Bank of India is one of the most trusted banks in the entire country and it has one of the largest numbers of customers. BOI has always tries to safeguard the interest of its customers and their customer relationship service is one of the best in the country. Like most banks, BOI also has a number of good schemes that the customers can benefit from by investing in and the Bank of India Monthly Income Scheme is one of the best ways of investing money for a limited time period. This is great for those who want a fixed monthly income through their investments, like those who have retired or even students.
Money can deposited in this type of deposit, whether quarterly or through monthly income certificate provides a fixed income through the interest earned by the depositor on his savings. The investment is made for a specified time period and the deposit amount remains intact. The Quarterly or the Monthly Interest will be transferred to the savings or current account as the depositor instructs the bank. The monthly interest may also be credited in a recurring deposit account of the depositor. The KYC documents like PAN and other details like residence proof, and Photo ID, along with PAN would be required for opening an account.
The following are the people who might open an account under this scheme:
- The account may be opened by Individual – which would mean a Single Account, or it can be opened by two or more individuals, as in a Joint Account. Those with Sole Proprietary Concerns as well as those who have Partnership Firms may open the account.
- Apart from them, this account is also suitable for Illiterate Persons, Blind Persons and Minors- as opened by the parents, so that there can be a fixed income which can be utilized for their needs. There are also a number of Limited Companies, Associations, Clubs, Societies, etc and Trusts that can make use of this account.
- Bodies like Municipalities, Government and Quasi-Government Bodies, Panchayats, Religious Institutions, Educational Institutions- which includes Universities and Charitable Institutions can also open this account. This would ensure that these bodies have a fixed monthly income generation which can be used for various acts of welfare.
- The amount to be invested in such schemes should be a minimum of Rs 10,000 in urban branches and Rs 5000 in rural and semi rural branches. It is also the best investment options for senior citizens too, the minimum amount to be invested is Rs 5000. However, the minimum amount criteria is not going to be applicable for Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached or ordered deposits.
Among the many monthly income investment options in India, BOI has one of the most lucrative options. The interest for this scheme is mostly around 7.5% but it is reset from time to time based on the RBI guidelines. However, for a particular account the interest remains the same for the duration of the entire deposit. The advantage here over other banks is that the deposits too can be made monthly or quarterly, which will slowly increase the corpus of the depositor and allow him to get higher returns through investment as time goes by. This is not allowed by many other banks and the amount submitted at the deposit is fixed.
Bank of India plans to bring out similar schemes in the future as well which will help in the generation of the interest and higher ROI for the customers.