Bank Of India Fixed Deposit Rates

Check out the Bank of India FD Rates

Bank of India is offering multiple fixed deposit options for its customers on their surplus savings for a fixed tenure. For this, the customers need to make a single time deposit to their FD account at the time of opening an account with the bank. These customers don’t need to deposit more money and cannot withdraw any money in the account during the period of depositing the money into the account. The fixed deposit of the bank of India is considered to have a higher rate of interest in comparison to their saving deposits.

Contents

Benefits:-

• As the name implies, this is a tax-saving fixed deposit scheme offered by the Bank of India that offers income tax benefits for the account holders under Section 80C of the Income Tax Act, 1961 and the limit can go up to Rs. 1.5 lakh per financial year The tenure ranges from 5 years to 10 years The minimum deposit amount needed is Rs.
• In Bank Of India Fixed Deposit account, a fixed sum of money is deposited for fixed tenure usually for a period from 7 days to 10 years. A higher interest rate is offered on fixed deposits which vary from bank to bank according to the amount deposited and duration of investment.
• No interest payable for NRE Term Deposits remained with the Bank for less than 12 Months & hence, No Penalty. Nil Penalty- Deposits of less than Rs.5 Lacs remained with the Bank for 12 Months and above Penalty @1.00% - Deposits of Rs. 5 Lacs & above withdrawn prematurely after completion of 12 months.
• Additional rate of interest over and above card rates for General Public for minimum deposits of Rs.5000/-(in case of Term Deposits) & Rs.100/- (in case of Normal RD account & Rs.1000/- for Flexi RD Accounts) up to Rs.2 Crore for term deposits of 6 Months & Above to 10 years.

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• The interest on the deposit is calculated for the completed months.
• There is proper nomination facility available.
• Loan or overdraft up to 90 percent deposit is available.

FD and its details:-

Premature Withdrawing Process

There is facility of premature closure of term deposit with the bank of India that is along with lower interest rate of 0.50%. This is liable with deposits less than Rs 5 lakh and 1 % for deposits above Rs 5 lakh than that of contracted rate. The penal provisions for the premature closure on Bank of India FD that are subjected to change from time to time and can also deposit the schemes.

Loan Against Fixed Deposit

Bank Of India Fixed Deposit Rates 2016

The bank of India is offering with loan up to 90% against own deposit. The bank of India is not offering any loan against the FD of any other bank. Loan is offered against FD at the rate of 5% to 7.7%. the minimum loan tenure is restricted to maximum tenure of FD.

Documents Required Opening Fixed Deposit Accounts

Various documents required to open fixed deposit account in the bank of India are like:-

• Identity proof like PAN card, voter ID card, passport, driving license.
• Address proofs like telephone bill, electricity bill, bank statement with cheque.

The customer is required to open the FD account at the time of opening the account with the bank. There is no facility to deposit more of money and withdraw any money in the account during the tenure of deposit. Interest rate to the account is calculated for the completed months and not for half of the month.

Note: – RBI is the deciding authority for the changes in any kind of FD rates of interest occurring from time to time. The FD interest rates are liable to change on notification from the Reserve Bank of India with defined formats.

Gayatri Mohapatra

Gayatri Mohapatra has 10 years of experience in content writing. She write on all niches specially with banking (worked as a professional Banker for 4 years). She is keen learner for which she choose this profession.

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