Bank of India Double Benefit Term Deposit

Bank of India Double Benefit Term Deposit Details
Minimum Deposit Amount Rs. 5,000 to Rs. 10,000
Tenure 6 months to 10 years
Interest Rate
  • 2.65% to 5.05% (general public)
  • Additional 0.50% rate for senior citizens
  • Additional 1% rate for staff/ex-staff/spouse of deceased staff

Bank of India (BOI) Double Benefit Term Deposit offers compounded interest every quarter on the principal. So, you earn more on the invested amount for a stipulated period. After maturity, you get the total balance. You cannot request interest paid monthly or half-yearly. This scheme is usually for short-term or medium-term gains. The tenure of the deposit is from 6 months to 120 months (10 years). All you have to do is submit the KYC documents with recent photographs to open the deposit account.

In this post, we will discuss BOI Double Term Deposit features, type of fixed deposit accounts, interest rates, premature withdrawal, and frequently asked questions.

Features of Bank of India Double Benefit Term Deposit

Here are the features of this BOI Fixed Deposit:

  • Rs. 10,000 is the minimum deposit amount for metro and urban locations
  • For rural and semi-rural locations, Rs. 5,000 is the minimum amount of deposit
  • Similarly, for senior citizens, the minimum deposit amount is Rs. 5,000
  • There are no criteria for a minimum amount in deposit for subsidy kept under sponsored schemes by the government, earnest money, Margin Money, and court-ordered/attached deposits for interest payment
  • You will receive the interest + principal at the time of maturity
  • Payment of interest is in respect to TDS laws. PAN number is important for the accounts where TDS is applicable

Types of Accounts

The following are eligible to access the BOI Double Benefit Term Deposit account:

  • An individual can open a single account
  • A joint account is for two or more individuals
  • Government and Quasi-Government Bodies
  • Partnership firms
  • Trusts
  • Minors
  • Sole Proprietor Concerns
  • Charitable institutions
  • Blind persons
  • Municipalities
  • Educations institutions including universities
  • Limited Companies
  • Religion institutions
  • Illiterate persons
  • Panchayats
  • Joint Hindu families for non-trading account
  • Associations, Societies, Clubs, etc

Bank of India Double Benefit Term Deposit Interest Rates

Bank of India Double Benefit Term Deposit Interest Rate is fixed for the selected tenure. The interest is quarterly compounded and paid with the principal at the end of tenure. The applicable rate of interest for senior citizens is listed in the FAQs section. Here is the rate of interest applicable for different tenures otherwise:

BOI Term Deposit Tenure Interest Rate for Deposit Amount of Less than Rs. 2 Crores Interest Rate for Deposit Amount of Rs. 2 Crores and Above But Less Than Rs. 10 Crores
7 days to 14 days 2.85 (minimum deposit Rs. 1 lakh) 3.00
15 days to 30 days 2.85 3.00
31 days to 45 days 2.85 3.00
46 days to 90 days 3.85 3.20
91 days to 179 days 3.85 3.25
180 days to 269 days 4.35 3.25
270 days to less than 1 year 4.35 3.25
1 year and above but less than 2 Yrs 5.00 3.50
2 years and above to less than 3 years 5.05 3.50
3 years and above to less than 5 years 5.05 3.50
5 years and above to less than 8 years 5.05 3.50
8 years & above to 10 years 5.05 3.50

Here are the BOI fixed deposit interest rates for the deposit amount of Rs. 10 crores and above:

BOI Term Deposit Tenure Interest Rate for Deposit Amount of Rs. 10 Crores and Above
7 days to 14 days 2.65
15 days to 30 days 2.65
31 days to 45 days 2.65
46 days to 90 days 2.65
91 days to 120 days 2.65
121 days to 179 days 2.65
180 days to 269 days 2.80
270 days to less than 1 year 2.80
1 year 2.90
1 year and above but less than 2 Yrs 2.90
2 years and above but less than 3 years 2.90
3 years and to less than 5 years 2.90
5 years and to less than 8 years 2.90
8 years and above to 10 years 2.90

Premature Withdrawal of BOI Double Benefit Term Deposit

Here are the related terms and conditions:

  • No penalty if you prematurely withdraw a deposit of value less than Rs. 5 lakhs. The penalty waiver, in this case, is for deposits withdrawn on or after completion of 1 year
  • If you prematurely withdraw a deposit less than Rs. 5 lakhs before the completion of 12 months then a penalty of 0.50% is deducted from the deposit balance
  • If you prematurely withdraw a deposit of Rs. 5 lakhs and over, then the penalty rate applicable is 1.00%
  • No penalty is applicable for premature withdrawal irrespective of the deposit amount if the same is done to renew for a longer period than that existing in the original contract
  • Also, no penalty is applicable if the term deposit is prematurely broken due to the death of the depositor/s
  • Terms for penalty applicable remains unchanged for Capital Gain Account Scheme
  • No penalty is applicable on premature withdrawals of Term Deposits by ex-staff, ex-staff senior citizens, current staff, spouse of the first account holder (deceased)

Bank of India Double Benefit Term Deposit FAQs

Here are the frequently asked questions:

The additional rate is applicable for deposits in the name of senior citizens, ex-staff or staff senior citizens. But the minimum tenure for such a deposit should be at least 6 months and above. The first account holder should be over 60 years of age at the time of opening the deposit.

Over and above the standard rates for the general public for a deposit of at least Rs. 5,000, the additional interest rate for senior citizens is 0.50% per annum. The deposit amount applicability is up to Rs. 2 crores of 6 months and over till 10 years.

1.50% (1% staff rate + 0.50% rate for senior citizens) per annum is the rate applicable over the already standard rate for deposits held by current staff/ex-staff over 60 years of age, spouse of deceased ex-staff or current staff. In this case, the deposit amount should be less than Rs. 2 crores of 6 months and over but up to 10 years.

For premature withdrawal, the rate of interest applied from the acceptance date of the fixed deposit to the actual period for which the same was held with the bank or the original rate of interest, whichever is lower is applicable.

There is no payment of interest if you withdraw the deposit below 7 days from the acceptance date. For NRE deposits, this limit is 12 months.