Bank of India Quarterly/ MonthlyTerm Deposit  and 2 other FDs

The Quarterly/Monthly term deposit is aimed at offering benefit to customers who are looking at interest earned as some of sort of regular income while they keep their original deposit amount intact. The interest earned quarterly or monthly is credited to the current or savings account of the customer and the interest earned monthly is credited to the recurring deposit account of the customer according to instructions set by the deposit holder.

Eligibility Criteria for applying for Bank of India Quarterly/Monthly Term Deposit

Following is the eligibility criteria that needs to be met by the applicants who apply for the quarterly/monthly term deposit scheme

1. Basic KYC documents need to be submitted by customers who are looking to avail the quarterly/monthly term deposit schemes
2. Documents required to open this account are mentioned below
• Residence proof
• Proof of identity
• Recent passport sized photograph of the applicant
3. Any of the following people or groups may apply for this Quarterly/monthly term deposit scheme
1. Individual — Single Accounts
2. Two or more individuals — Joint Accounts
3. Sole Proprietary Concerns
4. Limited Companies
5. Associations, Clubs, Societies, etc.
6. Blind Persons
7. Minors
8. Joint Hindu Families (HUFs)
9. Municipalities
10. Government and Quasi-Government Bodies
11. Panchayats
12. Religious Institutions
13. Educational Institutions (including Universities)
14. Charitable Institutions
15. Trusts
16. Partnership Firms
17. Illiterate Persons

Features of Bank of India Quarterly/Monthly Term Deposit

Bank of India Quarterly/Monthly Term Deposit Interest Rates

Interest shall be paid out to the deposit account holder on a monthly or quarterly basis depending upon the TDS deduction. A depositor may receive interest at actuals in which case the fixed deposit is treated as a deposit scheme for which interest is paid out quarterly.

Bank of India Quarterly/Monthly Deposit FAQs

1. Does the Bank of India Quarterly/Monthly Term Deposit levy any pre-closure fee for premature withdrawal?

   No. There is no fee for premature closure of deposit account. Deposits can be discontinued as per the convenience of the customer.

2. Is TDS applicable on the Quarterly/Monthly Fixed Deposit Scheme from Bank of India?

   Yes. TDA is deductible wherever applicable depending upon the deposit amount and the deposit tenure.

3. What is the maximum period of acceptance of the quarterly/monthly deposits?

   The maximum deposit period applicable is 10 years for the quarterly/monthly deposits.