Bank of India for its customers has come up with fixed deposit scheme of different tenures. The short term fixed deposit offered by the bank is valid up to the holding period of less than or equal to one year.
Bank of India fixed short term deposit is an ideal deposit scheme for those who want to invest their money in some profitable products. Those who do not want to wait too long to obtain their benefits from a fixed deposit can opt for this scheme. Moreover, on the basis of number of days in a year (365), the short term deposit interests are paid.
Metro and Urban Branches = Rs.10,000/-
Rural and Semi urban Branches = Rs.5000/-
For senior citizens = Rs.5000/-
For per single deposit period of one to two weeks = Rs.1 Lac
Rate of Interest
The rate of interest is payable on a six-month basis that is; on 1st April or 1st October. In the case of national holidays, it will be paid the next day.
Minimum: 1 week
Maximum: 1 year
TDS is directly associated with the credit interest for which the Permanent Account Number will be essential to deduct the TDS.
Loan against Bank of India Short/Fixed Term Deposit
Nomination (if any)
Before the end of maturity period, the account holders under the short-term scheme can withdraw from their deposit amount without attracting any penalty. Moreover, the interest rate applied will be regarding the period for which the deposit remained with the bank
The rate of interest is payable on a six-month basis that is; on 1st April or 1st October. In the case of national holidays, it will be paid the next day. Also, the interest rate applied will be in terms of the period for which the deposit remained with the bank.
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