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  • Bank of India Star Flexi-Recurring Deposit Scheme

     4.5 / 5.0   by 10 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    The Star Flexi-Recurring deposit scheme offered by Bank of India provides customers with flexibility to invest surplus funds available as a deposit. The customer is given the option to choose the core installment amount and the monthly installment amount in multiples of the core amount. The Star Flexi-Recurring deposit scheme has no fixed maturity value and comes with a nomination facility for customers.

    Eligibility

    BOI Star Flexi-Recurring Deposit accounts can be opened with single applicants or as joint applications. Minors are also eligible to open a flexi-RD account with Bank of India.

    Features of BOI Star Flexi-Recurring Deposits

    Core Amount

    The minimum core amount that can be deposited monthly at urban and metro branches is Rs. 500 or in multiples of the same. The minimum core amount that can be deposited monthly at semi-urban and rural branches is Rs. 100 or in multiples of the same. There is no upper limit assigned on the minimum monthly core amount.

    • As flexible installments, customers can deposit any amount as multiples of the core amount during the tenure of the deposit.

    • Core amounts cannot be made in advance and any amount deposited above the core value will be considered as a flexi installment, provided the amount is in multiples of the core installment.

    • Customers can set up standing instructions for paying core amounts only.

    • The core amount is fixed and cannot be changed during the deposit tenure.

    • In order to avoid paying any penalty, customers have to make core installment payments every month.

    • The core and flexi installment amounts will carry only one maturity date.

    • Payments for the core and flexi installment amounts can be done during different dates.

    • Flexi installments would not be accepted on the last month of the recurring deposit tenure.

    Tenure

    The tenure taken for the flexi recurring deposit should be atleast 12 months to up to a maximum of 10 years, in multiples of three months.

    Interest rates

    Core installments carry a fixed interest rate as per the period when the recurring deposit account has been opened. Rates on flexible installments are decided based on the prevailing rates, when the deposit is being made.

    Penalty

    Bank of India imposes a penalty for non-receipt and delays of monthly installments. Non-deposit of flexi installments would not attract any penalty charges. For core installments, the charges would be Rs. 1.50 for every Rs. 100 per month for recurring deposits with tenures of five years and less. The penalty charges would be Rs. 2.00 for every Rs. 100 per month for recurring deposits with tenures above five years.

    Premature Closures

    If a flexi recurring deposit account is closed within three months of opening, then no interest would be paid on the flexi and core installments. If the account is closed after three months, before the maturity date, then normal penalty charges would apply.

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    Customer Reviews

  • Page 1 of 1
    • Bank of India Recurring Deposit
      "Good RD plan"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring Deposit account with Bank of India on 2014. I have used the RD account for past 2years. I got the Rate of interest with 8.7% in which BOI issued for the RD account. I have got profit around Rs.16000 to 20000. The rate of interest changed at present
      Was this review helpful? 0
      , kakinada
      Reviewed on Sep 26, 2017
    • Bank of India Recurring Deposit
      "Best rates "
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The bank of India recurring deposit service was really good.They are providing the plan in a fast manner.Their executives are able to provide the clear details about the account maintenance process.They have applied interest rate around 9.55% for the recurring account
      Was this review helpful? 6
      , bangalore
      Reviewed on Dec 17, 2015
    • Bank of India Recurring Deposit
      "Good bank"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      With BOI I have opened RD . One of my friend is a branch manager and I did not find any difficult. I did not face any difficulties in paper processing. Its 100% positive. I am holding this RD fore more than 6 months. There is no drawback no challenges as such.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 01, 2015
    • Bank of India Recurring Deposit
      "Near to my residence"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I hold an Recurring deposit account with BANK OF INDIA. Since the bank branch is located near to my residence opened an account with them. They will fix the rate of interest as per the RBI instructions. There was no additional or hidden charges with them. In the year 2002 I opened this account.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 06, 2015
    • Bank of India Recurring Deposit
      "Better.."
      BANK OF INDIA
      0.5 4.0/5 "Great!"
      Bank of India recurring deposit was recommended by my father I can use the amount for my future need after five years. It is 8.5% of rate and a kind of simple rate. The bank is calculating the rate on quarterly basis. No charges if we want to close the plan in midst of the tenure but 1% of interest would be reduced.
      Was this review helpful? 2
      , patna
      Reviewed on Sep 16, 2015
    • Bank of India Recurring Deposit
      "Save more"
      BANK OF INDIA
      0.5 4.0/5 "Great!"
      I am having the recurring deposit with the bank of india. The rate of interest is good with them and am happy for that. The services are also good and for the last two years am holding this account. The minimum lock in period is 1 year of time.
      Was this review helpful? 4
      , sambalpur
      Reviewed on Aug 26, 2015
    • Bank of India Recurring Deposit
      "Good "
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Two years once I usually apply for the recurring deposit with the Bank of India.The rate of interest and all we are not worried about that.The minimum lock in period is around from 6 months to unlimited.The services are good with them.The response is also very immediate.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jul 20, 2015
    • Bank of India Recurring Deposit
      "Excellent"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Its good to maintain a recurring deposit with Bank of India and the interest rate offered was recently increased to 8.9% which is really a good rat.They are not that good compared to HDFC Bank because HDFC is best.I will recommend BOI to others for maintaining a account.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 09, 2015
    • Bank of India Recurring Deposit
      "Its a good one"
      BANK OF INDIA
      0.5 4.0/5 "Great!"
      I am holding a Bank of India Recurring Deposit. It is a public sector Bank so I have invested here . Interest rate offered by them was 7% to 8% I would say it is not okay. As when I approach them for they charge huge interest which 17% to 18%. However when we approach them for the deposit they hardly provide 8%. I have given the basic documents for opening this deposit.
      Was this review helpful? 2
      , navi mumbai
      Reviewed on Mar 18, 2015
    • Bank of India Recurring Deposit
      "Good approach"
      BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      Bank of India Recurring deposit is quite satisfactory. Though not good its still better. I have approached them as I have BOI at my location . I have approached them many a times , the rate of interest offered by them was satisfactory. I have been to the branch to open this account and very less documents required for opening this account.
      Was this review helpful? 5
      , bangalore
      Reviewed on Dec 12, 2014
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