Penalty details

BOI

Sr No. Effective Date Amount of Deposits Remarks
1 01.01.2005 All fresh and renewed Domestic Rupee Term deposits for Rs.1 Cr & above Penalty waived
2 01.04.2005 All fresh and renewed Domestic Rupee Term deposits for Rs. 25 Lacs and above. Penalty waived
3 01.12.2008 All fresh and renewed Domestic Rupee Term deposits Penalty waived
4 27.06.2011 All Domestic Rupee Term Deposits of Rs.1 Cr & above received / renewed on or after 27.06.2011. Penalty imposed
5 21.03.2012 All fresh and renewed deposits Domestic Rupee Term Deposits Penalty waived
6 09.02.2015 Premature withdrawal of NRE Rupee Term Deposits:-
In the occurrence of premature withdrawal on NRE Rupee Term deposits-

If the NRE deposit has not run for a minimum stipulated maturity (presently twelve months) no interest is payable.
For Term Deposits opened / renewed on or after 09.02.2015
There was a penalty of 1% on premature withdrawal of NRE TD for 1 year and above w.e.f. 7/10/1998. This has been waived w.e.f. 09.02.2015.
No penalty on premature withdrawal of NRE TD for all fresh and renewed deposits w.e.f. 09.02.2015 till 31.03.2016.
NRE Deposit prematurely withdrawn after 12 months but before original maturity, the Interest will be payable at a rate applicable on the date of acceptance of the deposit, to the period for which deposit remained with the Bank or the contracted rate whichever is lower.
7 01.04.2016 Penalty on Premature withdrawal of fresh and renewed Domestic, NRO & NRE Rupee Term Deposits w.e.f. 01.04.2016 Applicable for Domestic & NRO Term Deposits –
Nil Penalty - Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months
Penalty @0.50% - Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months
Penalty @1.00% - Deposits of Rs. 5 Lacs & above withdrawn prematurely
Applicable for NRE Term Deposits –
No interest payable for NRE Term Deposits remained with the Bank for less than 12 Months & hence, No Penalty.
Nil Penalty- Deposits of less than Rs.5 Lacs remained with the Bank for 12 Months and above
Penalty @1.00% - Deposits of Rs. 5 Lacs & above withdrawn prematurely after completion of 12 months