If you hold a bank account with the Bank of India (BoI), then you can consider opening a fixed deposit account with the lender. FDs are considered to be brilliant investment tools and are considered to be of low risk. You can deposit a certain amount of money for a certain tenure and finally withdraw it to meet your expenses.
However, you may have to close your FD account in case your account reaches maturity, or if you are facing a cash crunch.
We will list down the steps you will have to follow in order to close your BOI FD account.
The process to close your FD account prematurely will be similar to the one you would have followed if you had to close your FD account on maturity. You will have to fill the FD account closure form and submit it along with the KYC documents and fixed deposit receipt. The only difference will be that the bank is likely to charge you a penalty ranging between 0.5% to 1% of the total deposit amount. However, if you are withdrawing less than Rs.5 lakh after completing one year since the opening of the FD account, no penalty will be charged.
Yes, it is mandatory to have a bank account with BOI if you wish to open an FD account.
Yes, you can open an FD account in the names of two or more individuals.
No, you won’t have to pay anything to open an FD account with BOI. You will have to, however, make a minimum deposit to open an FD account.
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