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Types of Bank of India Recurring Deposits
Bank of India offers different types of recurring deposits to its customers that are suited to their unique requirements. The following are the key features of the Bank of India flexi recurring deposit known as the Bank of India Star Flexi Recurring Deposit Scheme:
| Bank of India Star Flexi Recurring Deposit Scheme | |
| Deposit Amount | Minimum Rs. 100 per month in rural/semi urban branches
Minimum Rs. 500 per month in urban/metro branches No maximum limit on BOI Star Flexi RD |
| Flexi Deposit Amount | Any amount in multiple of the minimum core deposit amount
No limit on the number of flexi deposits in a month |
| Tenure | Minimum – 12 months
Incremental tenure in multiples of 3 months Maximum – 120 months (10 years) |
| Eligibility | Only Individuals including minors and joint holding accounts.
Institutions, HUFs not allowed to open/operate BOI Star Flexi RD Scheme |
| Maturity | Maturity for both flexi and core deposits occurs at the same time |
| Other Features | Core Deposits are not allowed in advance.
Flexi and core deposits need not be made together |
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Bank of India Recurring Deposit Interest Rates 2023
RD Interest rates of Domestic/NRO Deposits of less than Rs 2 crore w.e.f. from 1 November 2022
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 2.85 | 2.85 |
| 15 days to 30 days | 2.85 | 2.85 |
| 31 days to 45 days | 2.85 | 2.85 |
| 46 days to 90 days | 3.85 | 3.85 |
| 91 days to 179 days | 3.85 | 3.85 |
| 180 days to 269 days | 4.60 | 5.10 |
| 270 days to less than 1 year | 4.60 | 5.10 |
| 1 year to less than 2 years (except 555 days) | 5.75 | 6.25 |
| 555 days | 6.30 | 6.80 |
| 2 years to less than 3 years (except 777 days) | 5.75 | 6.25 |
| 777 days | 7.25 | 7.75 |
| 3 years to less than 5 years | 6.25 | 7.00 |
| 5 years to less than 8 years | 5.75 | 6.50 |
| 8 years to 10 years | 5.75 | 6.50 |
Notes: 1. *Minimum deposit Rs1 lakh
2. Additional 50 bps is offered to senior citizens on tenors 6 months and above
3. Senior citizens are offered additional premium of 25 bps, over and above the existing 50 bps on deposits (less than Rs. 2 crore) for all the tenors of 3 years and above i.e. 75bps.
Get Details of BOI RD returns using Recurring Deposit Calculator
Bank of India RD Interest rates of Domestic/NRO Deposits of Rs 2 crore to less than Rs 10 crore w.e.f. 20 August 2022
| Tenure | Interest rates for Regular Citizens (%) p.a. |
| 7 days to 14 days | 4.50 |
| 15 days to 30 days | 4.50 |
| 31 days to 45 days | 4.50 |
| 46 days to 90 days | 4.75 |
| 91 days to 179 days | 5.25 |
| 180 days to 269 days | 5.40 |
| 270 days to less than 1 year | 5.40 |
| 1 Year to less than 2 years (except 555 days) | 6.25 |
| 555 days | 6.25 |
| 2 Years to less than 3 Years (except 777 Days) | 4.50 |
| 777 days | 4.50 |
| 3 years to less than 5 years | 4.50 |
| 5 years to less than 8 years | 4.50 |
| 8 years to 10 years | 4.50 |
Bank of India Recurring Deposit Eligibility Criteria
The following individuals and organisations/institutions are eligible for opening a recurring deposit account with Bank of India:
- Individuals (can operate account singly or jointly)
- Minor RD account opened by guardian
The following are non-individuals who are allowed to open BOI RD account but not the BOI Star Flexi Recurring Deposit:
- Hindu Undivided Family (HUF)
- Sole Proprietors
- Charitable organisations
- Associations/Clubs
- Joint Stock Company/Firms
- Educational Institutions
- Other non-individuals as per RBI regulations
Bank of India Recurring Deposit Application Form
A recurring deposit application can be submitted either by visiting the nearby Bank of India branch or the official Internet banking website of BOI. You can either choose to download the BOI RD Account Opening Form from the bank website or obtain the paper form from your nearby Bank of India branch. Once you have downloaded/obtained the paper form, you need to fill it out and submit it at a BOI branch to open a BOI recurring deposit/flexi RD account.
Documents Required for Opening Bank of India RD
The following is the list of documents that are required when opening a Bank of India recurring deposit for Indian residents:
- PAN Card copy (Applicant can submit Form 60 / Form 61 if PAN card not available)
- 2 colour passport size photos of account holder(s)
- ID and address proof copy of applicant (according KYC requirements of Bank of India)
- Additional documents to be submitted on basis of requirements specific to non-individual RD applicants.
BOI RD Penalties for Missed Deposits
Bank of India applies the following penalties in case deposits into recurring deposit accounts are not made in a timely manner by the RD account holder:
- Rs. 2 for every Rs. 100 shortfall per month in case of RD tenure is greater than 5 years.
- Rs. 1.5 for every Rs. 100 shortfall per month if RD tenure is less than/up to 5 years.
This penalty is applicable only to core RD deposit and no penalty is applicable in case of flexi deposit amounts.
Premature withdrawal Penalty for BOI RD
If a BOI RD account/flexi account is prematurely closed within 3 months of account opening, no interest will be paid to the account holder. However, if the RD account is closed after completion of 3 months but before the actual contracted maturity of the account, interest is payable at a lower rate as compared to the booked rate. The applicable interest rate in case of prematurely closed deposit is equal to the prevailing RD rate applicable to the tenure completed at the time of premature withdrawal of the BOI RD.
Bank of India Loan against Recurring Deposit
Depositors can avail a loan against their Bank of India RD by using the balance in their RD account as security for the loan. Typically, the interest rate as well as tenure in case of a BOI loan against RD varies on the basis of RD tenure, interest rate available on the RD as well as the loan amount opted for. The exact details of a Bank of India loan against recurring deposit can be checked by contacting the nearby BOI branch.