If you are thinking of earning more profit by investing in less time, then Bank of India has come up with a fixed deposit scheme maturing in only 444 days for its customers.
Regular customers and senior citizens of the bank can also invest in this FD scheme. If you are not a customer of Bank of India, then you will need to open an account.
What are the benefits of investing in FD
Banks have increased interest rates on fixed deposit schemes since the RBI increased the report in December. Because of this, along with senior citizens, a large number of young investors and parents are planning to invest in FDs for the better future of their children. Because there is no risk of money sinking in FD investment and there is a guarantee of getting profits. Along with this, investors can also take loan through FD.
Disadvantages or Premature Withdrawal Conditions in FD Investment There is no disadvantage in investing in Fixed Deposit Scheme of any bank. But, if the investor breaks the FD before the maturity time or makes premature withdrawal of the FD, then he has to pay a penalty in a certain percentage.
According to the terms of premature FD withdrawal of Bank of India-
- There will be no penalty for premature withdrawal when the FD is being renewed for long term investment.
- For deposits less than Rs 5 lakh, no penalty will have to be paid for withdrawal after 12 months.
- Premature withdrawal before 12 months will attract a penalty of 0.50 per cent for deposits less than Rs 5 lakh.
- Deposits of Rs.5 lakh or more will attract a penalty of 1.00 per cent for premature withdrawal.
Make a profit of about 1 lakh in 444 days
Bank of India is offering 7.05 percent interest rate to general customers on investment in 444 days FD, while 7.55 percent interest rate has been offered to senior citizens on the same tenure. If seniors invest Rs 10,00,000 for 444 days, they get a direct profit of around Rs 96,150. In this way, he gets a total return amount of Rs 10,96,150.
