BOI RD Interest Rates 2023: Invest a fixed sum of money on a monthly basis in Bank of India Recurring Deposit and enjoy attractive interest rates. Build up your savings through regular monthly deposits of a fixed sum over a period of time with BOI RD. This is an excellent option for those with lower earnings, as the monthly deposit amount is very manageable in a BOI Account. Bank of India Recurring Deposit (RD) is an ideal way to invest small amounts of money every month and end up with a substantial fund on maturity.
Recurring Deposit provides customers with an opportunity to securely build up their wealth through regular monthly deposits of a fixed sum over a period of time. Invest small amounts in Recurring Deposit and enjoy Fixed Deposit interest rates! Maximize its benefits to suit your needs.
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- 1 Key Advantages of BOI Recurring Deposit
- 1.1 BOI RD Interest Rates 2023
- 1.2 Bank of India – Senior Citizen RD Interest Rates
- 1.3 Terms and Conditions on Bank of India RD Account:
- 1.4 How to Apply for Bank of India RD Account:
- 1.5 Recurring Deposit: Special Features:
- 1.6 Documents Required to Open BOI RD Account: Proof of Identity:
- 1.7 List of Other Banks Offering RD
- 1.8 Frequently Asked Questions (FAQ) – BOI RD Interest Rates 2023
Key Advantages of BOI Recurring Deposit
FEATURES | BENEFITS |
---|---|
Attractive Interest Rates | 🌟 Upto 7.20% for Senior Citizens, Upto 6.70% for Individuals |
Flexible Tenor Options | 📅 Minimum Tenor: 6 Months, Maximum Tenor: 10 Years |
Minimum Amount | 💵 As low as ₹ 500 |
Deposit Multiples | 💸 As low as ₹ 100 |
Ease of Booking | 🖱️ Open RD on click of a button using internet or mobile banking |
BOI RD Interest Rates 2023
Tenure | Rates for General Citizens | Rates for Senior Citizens |
---|---|---|
180 days – 269 days | 📆 4.35% | 🌟 5.85% |
270 days – 364 days | 📆 4.35% | 🌟 5.85% |
1 year – 1 year 364 days | 📆 5.00% | 🌟 5.50% |
2 years – 2 years 364 days | 📆 5.05% | 🌟 5.55% |
3 years – 4 years 364 days | 📆 5.05% | 🌟 5.50% |
5 years – 7 years 364 days | 📆 5.05% | 🌟 5.55% |
8 years – 10 years | 📆 5.05% | 🌟 5.55% |
Bank of India – Senior Citizen RD Interest Rates
Bank of India offers attractive interest rates on Recurring Deposit (RD) tenures for senior citizens. Here are the key terms and conditions for Bank of India RD accounts:
Terms and Conditions on Bank of India RD Account:
- Loan against deposit: Customers can avail a loan against their RD deposit with high-interest rates, similar to fixed deposit rates.
- Investment amount: A minimum investment of Rs. 500 (and multiples of Rs. 100 thereafter).
- Tenure: Minimum tenure of 6 months (in multiples of 3 months thereafter) up to a maximum of 10 years.
- For NRI customers: The minimum tenure for NRI customers is 12 months.
- Smaller investment, high returns: Enjoy interest rates equivalent to regular Fixed Deposits with a much smaller monthly investment.
- Closure for non-payment: BOI reserves the right to close the RD if a customer misses 5 consecutive instalments.
- Eligibility: Open to resident individuals, Hindu Undivided Families, private & public limited companies, trusts, and societies.
How to Apply for Bank of India RD Account:
- Existing BOI customers can open an RD through the bank’s Mobile Banking Application and Internet Banking.
- Visit the nearest BOI branch to open an RD.
- Contact BOI, and a Customer Care Executive will help with the application process.
Recurring Deposit: Special Features:
- Enjoy interest rates comparable to regular Fixed Deposits with a smaller monthly investment.
- Invest as little as Rs. 1000 (and multiples of Rs. 100 thereafter) or as much as Rs. 14,99,900 per month.
- Tenure: Minimum 6 months (in multiples of 3 months thereafter) up to a maximum of 10 years.
- Submit 15G/H form easily through Netbanking.
- Set instructions to convert RD into an FD at maturity.
- Avail the nomination facility while booking the deposit online.
Documents Required to Open BOI RD Account: Proof of Identity:
- Aadhaar Card
- Passport
- PAN card
- Voter ID card
- Driving license
- Government ID card
- Photo ration card
- Senior citizen ID card
Address Proof:
- Aadhaar Card
- Passport
- Telephone bill
- Electricity bill
- Bank Statement with Cheque
- Certificate/ ID card issued by the Post office
List of Other Banks Offering RD
🏦 Banks | 🏦 Banks | 🏦 Banks | 🏦 Banks |
---|---|---|---|
State Bank of India | HDFC Bank | ICICI Bank | Axis Bank |
Indian Bank | RBL Bank | IDBI Bank | IDFC Bank |
Corporation Bank | Andhra Bank | PNB Bank | Canara Bank |
Union Bank of India | Central Bank | Bank of India | Bank of Baroda |
Jana Bank | AU Bank | Equitas Bank | UCO Bank |
Syndicate Bank | Allahabad Bank | Kotak Mahindra Bank |
Frequently Asked Questions (FAQ) – BOI RD Interest Rates 2023
Bank of India offers attractive interest rates on RD. For senior citizens, the rates go up to 7.20%, and for individuals, it can be as high as 6.70%. Please refer to the official bank website or contact the bank for the most up-to-date rates.
The minimum tenor for a Bank of India RD is 6 months, and it can go up to a maximum of 10 years. For NRI customers, the minimum tenure is 12 months.
Yes, NRI customers are eligible for Bank of India RD with a minimum tenure of 12 months.
Existing customers can open an RD through the bank’s Mobile Banking Application and Internet Banking. Alternatively, you can visit the nearest BOI branch or contact the bank for assistance.
The minimum investment amount for a Bank of India RD is as low as ₹500, and you can deposit in multiples of ₹100 thereafter.