People do not understand the importance of saving money unless they are faced with difficult times in life. If you are someone who does not save money, you should start doing so as soon as possible. You never know when you will face an uncertain event in life that will bring a lot of financial troubles for you. Hence, it is important that you save money so that you will enough resources to deal with all kinds of financial emergencies in life. The fixed deposit schemes offered by various banks, such as the one offered by Bank of India, can provide you with the ideal tool to save money without any difficulty.
Overview of Bank of India
Bank of India was established in 1906 in the city of Bombay (now known as Mumbai) in India by a group of eminent businessmen. It has played an important part in the growth of banking and financial services in India. Today, the bank serves millions of customers and offers across different sectors. The bank has attained worldwide recognition and fame, and it is one of the founding members of SWIFT or the Society for Worldwide Inter Bank Financial Telecommunications. Bank of India currently operates more than 4000 branches in India, which are spread across every nook and corner of the country.
Bank of India also has a strong international presence with 29 offices/ branches in countries around the globe. The bank holds domestic as well as ACU licences in Singapore and offers services across segments such as Loans & Syndications, Trade Finance, Forex Covers, Remittance Services and so on. The bank commenced its operations in Singapore in 1951 and since then it has offered world class services to its customers in the island nation. The range of products offered by Bank of India in Singapore also include fixed deposits.
Why Choose Bank of India Fixed Deposit?
You will enjoy attractive interest rates, the flexibility to deposit in multiple currencies and a variety of other advantageous features when you opt for the fixed deposit scheme offered by Bank of India. Besides, the process of opening a fixed deposit account with the bank is very simple and you can download the account opening form online.
Features and Benefits of Bank of India Fixed Deposit
- A fixed deposit account can be opened by an individual singly or jointly.
- A fixed deposit account with Bank of India can also be opened by a firm or company.
- The deposits can be made in multiple currencies such as: Singapore Dollar, US Dollar, Euro, Australian Dollar, British Sterling Pound, Canadian Dollar, New Zealand Dollar, Swiss Francs and Japanese Yen.
- You will need to make a minimum deposit of USD 1,000, SGD 2,000 or a minimum of 1,000 in any other currency to open a deposit account.
- The Singapore Dollar deposits will be covered by the Deposit Insurance Scheme offered by the Singapore Deposit Insurance Corporation.
Fees and penalties
- No interest will be paid for deposits below 1 million if the amount is withdrawn within 30 days.
- A fee of 1 percent of the transaction amount will be charged for deposits and withdrawals made in US Dollars.
- For deposits made in other currencies apart from Singapore Dollars, the interest rate offered and the exchange rates can be very volatile.
- If the deposits are withdrawn before the maturity of the term, the bank will levy a penalty on the interest rate, which will be at the sole discretion of the bank.
Note – You will need to seek permission from the bank if you want to withdraw the amount before the maturity of the term. Also, in case of joint accounts, all the account holders need to give their written request for withdrawal of the deposit amount.
Things to Remember Before Applying For Bank of India Fixed Deposit
- The confirmation of the deposit agreement will be sent to the latest address that you provide to the bank.
- If you want to make changes to your deposit account when renewing it after the end of the term, please send instructions about the same to the bank minimum two days before the term expires. Otherwise the deposit account will be renewed at the same rate and with the same standing instructions.
- Bank of India will not accept fax instructions but at certain times the customers can authorize the bank for executing their instructions through communications faxed to the bank.
- In case of joint accounts, all the account holders will need to provide their signatures for making any changes to the account.
- The bank should be notified immediately in case of: change of address, partners or directors of the firm/ company, authorised signatories, changes made to the Articles of Association of the company etc.
Documents Required to Apply Bank of India Fixed Deposit
- You will need to submit the following documents when you apply to open a fixed deposit account with Bank of India:
- A photocopy of your passport or other government ID proof
- Latest photograph (passport size)
- You will also need to produce the original documents for verification
- Sole proprietors, partnership firms and societies/ associations will need to provide a copy of their registration certificate.
- You will also need to submit other documents are required by the bank
Note - Please contact the Deposits and Services department of Bank of India in Singapore to know more about the deposit schemes and to get answers to all of their queries and questions.
Bank of India FD Frequently Asked Questions (FAQs)
- What is the minimum amount that I will need to deposit for opening an FD account with Bank of India?
- How to open a fixed deposit account with Bank of India Singapore?
- Can I make a deposit in Indian Rupee?
- Does the Deposit Insurance Scheme cover deposits of all amounts?
- Where is the branch of Bank of India situated in Singapore?
You will need to deposit a minimum amount of SGD 2,000 or a minimum of 1,000 in any other currency to open a deposit account.
You will need to download, fill and then submit an account opening form and submit it along with the required documents for opening a fixed deposit account with the bank.
No, the bank does not accept deposits in Indian Rupee.
No, the deposit insurance scheme covers deposits of up to SGD 50,000.
The Singapore branch of the bank is situated on 138, Robinson Road.