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Bank of India FD - Scheme, Eligibility, Documents

Bank of India Fixed Deposit Highlights

Last Updated 09th Jul 2021

Bank of India fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.30%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 10,000 for Metro and Urban Branches and Rs. 5,000 for Rural and Semi Urban Branches
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Bank of India FD

    Bank of India is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Bank of India FD offers regular returns on fixed deposits ranging between 3.00% to 5.30%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 5.80%. In addition to that, Bank of India fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Bank of India Fixed Deposit Schemes

    Different type of Bank of India term deposit products offered to the investors are listed as follows:

    Regular Fixed Deposit

    Description:

    • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
    • Interest on the deposit will be calculated for the completed months
    • Nomination facility is available
    • Loan or overdraft against upto 90 per cent deposit is available

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
    Star Flexi Fixed Deposit

    Description:

    • Bank of India Star Flexi fixed deposit is a recurring deposit scheme that offers flexible investment option to the investors.
    • As per this deposit facility, one can choose the core investment plan and thereby can make monthly flexible instalments for the core investment plan.
    • The instalments can be made in multiples of Rs 500 and Rs 100 for urban and rural areas respectively.

    Eligibility:

    • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

    Benefits of Bank of India FD

    Bank of India fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Bank of India FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Bank of India offers FD rates up to 5.30%. The interest rates offered on Bank of India FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Bank of India term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Bank of India fixed deposit allows one to borrow a secured loan against Bank of India FD. Benefits of Loan Against FD of Bank of India are as follow:
      • Loan against FD of Bank of India offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Bank of Indias flexible repayment options.
      • The processing fee of Loan Against FD in the Bank of India is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Bank of India FD offers the investors the flexibility to choose the investment tenure as per their convenience. Bank of India offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Bank of India offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Bank of India fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000 for Metro and Urban Branches and Rs. 5,000 for Rural and Semi Urban Branches. Apart from that, one can invest in the Bank of India FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Bank of India means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Bank of India will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Bank of India fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Bank of India FD

    Bank of India FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Bank of India FD

    Bank of India fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Bank of India FD

    Credit Cards againstBank of India FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Bank of India FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Bank of India?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Bank of India offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Bank of India?

    Bank of India Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 10,000 for Metro and Urban Branches and Rs. 5,000 for Rural and Semi Urban Branches.

    What is the minimum amount for a fixed deposit in Bank of India?

    The minimum amount required for a fixed deposit investment in Bank of India fixed deposit is Rs. 10,000 for Metro and Urban Branches and Rs. 5,000 for Rural and Semi Urban Branches.

    What is the current interest rate on FD in Bank of India?

    Currently, Bank of India offers an interest rate ranging between 3.00% to 5.30% on its fixed deposits.

    What is the penalty for early withdrawal in Bank of India?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Bank of India?

    Bank of India fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Bank of India fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Bank of India FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Bank of India?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Bank of India?

    The documents required to open an FD account in Bank of India includes KYC documents and Passport size photos.

    In how many years FD doubled in the Bank of India?

    The time Bank of India fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Bank of India FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Bank of India fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Bank of India schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Bank of India safe for FD?

    Yes, the Bank of India is one of the safest avenues for any investments. Bank of India is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Bank of India?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Bank of India are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Bank of India News - Jul 2021
    • 2020-10-07 : Bank of India changed its FD rates for October
      Bank of India changed its Fixed deposits rates with effect from 1 October 2020. The FD rates for 7 to 45 days is 3.25%. for 46 to 179 days it is 4.25% and it is 4.75% for 180 days to one year. Further, the Fd rates for 1 to 2 year is 5.25% and it stands at 5.30% for 2 to 10 years.
    • 2020-08-10 : Bank of India revised its FD rates
      Bank of India changed its Fixed deposits rates with effect from 5 August 2020 to 31 March 2020. The FD rates for 7 to 45 days is 3.25%. for 46 to 179 days it is 4.25% and it is 4.75% for 180 days to one year. Further, the Fd rates for 1 to 2 year is 5.35% and it stands at 5.25% for 2 to 10 years.
    • 2020-03-12 : Bank of India revised its FD rates
      Bank of India changed its Fixed deposits rates with effect from 10 March 2020 to 31 March 2020. The FD rates for 7 to 45 days is 4.25%. for 46 to 179 days it is 5% and it is 5.75% for 180 days to one year. Further, the Fd rates for 1 to 2 year is 6.10% and it stands at 6.20% for 2 to 10 years.
    • 2019-09-13 : Bank of India revises FD rates
      With effect from September 10, 2019, Bank of India has revised its FD rates. The revised rate of interest for 7-45 days is 4.25%; for 46-179 days the rate is 5.50%, and for 180 days to 1 year the rate is 6%. For long term maturities of above 1-2 years rate of interest is 6.50%, and for two years and above the rate is 6.25%.
    • 2018-08-02 : Bank of India reports Q1 result profit rises 8%
      Bank of India has announced the Q1 result. The net profit rises 8% at Rs 95 crore against Rs 87 crore in the previous year. Strong growth net interest income and tax credit helped the bank report profit. Total deposits drop 5.36% on a year on year basis. CASA grew 3.4% to Rs 1.7 lakh crore.
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