BOI Saving Plus Scheme is a deposit scheme which is a combination of Saving Bank Account as well as Term Deposit Account. Earn higher returns on your investment with harming your liquidity.
Features
| Minimum Balance | · Saving Bank : the minimum balance for saving bank portion is Rs 25,000.
· Term Deposit : the minimum balance in Term Deposit portion must be Rs 5,000 |
| Auto-Sweep Facility | If the amount in your saving bank account exceeds Rs 25,000 then it is automatically swept out into the SDR or DBD portion in multiples of Rs 5000 on a daily basis. |
| Tenure | SDR portion : the minimum period is 15 days and the maximum day is 179 days.
DBD portion : the minimum period is 6 months and the maximum period is 10 years |
| Auto Renewal Facility | Available, up on maturity of the deposit account the principal in the SDR/DBD portion shall be auti-renewed for an equal period, while the interest shall be credited to the Saving Bank portion at the time of the due date. |
| Non-maintenance Charges | Non-maintenance of the required average balance in the account a penalty of Rs 200 is charged per quarter. |
| Rate of Interest | The rate of interest at present is 4% per annum |
| TDS | Applicable, as per extant rules. |
| Nomination Facility | Available, as per the norms of the bank. |
Get More Schemes of Bank of India
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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
