Bank of India Double Benefit Term Deposit

Bank of India Double Benefit Term Deposit is a scheme offered by the bank which promises higher yield on the principal amount after the end of the tenure and the interest generated is collected by the account holder at the end of the period.

The Double Benefit Term Deposit scheme is beneficial for short-term and midterm investments ranging from one year to ten years.   Moreover, one can also choose the deposit period of six months to ten years regarding this scheme.

Bank of India Double Benefit Term Deposit Eligibility Criteria:
  1. The applicant’s KYC details.
  2. Passport size photograph of the applicant along with the address proof and identity proof.
  3. Any of the following organization or individual may apply for the scheme:-
  • Single Accounts for Individuals
  • Joint Accounts for two or more individuals
  • Limited companies
  • Trusts
  • Sole Property Concerns
  • Societies, Associations, Clubs and more
  • Illiterate individuals
  • Minors
  • Partnership Firms
  • Municipalities
  • Handicapped Individuals (Blind)
  • Village Panchayats
  • Charitable Institutions
  • Educational Institutions
  • Joint Hindu Families
  • Government and Quasi-Government Bodies
  • Religious Institutions

Bank of India Double Benefit Term Deposit Features:

Account Type

·       Single Accounts for Individuals

·       Joint Accounts for two or more individuals

·       Limited companies

·       Trusts

·       Sole Property Concerns

·       Societies, Associations, Clubs and more

·       Illiterate individuals

·       Minors

·       Partnership Firms

·       Municipalities

·       Handicapped Individuals (Blind)

·       Village Panchayats

·       Charitable Institutions

·       Educational Institutions

·       Joint Hindu Families

·       Government and Quasi-Government Bodies

·       Religious Institutions 

Amount

Minimum Amount:

Metro and Urban Branches = Rs.10,000/-

Rural and Semi urban Branches = Rs.5000/-

For senior citizens = Rs.5000/-

For court attached/ordered deposits, Margin Money, Government sponsored schemes and earnest money subsidies, the minimum amount criteria are not applicable.

Maximum Amount: 

No limits mentioned

Rate of Interest

The rate of interest is paid at the end of the tenure along with the principal amount which is compounded quarterly.

Period (Multiple of 3 months)

Minimum: 6 months

Maximum: 10 years

TDS

TDS will be directly associated with the payment interest in the account for which Permanent Account Number will be essential to deduct the TDS.

Loan against ----Bank---- Scheme

N.A.

Nomination (if any)

N.A.

Pre-withdrawals

Before the maturity period, the account holders can request for repayment. However, the request is granted under the directives of RBI.

Conditions for premature withdrawal of deposits under the directives of RBI:-

Request for premature withdrawal:

As per the rules set by the bank, there will no penalties or charges applied regarding premature withdrawal. Moreover, the interest rate applied will be in terms of the period for which the deposit remained with the bank and not in terms of the contracted rate

Bank of India Double Benefit Term Deposit Interest Rates:

The rate of interest will be paid at the end of the tenure along with the principal amount which is compounded quarterly. TDS will be directly associated with the payment interest in the account for which PAN number will be essential to deduct the TDS.

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