Bank of India Quarterly / Monthly Term Deposit

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.

Bank of India Quarterly/Monthly Term Deposit Scheme Eligibility Criteria:

  1. The Know Your Customer (KYC) documents of the applicant.
  2. A passport size photograph, Address proof and Identity proof of the applicant.
  3. Any of the following organization or an individual can apply for this scheme:-
  • Educational institutions
  • 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 Quarterly/Monthly Term Deposit Features:

Amount

Minimum Amount:

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 

Maximum Amount: 

N.A.

Rate of Interest

Interest shall be paid out either monthly or quarterly depending upon the applicable TDS.

Deposit Period

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.

Bank of India Quarterly/Monthly Term Deposit Interest Rates:

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.

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