Bank of India Fixed Deposit Account

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.

Bank of India Fixed Short Term Deposit Eligibility Criteria:

  1. The KYC details of the applicant.
  2. Identity proof, Address proof and a passport size photograph of the applicant.
  3. Any of the following organization or individual may apply for the scheme:-
  • Educational institutions
  • Village Panchayats
  • Charitable institutions
  • Religious institutions
  • Minors
  • Government and Quasi-Government Bodies
  • Municipalities
  • Joint Hindu Families
  • Handicapped Individuals
  • Illiterate individuals
  • Societies, Associations, Clubs, etc
  • Partnership firms
  • Trusts
  • Limited companies
  • Single Account for an Individual
  • Joint Account for two or more individuals
  • Sole proprietary concerns

Bank of India Fixed Short Term Deposit Features:

Amount

Minimum Amount:

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

Maximum Amount: 

N.A.

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.

Deposit Period

Minimum: 1 week

Maximum: 1 year

TDS

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

N.A.

Nomination (if any)

N.A.

Premature withdrawals

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

Bank of India Fixed Short Term Deposit Interest Rates:

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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