Fixed Deposit Details
Bank Name
Bank of India
Eligibility
Individuals & Joint Accounts (Including Minors)
Interest Rate
Up to 7.95%
Tenure
12 months to 10 years.
Fixed Deposit Type
Flexi Recurring Deposit
Star Flexi Recurring Deposit
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Not specified by the bank. 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
Not specified by the bank.
Features
- Customers have to declare the monthly instalment i.e. “Core amount” at the time of opening of the account. Minimum:100.
- Flexi/Variable Monthly Instalment can be any number of times of the core limit.
- The tenure for this scheme can range from 12 months to 120months.
Minimum Investment Amount
100
Features & Benefits
Pros
- Loan/overdraft against deposit is available
- Flexible deposit option.
Cons
- Fixed core amount.
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.
Product Review
About this content
Public source: Original MyRupaya page
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