How to Renew Fixed Deposit in Bank Of India

How to Renew Bank Of India Fixed Deposit Account?: Bank Fixed Deposit or Term Deposit is a deposit scheme where you can invest money in lump sum for a fixed pre-decided tenure at a given rate of interest. Bank Of India offers Fixed Deposit (FD) products of multiple tenures at competitive interest rates and with many other benefits like loan or overdraft facility against Fixed Deposit.

After the FD gets matured either the it has to be renewed, if you want to continue it, or, it has to be withdrawn.

There can be a situation when you do not want to withdraw the amount of FD on its maturity and want to renew it for some more time say 1 year or 2 years. It is to be remembered that the renewal or extension of FD happens at the prevailing interest rate at the time of renewal of FD.

There could be multiple reasons to renew or extend a bank Fixed Deposit Account after its maturity such as:

  • No requirement of funds presently
  • Better rate of interest being offered by the bank
  • You would be going out for long duration so want to withdraw after your return
  • Want to save funds through FD to accomplish your financial goals

In order to renew your Fixed Deposit Account, you may be interested to know how to renew bank Fixed Deposit Account? It seems tedious but it's very easy to get your FD account renewed, you just need to follow a few steps for the same.

How to renew Bank Of India Fixed Deposit Account?

If you have a Fixed Deposit Account with Bank Of India and interested to know how to renew it after maturity then following are the steps will have to follow:

(1) Submit a written request to Bank Of India for renewal or extension of your FD

In order to renew Bank Of India FD account, the first step is to write a request letter or application to the branch manager/ officer-in-charge of your bank branch for renewal of your existing FD for a period (which you want) on its maturity. In this letter, you need to mention all important details of your fixed deposit including FD amount, opening date of fixed deposit, FD certificate/ receipt number and date of maturity. You also need to mention the period for which you want to extend it in the letter. Please note that if there is/ are any joint holder/s in your account, all need to sign the letter for Renewal of FD.

(2) Attach your KYC (Know Your Customer) Documents

All the holders of the account need to attach a copy of KYC documents i.e. a copy of PAN, which also serves as your proof of identity and a proof of address to the FD renewal letter. The account holders may also be asked to self attest these documents.

(3) Submit FD Certificate or FD Receipt

When you apply for bank FD, the bank issues a FD certificate or FD receipt as a proof of fixed deposit. It shows the details like FD amount, Tenure and Rate of Interest. You need to carry this certificate or receipt to renew a fixed deposit. You need to submit FD certificate or receipt alongwith the letter of renewal or extension of FD. The banker will verify the documents submitted by you and if he/ she finds all the things are correct then you are asked to withdraw the balance amount in your account.

(4) Bank will issue Fresh FD Certificate or FD Receipt

After the renewal or extension of your bank FD, the bank issues fresh FD certificate or FD receipt as a proof of fixed deposit showing the details like FD amount, Tenure and Rate of Interest.

If you follow above steps, you would be able to renew your bank account in a hassle free manner. Banks generally send an email or SMS on your registered email id and mobile after your FD account is renewed.

Important Points Regarding Renewal of Bank Of India Fixed Deposit Account

  • For renewal of your FD, you need to visit that branch of the bank where you had opened the account.
  • Some of the banks offer renewal of FDs online also.
  • The interest on the renewed FD will be at the rates prevailing on the date of such renewal
  • Alternative, you can also give a standing instruction to the bank to renew your FD for a certain period on its maturity at the terms and conditions prevailing on the maturity date like rate of interest, minimum deposit amount, etc.
  • When any FD matures and you have not given any instructions for its renewal or also not withdrawaing funds then the bank auto-renews it until you claim the funds and pays interest of savings account on your maturity amount.

Find More Useful Links