This is a fixed deposit scheme with competitive interest rates that offers you easy liquidity. The scheme is ideal for both long term and short term investment objectives. The plan offers a high degree of flexibility allowing you to choose the terms that best fit your needs. The withdrawal limit is flexible, and along with the preferential interest rates this plan is designed to give you financial security.
The scheme can be opted by individuals who are residents of India. This account may be opened either singly or jointly. An adult can also open the account on behalf of a minor. The application form for the same can be downloaded online or availed from a branch of the bank and duly filled and submitted. In addition, applicants have to provide a passport size photograph along with a copy of the proof of residence. An introduction is also required as per the bank’s norms.
Min – Rs.5,000 (counted as 5 units of Rs.1,000 each). Subsequent deposits in multiples of Rs.1,000.
Max – N/A. Deposits above Rs.10 crore have to be requested individually
|Rate of Interest|
Min – 6.75%
Max – 6.75%
Min – 12 months
Max – 60 months
|TDS||TDS applicable as per regulations from the Income Tax department.|
|Loan against ICICI Money Multiplier Plan||Loans available up to 95% of the value of the deposit|
|Nomination||Nomination facility available|
|Auto Renewal||Yes, unless otherwise mentioned|
The interest rates* in this scheme will be calculated on a quarterly compounding basis and credited to the account every 6 months or half yearly.
|Tenure||Deposits below Rs.1 crore||Rs.1 crore to Rs.10 crores||Rs.10 crores to Rs.50 crores||Above Rs.50 crores|
|Above 1 year and up to 3 years||7.75%||6.75%||6.75%|
|Above 3 years and up to 5 years||7.75%||6.75%||6.75%|
*Above mentioned rates are linked to the bank’s base rate and are subject to change as per the bank’s discretion. Rates are as of December 2015.
Apart from these rates, senior citizens will receive interest at an additional 0.50% above the rates for non-senior citizen depositors. The minimum amount of deposit for senior citizens to avail additional rate is Rs.10,000.
There is no penalty on premature withdrawal for amounts up to Rs.5 lakhs, which has been deposited with the bank for a minimum tenure of 12 months. All other premature withdrawals will attract a penal interest rate of 1% below the applicable rate as mentioned in terms of the deposit.
A part of the overall deposit may be withdrawn as per the terms of premature withdrawal, with you still earning interest at the stipulated rates.
Interests are calculated on a quarterly basis and credited to your account on a half-yearly basis.
For individuals, form 401 has to be submitted while non-individual applicants need to submit form 401A.
You can pay deposits multiple means.
Useful Information on BOB Fixed Deposit