How to Open Bank of India Fixed Deposit Account
Updated 03 Sep 2023
Are you searching for risk-free investments? Want to earn from your idle funds kept in the bank account? Don’t worry! We got you covered. Fixed Deposits are perfect for you.
Opening an FD with the Bank of India is an excellent choice for those contemplating a secure investment option. This blog simplifies the process of opening an FD account with the bank. Join us as we learn the step-by-step process for a hassle-free experience.
Opening an FD Account through various Modes
For a depositor who is an existing account holder of the bank (having Savings or current account) fixed deposit can be opened using the following procedure:
By Logging into the Internet Banking
Step 1: Visit the Bank of India website and navigate to the “Personal Login” tab. Provide username and password to log in.
Step2: Go to the “Fixed Deposit Tab”
Step 3: Enter all the details.
Step 4: Verify details and click confirm.
Step 5: A confirmation message will be displayed on the screen.
By using a Mobile App
Step 1: Download the Bank of India Mobile App and log in using your credentials.
Step 2: Select the 'Open FD' option from the app's main menu.
Step 3: Choose the type of deposit account you want to open based on your preferences and requirements.
Step 4: Provide all the necessary details, including your personal information, nominee details, and payment and maturity instructions.
Step 5: After you have verified all the details, click on the 'Confirm' button to complete the transaction.
Step 6: Once the transaction is successfully completed, you should receive a confirmation message on the screen indicating that your FD account has been opened.
Step 1: Visit the nearest branch office of the Bank of India.
Step 2: Ask for a Fixed Deposit Application Form and fill in all the details.
Step 3: Submit all the documentary proofs.
Step 4: Deposit the money.
Step 5: Collect the Fixed Deposit Receipt.
Bank of India FD opening Eligibility Criteria
Here is a list of those who are eligible to open an FD in the Bank of India:
- Any person in his individual capacity or more than one person in their joint name, any minor jointly with a guardian, can open a deposit with the Bank of India.
- Sole proprietary concerns
- Partnership firms
- Limited companies
- Associations, clubs, societies, etc
- Joint Hindu families (accounts of non-trading nature only)
- Government and Quasi-Government Bodies
- Religious institutions
- Educational institutions (including Universities)
- Charitable institutions are eligible to make deposits with the Bank of India.
Documents Required for Bank of India FD Opening
Know Your Customer (KYC) norms are mandatory for bank fixed deposits. The following documents are required to comply with KYC norms.
- Proof of identity: PAN Card, Driving Licence, Passport, Voter ID card, Aadhaar Card, Government/Defence ID card.
- Proof of residence: Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card, Bank Account Statement, Letter from statutory authority/local body, Income Tax Order.
- Proof of date of birth: Since higher interest rates are offered to senior citizens, a document stating the date of birth like a Passport, Voter ID card, Driving Licence, PAN Card, Aadhaar Card, Service Discharge Certificate, or PPO in case of a pensioner are submitted.
- In case of minors: Birth certificate issued by Gram Panchayat/ Notified Area Committee/Municipal Corporation.
- Recent passport-size photograph of the depositor.
When is the right time to invest in Fixed Deposit?
The right time to invest in bank FDs depends on factors such as the current interest rate scenario, the investor's financial goals, and the prevailing economic conditions. When interest rates are high, it may be a good time to invest in bank FDs as they offer higher returns.
What is the tenure of interest payment?
Bank offers monthly, quarterly, half-annual, yearly, and at-maturity interest payout choices for its FD plans.
Why should I invest in FDs when other investment options offer higher returns?
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
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