Bank of India Quarterly - Monthly Deposit
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 FD 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
- Basic KYC documents need to be submitted by customers who are looking to avail the quarterly/monthly term deposit schemes
- Documents required to open this account are mentioned below
- Residence proof
- Proof of identity
- Recent passport sized photograph of the applicant
- Any of the following people or groups may apply for this Quarterly/monthly term deposit scheme
- Individual - Single Accounts
- Two or more individuals - Joint Accounts
- Sole Proprietary Concerns
- Limited Companies
- Associations, Clubs, Societies, etc.
- Blind Persons
- Minors
- Joint Hindu Families (HUFs)
- Municipalities
- Government and Quasi-Government Bodies
- Panchayats
- Religious Institutions
- Educational Institutions (including Universities)
- Charitable Institutions
- Trusts
- Partnership Firms
- Illiterate Persons
Features of Bank of India Quarterly/Monthly Term Deposit
Amount | Minimum Amount:Rs.10,000/-in Metro and Urban locations andRs.5000/- in Rural and Semi urban BranchesFor senior citizens the minimum deposit amount is Rs5000/-Minimum amount per single deposit for a period of 7 days to 14 days is Rs. 1 Lac.Maximum Amount: No upper limit applies to the fixed deposit amount under this scheme |
Rate of Interest | Interest shall be paid out either monthly or quarterly depending upon the applicable TDS. |
Deposit Period | Minimum: 1 MonthMaximum: 10 years (in quarters) |
TDS | The payment/credit of interest in the account will be subject to TDS as applicable) PAN number is required for accounts where TDS is to be deducted |
Loan against Bank of India Quarterly/Monthly Deposit Scheme | N.A. |
Nomination (if any) | N.A. |
Premature withdrawals | Pre-mature withdrawal of deposit is allowed without any associated penalty fee |
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.
FAQs on Bank of India Quarterly/Monthly Deposit
- 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.
- 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.
- 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.
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