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 6.65%
Tenure
Up to 6 months.
Fixed Deposit Type
Short Term
Fixed/Short 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
Non Cumulative
Features
- Premature closure of the deposit is allowed.
- Deposit tenure starts from 7 days and up to 180 days.
Minimum Investment Amount
Not specified by the bank.
Features & Benefits
Pros
- Deposit tenure starting from 7 days.
- Additional concession for senior citizens.
Cons
- Low interest rates for certain tenure options.
- Interest payout will only be made at maturity.
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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About this content
Public source: Original MyRupaya page
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