Double Benefit Term Deposit|Bank of India Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Bank of India

Eligibility

Individual — Single Accounts Two or more individuals — Joint Accounts Sole Proprietory Concerns Partnership Firms Illiterate Persons Blind Persons Minors Limited Companies Associations, Clubs, Societies, etc., Trusts Joint Hindu Families (accounts of non-trading nature only) Municipalities Government and Quasi-Government Bodies Panchayats Religious Institutions Educational Institutions (including Universities) Charitable Institutions

Interest Rate

Up to 7.95%.

Tenure

6 months to 120 months.

Fixed Deposit Type

Regular

Double Benefit Term Deposit

Tax Benefits

None

Credit Ratings

CRISIL A1+

Interest Payment Frequency

At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

Cummulative/Non-Cummulative

Cumulative

Features

• Minimum deposit amount of Rs 5000.
• There is no limit to the maximum deposit amount.
• The maximum deposit period is 10 years.
• Additional concession in interest rate for senior citizens.

Minimum Investment Amount

5000

Features & Benefits

Pros

• No limit on the maximum deposit amount.
• Additional concessions in interest rates for senior citizens.
• Quarterly compounding of interest.

Cons

• Interest payout at the time of maturity only.

Pros & Cons

How to Open?

Online:

• Internet Banking: Log in to your Bank of India NetBanking account. Navigate to the "Fixed Deposit" section. Select the "Open FD" option. Choose the type of deposit account (general, senior citizen, etc.). Fill in the required details, including deposit amount, tenure, nominee information, and maturity instructions.Review the details and confirm the transaction.
• Mobile App: Download the Bank of India mobile app.Log in to your account. Follow the steps similar to internet banking to open an FD.

2. Offline:

• Visit a Bank Branch: Visit your nearest Bank of India branch. Fill out the necessary FD application form. Submit required documents, such as:PAN card Aadhaar card Address proof Passport size photographs Deposit the desired amount.

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