Investing money in Quarterly/Monthly Term Deposit it provides you with a fixed monthly income through interest to the investor for a certain period of time leaving the deposit amount intact. According to the instruction given by the depositor the bank is allowed to credit quarterly/monthly interest in the saving or current bank account and monthly interest is credited to the recurring deposit account.
Features
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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 Institution. |
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Minimum Amount |
Metro/Urban Branches : the minimum amount of deposit in metro and urban branches is Rs 10,000 Rural/Semi-Urban : the minimum amount of deposit in rural and semi urban branches is Rs 5000 |
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Senior Citizen |
Senior Citizen who opens an account under this scheme has to pay a minimum balance of Rs 5000. |
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KYC |
Applicable, to open this account one has to produce · Identity Proof · Address Proof |
Bank of India schemes
Bank of India Capital Gains Tax Saving Scheme
Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Bank of India Star Flexi-Recurring Deposit Scheme
Bank of India Double Benefit Term Deposit Scheme
BOI Star Yuva Account
Bank of India Saving Bank Ordinary Account
