charitable Institutions
    • Educational Institutions (including Universities)

    FAQs on Bank of India FD Schemes

    1. What is the minimum amount for recurring deposits?

      The monthly installment has to be a minimum of Rs.500 in metro and urban branches and Rs.100 in semi-urban and rural areas.

    2. What is the meaning of a Star Flexi-Recurring deposit?

      The Star Flexi Recurring Deposit scheme is a recurring deposit scheme that offers flexibility to the customer for them to choose core installment and monthly Flexi installments in multiples of the core installment.

    3. What is the minimum amount for senior citizens for regular fixed deposits?

      For senior citizens, the minimum amount is Rs.5,000.

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