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.
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
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.
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.
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.
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.
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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