1. Fixed/ Short Term Deposit Scheme
A fixed deposit (FD) or short-term deposit (STD) is a type of savings account where you deposit a lump sum of money for a fixed period while Bank of India provides a guaranteed return on your investment.
Features of Fixed/ Short Term Deposit Scheme:
- Eligibility: All the regular savings account customers are applicable.
- The interest rates on fixed deposits are usually higher than the interest rates on savings accounts.
- Interest Calculation for Short-term Deposits:For the short deposits that are repayable within 6 months, interest is calculated on the basis of actual number of days, based on a 365-day year.
- It is mandatory to open a BOI Savings Bank Account for regular disbursement of interest.
- The interest is paid half-yearly under the non-cumulative fixed deposit option.
- The minimum tenure of a short deposit is 7 days, while the fixed term ranges from 1 to 10 years.
- The minimum deposit under the short term is Rs. 1,000, whereas the minimum deposit under the fixed term is Rs. 10,000.
- Nomination Facility: Available
- Premature withdrawals after the completion of 12 months are allowed without any penalties.
- TDS is deducted on the interest payment as per your income tax slab
2. Bank of India Monthly / Quarterly Deposit Scheme
The deposit made in this type of account, known as Quarterly/Monthly Income Certificate. It offers a stable monthly income in the form of interest to the depositor for a predetermined duration while keeping the initial deposit amount intact.
Features of BOI Monthly/ Quarterly Deposit Scheme:
- Eligibility:
- Single Account (for Individual)
- Joint Account (for Two/more Individuals)
- Sole Proprietary Account
- Partnership Firms/ Hindu Undivided Families (HUF)
- Illiterate Persons
- Blind Persons
- Minor Individuals
- Associations/ Clubs/ Societies/ etc.
- Trusts/ Religious Institutions/ Charitable Institutions
- Municipalities/ Panchayats/ Government/ Quasi Government Bodies
- Educational Institutions/ Universities
- You can choose among the following interest payment options:
- Monthly: The monthly interest is paid at a discounted rate
- Quarterly: The quarterly interest is paid at the actual rate.
- Minimum Amount:
- Metro/ Urban Cities: 10,000
- Rural/ Semi-rural areas: Rs. 5,000
- For Senior Citizens: Rs. 5,000
- Maximum Tenure: 10 years
- Deposits with quarterly interest payments are treated as fixed deposits under the bank's scheme.
- The interest earned on a quarterly or monthly basis will be directly credited to the depositor's savings or current account.
- The interest payments are subjected to Tax Deduction at Source (TDS) as per your income tax slab.
- The scheme offers an additional interest of 0.5% to Senior Citizens.
- Premature withdrawals after the completion of 12 months are allowed without any penalties.
- Before the completion of 12 months, a 0.5% penalty is levied on deposits below Rs. 5 lakhs and 1% for deposits above Rs. 5 lakhs.
3. BOI Star Sunidhi Deposit Scheme (BOI Tax Saver FD)
BOI Star Sunidhi Deposit Scheme is a unique fixed deposit product that provides the dual benefit of tax savings and returns. A tax saver fixed deposit provides a tax deduction of up to Rs. 1,50,000 under Section 80C of the Income Tax Act.
Features of Star Sunidhi Tax Saver FD Scheme:
- Eligibility: Individuals and HUFs with PAN numbers can invest.
- Deposit Amount: Rs. 10,000 - Rs. 1.5 lakhs per year
- Type of Deposit: Fixed Deposit Receipt (FDR), Monthly Income Certificate (MIC), Quarterly Income Certificate (QIC), or Double Benefit Deposit (DBD).
- Tenure: 5 – 10 years
- Additional Interest Rate for Senior Citizens: Standard domestic term deposit rates, plus 0.50% for senior citizens.
- Premature Withdrawal: No premature withdrawal is permitted for the first 5 years.
- However, in case of death of the depositor, the nominee/legal heir may withdraw the deposit before the lock-in period.
- Advance Facility: Not available for 5 years from the date of deposit.
- Nomination Facility: Available
- Other Benefits: Tax exemption is allowed under Section 80C of the Income Tax Act, 1961.
- You can invest as small as Rs. 10,000.
4. Double Benefit Term Deposit Scheme
BOI Double Benefit Deposit Scheme offers a higher yield on the principal at maturity due to quarterly compounding.
Features of BOI Double Benefit Deposit Scheme:
- The interest paid under this scheme is compounded annually.
- The principal and interest are at maturity, and not monthly or semi-annually like other deposits.
- Tenure: 6 months – 120 months
- This scheme is suitable for short-term and medium-term investments
- Minimum Amount:
- Metro/ Urban Cities: 10,000
- Rural/ Semi-rural areas: Rs. 5,000
- For Senior Citizens: Rs. 5,000
- TDS is applicable on interest payments
5. BOI Special Deposit Scheme
- The Star Flexi Recurring Deposit scheme offers flexibility to the customer.
- You can choose a core instalment amount and monthly flexi instalments, which are multiples of the core instalment.
- Interest Rate: The rate of interest is same as that of regular fixed deposit scheme.
6. BOI Motor Accidental Claims Fixed Deposit (BOI MACAD) Scheme
The Star Motor Accidental Claimant Annuity Deposit (MACAD) is a new product that has been formulated for the disbursement of compensation awarded by a Tribunal/Court to victims/claimants of accidents. The MACAD has an in-built Term Deposit and a Savings Bank Account.
Features of BOI Double Benefit Deposit Scheme:
MACAD Term Deposit Account:
Particulars |
Details |
Objective |
- To deposit one-time lump sum amount as decided by the Court/Tribunal
- Deposited to receive it in Equated Monthly Instalments (EMIs)
- Comprises a part of the principal amount as well as interest
|
Eligibility |
- Adult Individuals
- Minors (through a guardian)
|
Mode of Account Holding |
Single |
Minimum Deposit Amount |
Depends on the minimum monthly annuity of Rs. 1000 |
Maximum Deposit Amount |
No Limit |
Tenure |
3 – 10 years |
Interest Rate |
Same as regular BOI FD interest rates |
Receipts |
Not provided |
Passbook |
MACAD passbook is provided |
Interest Payment |
The annuity amount is paid on a monthly basis to the MACAD Savings Account after deducting TDS |
Premature Withdrawal |
- Premature closure or part lump sum payment of MACAD during the life of the claimant will be made with the permission of the court
- No penalty is charged on premature closure
|
Taxation |
- Interest payment is subject to TDS as per Income Tax Rules.
- Form 15G/15H can be submitted by the Depositor to get an exemption from Tax deduction.
|
BOI MACAD Savings Bank Account
Particulars |
Details |
Eligibility |
- Adult Individuals
- Minors (through a guardian)
|
Mode of Account Holding |
Single |
Limit on Savings Account Balance |
No Limit |
Facilities NOT Provided under MACAD Savings Account |
- Cheque Book
- Debit Card
- Welcome Kit
- Internet Banking
- Mobile Banking Facility
- Transfer of Account
|
Mode of Withdrawals |
- Through withdrawal forms, or
- Through Bio-metric authentication
|
Account Open |
By visiting your nearest BOI bank branch |
Nomination Facility |
Not Available |
Rate of Interest |
As per regular BOI Savings Bank Account |
Bank Account Statement |
Available online |
7. Current Deposits Plus Scheme
Bank of India offers the Current Deposit Plus Scheme that combines a current account and a short-term deposit account.
Features of BOI Current Deposits Plus Scheme:
- Minimum Average Quarterly Balance in Current Deposit Account: Rs. 5 lakhs
- Minimum Average Quarterly Balance in Short Deposit Account: Rs.1 lakh
- Excess amount over Rs. 5,00,000/- will be transferred to the Short Deposit portion in multiples of Rs. 1,00,000/- for 7 to 90 days.
- Urgent fund requirements can be met by sweeping-in funds from Short Deposit portion in multiples of Rs. 1,00,000/- (LIFO basis, subject to availability).
- Interest Payment: Interest is paid on Short Deposit portion based on maturity period.
- Penalty-free early withdrawals are allowed to meet shortfalls as per the fund availability.
- Penalty of Rs. 1,000/- per quarter if Current deposit account's average quarterly balance falls below Rs. 5 lakhs.
- The interest payable is subjected to TDS as per IT Act, 1961.
- The scheme also offers automatic renewal and is applicable for tierisation with associated benefits.
- Eligibility:
- Corporates
- Proprietorship
- Partnerships
- Individuals
- Schools/ Colleges/ Other institutions (other than banks)
8. NRO Account Term Deposit Scheme
- Eligibility: Non-Resident Indians (NRIs)
- Exception- Indian residents in Bhutan and Nepal
- Facilities:
- Joint Account
- Nomination Facility
- Repatriation: Principal amount up to US$ 1 million is freely repatriable.
- Repatriation is subjected to Foreign Exchange Management Act (FEMA, 2000) guidelines from time to time.
- Currency for Deposits: Indian Rupees (INR)
- Tenure: 7 days – 10 years
- Interest Rate: 6.00% - 7.00% p.a. (for deposits below Rs. 2 crores)
- Taxation: TDS is deducted as per DTAA rules between India and the nation of residence
9. NRE Account Term Deposit Scheme
- The amount deposited in an NRE Term Deposit Account can be freely repatriated to the home country of the NRI.
- Eligibility: Non Resident Indians (NRIs)
- Joint Account
- Nomination Facility
- Currency for Deposits: Indian Rupees (INR)
- Tenure: 1 – 10 years
- Interest Rate: 6.00% - 7.00% p.a. (for deposits below Rs. 2 crores)
- Taxation: Exempt from income tax
10. FCNR (B) Term Deposit Scheme
- The deposited amount in the FCNR (B) account is freely repatriable.
- Currency of Deposit: US$/ GB£/ EU€/ JP¥/ AU$/ CA$
- Tenure: 1 – 5 years
- Eligibility: Non-Resident Indians (NRIs)
- Exception- Indian residents in Bhutan and Nepal
- Facilities:
- Joint Account
- Nomination Facility
- Taxation: The interest earned is exempted from income tax
11. RFC Term Deposit Account
- The deposits made in RFC account is freely repatriable.
- Currency of Deposit: US$/ GB£
- Tenure: 1 – 3 years
- Eligibility: Non-Resident Indians (NRIs)
- Exception- Indian residents in Bhutan and Nepal
- Facilities:
- Joint Account
- Nomination Facility
- Taxation: Interest income is exempt from tax as long as the individual is a resident but not ordinarily resident in India.
- If the individual becomes ordinarily resident in India, then TDS will be deducted at the rate of 10% plus surcharge as applicable.