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Save money while enjoying a higher interest rate with Bank Of India Recurring Deposits. Bank Of India Recurring Deposit Interest Rates differ for resident and NRI customers. Bank Of India Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a safe and convenient way of regulated savings for the fixed income group. It allows the account holder to deposit a fixed amount on a regular basis with the bank and earn an interest on it.
The interest earned is same as that of a fixed deposit without the need for a lumpsum deposit. This gives an advantage for recurring deposit account holders who want to invest a fixed amount of money on a monthly basis. Recurring deposits are a preferable way of saving for some planned expense in the near future.
About Bank Of India Recurring Deposit Rate
Bank of India offers competitive interest rates to benefit customer of recurring deposit accounts. It provides various facilities like flexible recurring deposits, nomination facility, premature withdrawal, etc.
Special rates are offered for NRI customers
An existing customer of Bank of India can open an account at the nearest branch. If you are an existing customer with valid internet banking credentials, you can open the recurring deposit account online too. All facilities like standing instructions, nomination facilities, maturity instructions can also be set online.
A new customer can also open a recurring deposit at any of the branches upon completion of the KYC documents verification. It would be prudent to carry the following KYC documents with you while you visit the branch
1. What is the minimum amount required to open a regular recurring deposit with Bank of India?
The minimum opening balance for a regular recurring deposit is Rs. 100 for semi-urban/rural branches and Rs. 500 for metro/urban branches.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 6 months and up to a maximum of 10 years.
3.Who all can open a recurring deposit?
Only individuals can open a recurring deposit
4. Is TDS applied on recurring deposits?
Yes, TDS is applied on the interest earned above a certain amount. The limit has been recently revised to Rs.40,000.
5. How is interest calculated on Star Flexi Recurring Deposit scheme?
Star Flexi account allows you to deposit surplus amount, in multiples of the core amount, any number of times in a month. However, the core amount earns interest at the rate prevailing during the time of opening the account, surplus amount earns interest at the rate prevailing on the date of deposit. Hence, there will be different interest rates applied on the deposits.
6. Can I close my recurring deposit within one month?
Yes, you can close your recurring deposit within one month. However, no interest shall be paid and only the principal amount shall be returned.
7. Is there a penalty for non-payment of monthly instalment?
The monthly instalment should be paid before the last calendar day of the month. Non-payment of the monthly instalment attracts a penalty charge
8. What is the minimum and maximum monthly instalment one can pay in the Star Flexi Recurring Deposit scheme?
The minimum core monthly instalment amount is fixed at Rs. 500 and in its multiples for metro and urban branches. It is fixed at Rs.100 for semi-urban and rural branches. The surplus amount that one wishes to deposit should be in multiples of the core amount. The account holder can deposit any number of times in a month.
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