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.
Following is the eligibility criteria that needs to be met by the applicants who apply for the quarterly/monthly term deposit scheme
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Amount |
Minimum Amount: Rs.10,000/-in Metro and Urban locations and Rs.5000/- in Rural and Semi urban Branches For 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 |
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Rate of Interest |
Interest shall be paid out either monthly or quarterly depending upon the applicable TDS. |
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Deposit Period |
Minimum: 1 Month Maximum: 10 years (in quarters) |
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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 |
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Loan against Bank of India Quarterly/Monthly Deposit Scheme |
N.A. |
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Nomination (if any) |
N.A. |
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Premature withdrawals |
Pre-mature withdrawal of deposit is allowed without any associated penalty fee |
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.
No. There is no fee for premature closure of deposit account. Deposits can be discontinued as per the convenience of the customer.
Yes. TDA is deductible wherever applicable depending upon the deposit amount and the deposit tenure.
The maximum deposit period applicable is 10 years for the quarterly/monthly deposits.
Useful Information on BOI Fixed Deposit
Other Fixed Deposit Schemes Offered by BOI
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