Bank Of India RD Form

I want the Application form of Recurring Deposit of Bank Of India so can you please provide me?

Recurring Deposit is a special type of deposit account which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period.

The deposits in this type of account earn compound interest on quarterly basis.

Opening of Recurring Deposit Accounts-

A Recurring Deposit account where the compounding of interest is to be done on quarterly basis shall be accepted for periods in multiples of three months only upto the maximum period of ten years.

Form







Minimum Amount of monthly instalment

Recurring Deposits will be in equal monthly instalments.

The core monthly instalment should be minimum Rs. 500/ in Metro and urban Branches and Rs.100/- or above in Semi urban/Rural Branches and in its multiples.

There is no maximum limit.

Instalments of any calendar month should be paid on or before last working day of that calendar month and if it is not so paid
penalty will be charged on the instalments in arrears at the following rates

Rs.1.50 for every Rs.100/- p.m. for deposits of 5 years and less

Rs.2.00 for every Rs.100/- p.m. for deposits of over 5 years

Where installments in the account are deposited in advance, penalty payable in respect of delayed instalments may be waived by the Bank if the equal number of advance installments are deposited.

Customer service: 1800 22 0229

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Answered By StudyChaCha Member