Bank of India Domestic Term Deposits FD

What is Bank of India Domestic Term Deposits FD

One type of investment account offered by the Bank of India, a prominent public sector bank in India, is the Bank of India Domestic Term Deposits FD (Fixed Deposit). Customers can deposit their savings for a set time at a set interest rate in this safe and secure investment option.

A domestic term deposit (FD) with the Bank of India can have a tenor of seven days to ten years, and the interest rate paid varies according to the deposit amount and the selected tenure. The interest rates that the Bank of India offers on domestic term deposits are typically competitive and change according to the state of the market.

Eligibility Criteria for Bank of India Domestic Term Deposits FD

• Age: Customers of the Bank of India must be at least 18 years old to open a term deposit account. However, minors can also open a bank account with a guardian's assistance.

• Citizenship: NRIs (Non-Resident Indians) and Indian citizens are qualified to open term deposit accounts with the Bank of India.

• KYC Documents: As part of the Know Your Customer (KYC) procedure, you must submit specific documents to create a term deposit account with the Bank of India. These include papers like an Aadhaar card, a PAN card, a passport, a voter identification card, a driver’s licence, etc.

• Funding: You must deposit a minimum amount to open a term deposit account with the Bank of India.

Documents Required to Open a Bank of India Domestic Term Deposits FD

You must provide specific documentation as part of the Know Your Customer procedure to open a Bank of India Domestic Term Deposits FD account. The paperwork needed to start a Bank of India Domestic Term Deposits FD account is as follows:

• You must present legitimate identity evidence, such as an Aadhaar card, PAN card, passport, voter identification card, driving licence, etc.

• You must present a legitimate proof of address document, such as an Aadhaar card, passport, voter identification card, driving licence, etc.

• Passport-size photos: Under the bank’s requirements, you must submit passport-size photos.

• If a joint account is opened, all account holders’ KYC documentation will be needed.

Key Attractions of the Bank of India Domestic Term Deposits FD

• Safe and Secure: Bank of India, a prominent public sector bank in India, has a long history of dependability and trustworthiness. Customers can invest safely and securely in the bank’s fixed deposit accounts because they are, to a certain extent, covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

• Competitive Interest Rates: Bank of India provides domestic term deposit accounts with competitive interest rates, typically greater than standard savings accounts. The bank offers a range of interest rates based on the size of the deposit and the selected term.

• Flexible Tenure Options: Bank of India provides domestic term deposit accounts with flexible tenure options with terms ranging from 7 days to 10 years. This allows customers to select a tenure based on their investment objectives and financial needs.

• Choice of interest payout option: Customers of the Bank of India have a variety of interest payment schedules, including monthly, quarterly, half-yearly, annual, and at maturity. This lets customers select the solution that best fits their cash flow needs.

Features & Benefits of Bank of India Domestic Term Deposits FD

• Tenure: Bank of India offers domestic term deposit accounts with varied tenure options with terms ranging from 7 days to 10 years.

• Minimum deposit: Depending on the kind of account and the tenure selected, a minimum deposit may be needed to start a Bank of India Domestic Term Deposits FD account.

• Premature withdrawal: Customers may withdraw their deposits early, but only under specified conditions, including paying a penalty.

• Loan Facility: Customers may use the loan facility provided by the Bank of India against their domestic term deposit accounts in times of financial need.

• Nomination opportunity: The Bank of India provides a nomination opportunity for its domestic term deposit accounts.

• Safe and Secure: Up to a specific amount, the Deposit Insurance and Credit Guarantee Corporation (DICGC) would safeguard Bank of India Domestic Term Deposits FDs from loss.

• Competitive Interest Rates: Bank of India provides domestic term deposit accounts with competitive interest rates typically more significant than standard savings accounts.
• Choice of interest payout: Customers have various interest payout options to select from, including monthly, quarterly, half-yearly, yearly, and at maturity, to meet their cash flow needs.

• Tax savings: By opening a tax-saving fixed deposit account with a 5-year lock-in period, customers can take advantage of tax savings under Section 80C of the Income Tax Act of 1961.

• Bank of India Domestic Term Deposits FDs provide investors with guaranteed returns, making them a low-risk investment alternative.

How to Apply for Bank of India Domestic Term Deposits FD

●       Visit the Bank of India branch closest to you or use the bank’s official website.

• Request the account opening form for the FD account for domestic term deposits.

• Include all necessary information on the account opening form, including your name, address, and deposit amount.

• Send the completed account opening form and the required paperwork, including identification and address proofs and passport-size photos.

• Under the bank’s rules, pay the deposit using cash, a cheque, a demand draught or an online transfer.