Bank of India Double Benefit Term Deposit Scheme

Eligibility

· Individual — Single Accounts

· Two or more individuals — Joint Accounts

· Sole Proprietor 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 Institution.

Tenure

The minimum period of deposit is 6 months which is fixed period and the maximum period of deposit is 120 months.

Interest Payment

The interest is compounded on a quarterly basis and is paid at the time of maturity.