With the facility of Star Flexi-Recurring Deposit Scheme you get to enjoy the flexibility to choose the basic installment and to also choose monthly flexi installments which shall be in the multiples of the basic installments.
Features
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Eligibility |
· Individuals · Joint Accounts · Minors |
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Minimum core monthly installment amount |
Metro/Urban Branches : the minimum core monthly installment in this branches is Rs 500 Rural/Semi-Urban Branches : the minimum monthly installment in this branches are Rs 100. |
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Minimum amount of Monthly installment |
There is no upper limit for minimum amount of monthly installment |
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Flexi installment |
It could be of any amount in multiples of core monthly installment initially preferred at the time of opening the account. |
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Tenure |
The minimum time period is 12 months and the maximum time period is 10 years. |
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Nomination Facility |
Available |
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Passbook Facility |
Not available |
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Auto-renewal Facility |
Not available |
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Premature Closure |
In case of premature closure of the Flexi Recurring Deposit Account there are no interest that shall be paid on the core and Flexi installments. However, in case of premature withdrawal normal penalty charges are levied. |
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Late Payment Penalty |
Penalty is charged on late payment as per the applicable rules. |
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Maturity Value |
There is no fixed maturity value. |
Terms and Condition
- There are no advance core installment. When an amount is deposited which is above the core installment then it is considered as the Flexi installments for that particular month, however, this flexi installments must in multiples of the core installment.
- Standing Instruction from the customer is only accepted for the core installment.
- The core installment is decided at the time of opening the account and it is fixed and cannot be changed thereafter.
- To avoid the burden of penlaty of late payment you must pay the core installment monthly before the due date.
- You cannot pay the core installment in advance.
- Flexi installments could be several times more then the core installment.
- There is only one maturity date on both the core and the flexi portion.
Schemes Offered By Bank of India
Bank of India Capital Gains Tax Saving Scheme
Bank of India Star Sunidhi Tax-Saving Deposit Scheme
Bank of India Quarterly/Monthly Term Deposit Scheme
Bank of India Double Benefit Term Deposit Scheme
BOI Star Yuva Account
Bank of India Saving Bank Ordinary Account
