Founded in 1906 and nationalized by the year 1969, the Bank of India (BOI) has grown rapidly over the years and has evolved into a prominent financial institution with a strong national presence and sizable international operations.
Among a wide range of banking and financial services, the bank offers various types of Fixed Deposit (FD) options. BOI FDs are popular among the bank’s customers because of different interest payout options, flexible tenure ranges and attractive interest rates. Read on to learn about different ways to access the Bank of India FD form to open an FD account with BOI.
What Is the Bank of India FD Form?
Different investment instruments are popular among people for different reasons. If you find low-risk investment instruments with moderate but guaranteed returns most reliable, then a fixed deposit should suit you best. It allows you to deposit a lump sum in your bank, for a fixed period at a predetermined rate of interest. In return, you receive your invested amount along with the accumulated interest, once the tenure ends.
BOI FD form is the document which you fill out and submit to initiate the opening of your FD account. The form contains various sections and fields to capture all the information from you, which is needed by the bank to open your FD account. It also contains terms and conditions you must agree to by ticking appropriate boxes.
How to Book FD with Bank of India FD Form?
Here is a step-by-step guide on how to book Bank of India FD.
- Step 1: Visit the nearest Bank of India branch.
- Step 2: Get directions (if needed) from bank executives to collect the FD Application Form.
- Step 3: Fill out the Bank of India FD application form and attach all the necessary KYC documents. Submit the form along with the deposit money.
Once the bank successfully processes the application, it will send an FD receipt.
How to Fill the Bank of India FD Form?
The BOI FD form has separate sections with clearly labeled fields which is quite easy to understand by the customer. However, in case of any confusion, while understanding the instructions given in the form, you have the option to seek assistance from a bank representative who can guide you on what information to enter in each field.
Documents Required with FD Form to Open FD with Bank of India
1. Proof of Identity (Any One)
- PAN card
- Aadhaar card
- Ration card with photograph
- Voter ID
- Senior Citizen ID wherever applicable
2. Proof of Address (Any One)
- Telephone bill
- Electricity bill
- Passport
- Certificate issued by Post Office
- Driving license
BOI FD Break Form
BOI FD break form or FD closure form is the document you need to fill out and submit to the bank along with KYC documents and FD receipt, when you decide to close your FD prematurely. In such a case, you are likely to be charged by the bank a penalty of 0.5% to 1% of the total deposit amount. However, if you withdraw less than ₹5 lakhs after the completion of one year from the date of account opening, the bank will not charge any penalty.
Final Word
The Bank of India FD form is easily accessible by visiting any BOI branch. Available FD options at BOI include fixed deposits with quarterly or monthly pay outs, flexible tenures and attractive interest rates. After submitting the form, the bank opens your FD account for you to start your investment journey.
FAQs
No, a new customer cannot hold a BOI FD account online. Only existing customers can book an FD online through internet banking. New/prospective customers who are opening an FD for the first time will have to visit a BOI branch.
The individuals and businesses who are eligible to apply for a Bank of India fixed deposit scheme, are Resident Indians (individual and joint account holders, minors, senior citizens), societies, trusts, sole proprietorships, companies, and clubs. non-resident Indians (NRIs).
Upon non-submission of PAN card, TDS will be deducted by the Bank of India at a penalty rate of 20%. Moreover, you will not be able to avail TDS credit or your TDS certificate in such a case.
The highest rate of interest offered by BOI FD at present is 7.25%. However, the BOI FD rates vary with tenure.
Yes, you can close your BOI FD online through internet banking or mobile banking without much hassle. You can also do it in case of premature withdrawals.
It is compulsory to provide your mobile number, PAN and Aadhaar card details, to open a fixed deposit account at BOI.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
