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


Finance Guru Speaks: This article is in continuation in 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.

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Let’s get started!

Below are the steps which will guide you in opening online RD account in Bank of India:-


1.     Open Bank Of India website. You can see Star Connect Retail link. Click on that link.
Bank of India Internet Banking Login
Bank of India Internet Banking Login
2.     Provide your User ID and Password and click on Login button.

Bank Of India Internet Banking
Bank Of India Internet Banking
3.     Your Home Page will be opened. Click on Requests tab present at the top of the page.
Open Bank Of India RD Account
Click to enlarge - Bank Of India RD Account
4.     In the Requests -> Submit Requests page, click on first option – Term Deposit Request

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account
5.     In the Requests -> Term Deposit Online, click on Open Term Deposit link as shown below.

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account
6.     Select the Nature of Deposit and click on Continue button.

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account
7.     In the Requests -> Term Deposit Online -> Select Scheme page, select RECURRING DEPOSIT in the Term Deposit Schemes options to open a RD account and click on Continue button.

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account
8.     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.

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account
9.     Confirm the RD account details by providing your UserID and transaction Password. Click on Submit button present at the bottom of this page.

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account

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

Bank Of India RD Account
Click to enlarge - Bank Of India RD Account Created

Important instructions provided by the Bank website:-

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

·         Physical advices 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 a 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 nominee. A nominee cannot be an Association, Trust, Society or any other organisation or any office bearers thereof in his official capacity.

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

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

·         After successfully opening 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 installment amount in your RD account.

Also Read

More Articles on BANK OF INDIA


Images Courtesy: Bank of India Internet Banking website



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