How to Open an RD Account in the Bank of India (BOI)?
I. Offline Process to Open an RD Account in Bank of India
Collect all of the documentation required for opening a Bank of India RD account and go to a local bank to request the intimation procedure. Throughout the application process, you will be assisted by a Bank of India representative. It is advised that you bring photocopies of your documentation with you.
II. Online Process to Open an RD Account in Bank of India
1. By Net Banking
- Go to the official website of the Bank of India.
- Hover over the ‘Login’ button at the top of the page. Select ‘Login’ from Internet Banking’s ‘Personal’ section.
- Select “Create Recurring Deposit.”
- Complete the form with the depositor’s and nominee’s details, if suitable.
- Once confirmed, the deposit amount will be deducted from the customer’s savings account, and a receipt will be emailed (for those who have registered for e-statement) or sent to the customer via post.
2. By Mobile Banking
- Open Bank of India Mobile, the bank’s mobile application.
- Click on the ‘Open RD’ button.
- Upon confirmation, the chosen amount will be deducted from the associated savings account and an RD account will be opened promptly.
If you have opted for an e-statement, you will receive a confirmation email; otherwise, a physical statement will be sent to you.
Bank of India (BOI) RD Interest Rates 2024
The Bank of India offers recurring deposits with tenure varying from three months to ten years. Depending on the tenure, the Bank of India’s RD interest rate might range from 3% to 7.25% p.a. A deposit can be opened for as little as Rs. 100 every month for periods in multiples of 3 years. Recurring deposits are one of the most effective strategies to save a small amount of your money each month without burdening yourself. Bank of India’s recurring deposit interest rates can help you gain a significant return on your investments, allowing you to reach your financial goals. Customers of the Bank of India have the option to open recurring deposits in the names of illiterates, blind people, two or more people (joint accounts), minors (under parental supervision), and individuals.
Table of Content
- Bank of India RD Interest Rates 2024
- Features of Bank of India (BOI) Recurring Deposit
- How to Open an RD Account in the Bank of India (BOI)?
- How to Calculate RD Interest Rates in Bank of India?
- Eligibility Criteria to Start an RD Account with Bank of India
- Documents Required for Starting an RD Account
- Types of Bank of India RD Accounts
- RD Premature Withdrawal Rules
- Frequently Asked Questions (FAQs)