How To Open Online RD (Recurring Deposit) Account in BANK OF INDIA Through Internet Banking?

Finance Guru Speaks: This article is in continuation of the series of opening online Fixed Deposits and Recurring Deposits in various Banks.

In this article, I am providing information on how you can open online RD (Recurring Deposit) Account in Bank of India through Net Banking or Internet Banking.

You can also read:

How To Open Fixed Deposits In HDFC Bank Online Through NetBanking

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How To Open Online Recurring Deposit Account in SBI Through Internet Banking?

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Let’s get started!

Steps to open online RD account in Bank of India:-

1. Open Bank Of India website. Click on Personal link:-

Bank of India Internet Banking Login

2. Provide your User ID, Password & Captcha, and click on SUBMIT button.

Bank Of India Internet Banking

3. On the Home Page, click on Requests tab present at the top of the page. Now, click on Term Deposit Request link:-

Click to enlarge - Bank Of India RD Account

4. In the Requests -> Term Deposit Online, click on Open Term Deposit link as shown below.

Click to enlarge - Bank Of India RD Account

5. Select the Nature of Deposit as QUARTERLY INTEREST COMPOUNDED and click on Continue button.

Click to enlarge - Bank Of India RD Account

6. Select RECURRING DEPOSIT in the Term Deposit Schemes options to open a RD account and click on Continue button.

Click to enlarge - Bank Of India RD Account

7. Fill up the RD Form like Amount say Rs. 5000, Period say 6 months, your debit account (Say Savings account), your credit account, and so on. Click on Continue button.

Click to enlarge - Bank Of India RD Account

8. Confirm the RD account details by providing your UserID and transaction Password. Click on Confirm button present at the bottom of this page.

Click to enlarge - Bank Of India RD Account

Congratulations!! You have successfully created your online RD Account in Bank of India using Internet Banking.

Click to enlarge - Bank Of India RD Account

Important instructions provided by the Bank website:-

·         Please check your account for debit before submitting the same request again.

·         Physical advice will not be sent for Term Deposits booked through Netbanking. An electronic mail advice will be sent to you on your REGISTERED Email ID within 2 working days.

·         In case your Email ID is not updated with the bank, you are requested to contact the nearest branch and update your Email ID. Please verify your Email ID details given in Netbanking (Options-> My Profile)

·         At any point, if you wish to check your Term Deposit holdings, the same may be viewed under the Deposit Accounts page on Netbanking. In case you wish to have physical advice, you may walk into the nearest Bank of India Branch.

·         A copy of the Email advice may be submitted to the branch in case of premature liquidation of the deposit. The Email advice copy is as acceptable at our branches as the physical advice.

·         A depositor may nominate a single person as a nominee. A nominee cannot be an Association, Trust, Society, or any other organization or any office bearers thereof in his official capacity.

·         Online nomination not satisfying Nomination Rules as per Banking Laws and RBI instructions (as regards nomination), will be considered an invalid nomination.

·         The senior citizen customers will be given a preferential rate of interest provided they already have a Term Deposit account earning a preferential rate of interest applicable to senior citizens. Other Senior Citizen customers need to visit our branch to get a preferential rate of interest on their Term Deposit.

·         After successfully opening an online Recurring Deposit Account, you need to take care of timely deposit of all your subsequent installments in your account. This will not happen automatically. You may however use your Internet banking facility to deposit an installment amount in your RD account.

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Images Courtesy: Bank of India Internet Banking website

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