Bank of India with its quarterly/monthly term deposit has provided the customers with an opportunity to avail attractive returns in the form of regular income keeping their original deposit amount intact. The rate of interest earned monthly/quarterly is credited to the depositor’s current or savings account whereas, as per the instructions set by the investor, the monthly interest earned is credited to the recurring deposit account.
Metro and Urban locations = 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||Interest shall be paid out either monthly or quarterly depending upon the applicable TDS.|
Minimum: 30 Days
Maximum: 120 Months (quarterly)
|TDS||TDS is directly associated with the payment interest for which the Permanent Account Number will be required to deduct the TDS.|
|Loan against Bank of India Quarterly/Monthly Deposit Scheme||N.A.|
|Nomination (if any)||N.A.|
|Premature withdrawals||Allowed without any extra charges or penalty.|
The depositor will be credited with the interest rate on quarterly/monthly basis based on the TDS deduction. Moreover, the interest rate may also be received in the form of actuals where the fixed deposit interest is paid out in every three months.