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Fixed Deposit

Bank of India FD RatesBank of India offers Fixed Deposit schemes to individuals both for a short term period as well as for a long term period. There are different types of schemes offered by the bank with varied features and attractive rates of interest. Let us have a look at the various schemes on offer:
 

Types of Fixed Deposit Schemes offered by the Bank
 

  1. Double Benefit Term Deposit
  2. Fixed or Short Term Deposit
  3. Quarterly / Monthly Term Deposit

Bank of India FD Rates 2017

FD Tenure

Interest Rates (in %)

Regular Citizens Senior Citizens
7 days to 14 days 4.00* 4.50
15 days to 30 days 4.25 4.75
31 days to 45 days 4.25 4.75
46 days to 90 days 5.75 6.25
91 days to 120 days 6.00 6.50
121 days to 179 days 6.00 6.50
180 days to 269 days 6.25 6.75
270 days to less than 1 year 6.25 6.75
1 Year & above to less than 2 Yrs 6.60 7.10
2 years & above to less than 3 years 6.50 7.00
3 years & above to less than 5 years 6.30 6.80
5 years & above to less than 8 years 6.25 6.75
8 years & above to 10 years 6.25 6.75

*Minimum deposit of Rs 1 Lakh.

Note: The rates applicable with effect from 13.09.2017 are subject to change without prior information. Maximum deposit allowed is below Rs 1 Crore.

Double Benefit Term Deposit

This deposit scheme yields a higher maturity benefit compared to other schemes. The features of the Double Benefit term deposits scheme are as follows:
 

  • Interest is compounded on a quarterly basis and is reinvested with the Principal.
  • Deposit tenure ranges from 6 months to 120 months, i.e. 10 years.
  • Account can be opened by individuals (joint or single), sole proprietorship concerns, partnership firms, illiterate or blind persons, minors, limited companies, associations, clubs, societies, trusts, HUFs, municipalities, government and quasi-government bodies, panchayats, religious institutions and educational institutions.
  • Minimum deposit amount is Rs. 5,000 for rural and semi-urban branches and Rs.10, 000 in metros and urban branches
  • TDS is applicable for interest earned on the deposit
  • Pre mature withdrawals allowed
  • Senior Citizens are given an additional interest of 0.50%
Fixed or Short Term Deposit

A deposit scheme for periods less than 12 months. The features of the Fixed or Short Term Deposits scheme are as follows:
 

  • Account can be opened by individuals (single or joint), sole proprietorship concerns, partnership firms, illiterate or blind persons, minors, limited companies, associations, clubs, societies, trusts, HUFs, municipalities, government and quasi-government bodies, panchayats, religious institutions and educational institutions
  • Minimum quantum of deposit is Rs.5000 rural, Rs.10, 000 for FDR in Metro and Urban and semi-urban branches
  • Minimum deposit period is 7 days and
  • TDS is applicable for interest earned on the deposit
  • Premature withdrawals of deposits are allowed

Quarterly / Monthly Term Deposit

A monthly income deposit scheme for the individual. The features of the Quarterly or Monthly Term Deposit scheme are as follows:
 

  • Interest is calculated monthly or quarterly
  • Account can be opened by individuals either solely or jointly, sole proprietorship concerns, partnership firms, illiterate or blind persons, minors, limited companies, associations, clubs, societies, trusts, HUFs, municipalities, government and quasi-government bodies, panchayats, religious institutions and educational institutions
  • Minimum deposit amount is Rs.10, 000 in metros and urban branches and Rs.5000 for rural and semi-urban branches and also for senior citizens
  • Maximum deposit period is 10 years

Recurring Term Deposit-
 

A deposit scheme where deposit is payable monthly over a specified period of time. The features of the Recurring Term Deposit scheme is as follows:
 

  • Interest is calculated on a quarterly basis and is payable on maturity
  • Account can be opened by individuals either solely or jointly, illiterate or blind persons and minors
  • Maximum deposit period is 10 years
  • Minimum monthly deposit is Rs.500
  • TDS will be applicable on the interest earned on the deposits

Star Sunidhi Tax Saving Deposit Scheme-
 

A deposit scheme designed to save tax under Section 80C of the Income Tax Act. The features of the Star Sunidhi Tax Saving Deposit scheme are as follows:
 

  • Account can be opened by individuals and HUFs having a valid PAN Card
  • Minimum deposit amount is Rs.10, 000
  • Minimum deposit tenure is 5 years to be eligible for tax exemption
  • Premature withdrawal is not allowed under before the completion of 5 years
  • Nomination facility is available
  • Advance facility is not available for the lock-in period of 5 years
  • Deposit cannot be used to pledge as collateral against any loan
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