Bank of India Star Sunidhi Tax Saving Deposit Scheme
| Bank of India Star Sunidhi Tax Saving Deposit Scheme | |
|---|---|
| Minimum Deposit Amount | Rs. 10,000 per annum |
| Tenure | 5 years to 10 years |
| Interest Rate | 5.05% |
Bank of India Star Sunidhi Tax Saving Deposit Scheme helps you manage your investment better. It allows you to plan your finances and save taxes. It has several facilities such as nomination, minimum deposit amount (Rs. 10,000), flexible tenure, single and joint application, and a lot more. The interest rate is as per that of the bank’s domestic term deposits. This fixed deposit (FD) scheme is available for individuals and Hindu Undivided Families who have PAN numbers.
In this post, we will discuss Bank of India (BOI) Star Sunidhi Tax Saving Fixed Deposit features, eligibility, interest rate, tenure, type of deposit, loan facility, tax benefits, premature withdrawal, other terms and conditions, and frequently asked questions.
Features of BOI Star Sunidhi Tax Saving Deposit Scheme
Here are the features of this BOI fixed deposit:
| Account Type | Single and joint |
| Amount |
Min: Rs.10,000 per annum Max: Rs.1,50,000 per annum |
| Interest Rate | 5.05% |
| Period |
Minimum of 5years Maximum of up to 10 years |
| Type | QIC/FDR/DBD/MIC |
| Loan against Bank of India Star Sunidhi Tax-Saving Deposit Scheme | A loan facility is available after the completion of 5 years of the deposit |
| Nomination (if any) | Available |
| Tax Exemptions | Tax exemptions under Section 80C of the Income Tax Act, 1961 |
Bank of India Star Sunidhi Tax Saving Fixed Deposit Interest Rate
Here are the details of the interest rate of BOI Star Sunidhi FD:
- The standard rate of interest is 5.05%
- Additional 0.50% applicable over the standard rate for senior citizens
- Additional 1.50% applicable for the standard rate for the spouse of deceased staff/ex-staff, and staff/ex-staff of the bank
Bank of India Star Sunidhi Tax Saving FD Premature Withdrawal
Here are more details:
- A loan facility is not available if the deposit has not been completed 5 years
- But these conditions do not apply if the withdrawal is because of the depositor’s death before the maturity of the FD
- In the above case, there is no penalty application for the legal heir/nominee
- The payment of the fixed deposit amount is also allowed to the legal heir/nominee in this instance
BOI Star Sunidhi Tax Saving Fixed Deposit Terms and Conditions
Here are the terms and conditions:
- Nomination is not applicable if the FD is held by or on behalf of a minor
- If you open a joint account, then only the primary depositor is eligible for tax exemptions
- The FD is not allowed to be pledged as security for any loan or advance
Frequently Asked Questions about This BOI Fixed Deposit
Here are the Features of BOI Star Sunidhi Tax Saving Deposit Scheme FAQs:
1. What Types of Investment Scheme is This FD?
Bank of India Star Sunidhi Tax Saving FD is for long-term investment. Here, you can save taxes on amounts up to Rs. 1,50,000 every year.
2. Does BOI Provide the Star Sunidhi Scheme in Particular Branches?
No, the bank has this scheme open for an eligible individual in every branch. You can also take benefit of the nomination facility.
3. Can You Choose Any Tenure for the Deposit?
You can keep the FD account for at least 5 years and up to 10 years, maximum.
4. Is There an Advance Facility?
There is no loan on the FD for 5 years from the date of opening the fixed deposit account.
5. Can You Make Premature Withdrawals?
Yes, you can make a premature withdrawal only after the completion of 5 years from the date of deposit. It will come with an applicable penalty though. Terms and conditions for premature withdrawals have been discussed in this post in the above pointers.