BOI Quarterly Deposit FD Scheme 

What is the BOI Star Quarterly Deposit FD?

This scheme allows you to invest a lump sum for a fixed period (ranging from 12 months up to 10 years). Instead of compounding the interest until the end of the term, the bank pays out the interest earned at fixed intervals, every quarter, directly into your current or savings account. 

Key Exceptions to Minimum Amount

The bank waives the minimum deposit criteria for specific legal or government-related funds. The minimum amount limits mentioned above will not apply to:

• Subsidies kept under Government-Sponsored Schemes
• Margin Money or Earnest Money deposits
• Court attached/ordered deposits

Investment Criteria For BOI Star Quarterly Deposit FD

The scheme has specific entry requirements based on location and depositor type:

• Metro & Urban Branches: Minimum deposit of ₹10,000
• Rural & Semi-Urban Branches: Minimum deposit of ₹5,000
• Senior Citizens: A uniform minimum of ₹5,000, regardless of the branch location

Key Benefits & Features of BOI Quarterly Deposit FD Scheme 

1. Stable Income: 

   The interest is credited to your savings or current account every quarter. You can also instruct the bank to credit the monthly interest into a recurring deposit (RD) account.

2. Liquidity: 

   You can avail of a loan against FD or an overdraft facility up to 90% of the deposit amount without closing the account.

3. Full Repayment: 

   On maturity, the entire principal amount you initially invested is returned to you.

4. Tax Efficiency: 

   While interest is taxable, you can submit Form 15G/15H to avoid TDS if your total income is below the taxable limit.

5. Fixed Regular Income: 

   Provides a guaranteed monthly or quarterly income stream for a specified tenure (up to 10 years).

6. Principal Protection: 

   The initial deposit amount remains intact and is returned in full upon maturity.

7. Flexible Payout Options:

   • Quarterly Payout: Interest is paid at the actual contracted rate every three months.
   • Monthly Payout: Interest is paid every month at a discounted value (to account for the earlier payout compared to quarterly compounding).

8. Credit Instructions: 

   Payouts can be automatically credited to your Savings or Current Account.

   • Alternatively, monthly interest can be redirected into a Recurring Deposit (RD) account to help build a secondary corpus.

   People also read: FD Calculator

Types of Accounts That Can Be Opened Under BOI Quarterly Deposit FD Scheme 

•  Individual — Single Accounts
•  Two or more individuals — Joint Accounts
•  Sole Proprietary Concerns
•  Partnership Firms
•  Illiterate Persons
•  Blind Persons
•  Minors
•  Limited Companies
•  Associations, Clubs, Societies, etc.
•  Trusts
•  Joint Hindu Families
•  Municipalities
•  Government and Quasi-Government Bodies
•  Panchayats
•  Religious Institutions
•  Educational Institutions
•  Charitable Institutions

Conclusion 

The BOI Star Quarterly Deposit FD Scheme is a non-cumulative investment plan designed to provide a constant income stream with total principal protection. By investing a lump sum for a period of 12 months to 10 years.To provide liquidity, a monthly payout option is available at a discounted rate. The minimum deposit is ₹10,000 for Metro/Urban branches and ₹5,000 for Rural/Semi-Urban branches, with a uniform ₹5,000 limit for senior citizens across all locations. This is a reliable choice for entities, ranging from individual retirees and minors to limited companies and charitable trusts.