• Bank of Baroda Monthly Income Plan

    Bank of Baroda (BOB) offers customised products to meet specific requirements and caters to the financial needs of customers across India. The bank has launched the Monthly Income Plan is tailored to help individuals supplement their monthly income and inculcate a habit of savings. The interest earned on the deposit becomes another source of income, making it ideal for the individual to be equipped in case of any emergency.

    Eligibility Criteria for Bank of Baroda’s Monthly Income Plan

    Individuals who wish to open an account under Bank of Baroda’s Monthly Income Plan should fulfill the following criteria in order to be eligible:

    • You should be a resident Indian.
    • Your maximum age at the time of maturity of the plan should be 60 years.
    • The minimum amount you need to investment is Rs.1,000.

    Features of Bank of Baroda Monthly Income Plan

    Account Type Single
    Amount

    Min – Rs 1000

    Max – Rs 5 lakh

    Rate of Interest

    Min – 4% per annum

    In case of senior citizens, additional 0.50% per annum

    Period/Tenure

    Min – 12 months

    Max – 120 months

    TDS Interest rates are subject to TDS. TDS should be paid as per rules laid down by the Income Tax Department
    Nomination Yes

    BOB Monthly Income Plan Bulk Deposits (More than Rs.1 crore)

    • You can open bulk deposits under any schemes offered by the bank under retail time deposits.
    • The rate of interest on bulk deposits will be different from the retail time deposits.
    • The bank has the right to accept or reject deposits more than Rs.25 crore.
    • The bank has the right to accept or reject any request for premature payment. Once accepted, the penal clause will be same as retail time deposits.

    Bank of Baroda Monthly Income Plan Interest Rate

    Tenure Interest rate for regular customers Interest rate for senior citizens
    1 year but less than 2 years 4 % 4.50 %
    More than 2 years but less than 5 years 4 % 4.50 %
    More than 5 years but less than 10 years 4 % 4.50 %

    Note: The interest rates offered by Bank of Baroda are linked to their base rate and are liable to change at their sole discretion. The above mentioned rates are for September 2020.

    Required Documents for Bank of Baroda Monthly Income Plan

    In order to open a monthly savings deposit account, the customer will have to provide the following documents in order to be eligible:

    • Passport size photograph
    • Residence proof
    • Introductory letter according to the norms of the bank

    Bank of Baroda Monthly Income Plan FAQs

    1. How much can be withdrawn?

      Since there are no formalities as concerns with overdrafts or withdrawals, a maximum of 95% of the amount can be withdrawn.

    2. Are premature withdrawals permitted under this scheme?

      Yes, premature withdrawals are generally permitted, unless stated otherwise. There is no penalty levied by the bank in case of premature payment deposits of up to Rs 5 lakh, provided it has completed the minimum term of 12 months.

    3. Is interest calculated on premature withdrawal?

      An interest of 4% is applied on general deposits. Senior citizens will earn an additional 0.50% interest rate on the savings deposit. An interest rate of 1% less than the applicable rate, will be calculated on premature withdrawal of deposits.

    4. What documents should be submitted to open an account under this scheme?

      Individuals who wish to open this savings deposit account need to submit the following documents.

      • Two recent passport size photographs
      • Residence proof

      The individual who wishes to open this account should be introduced by a person known and acceptable to the bank.

    5. Is the money deposited under this scheme secure?

      Yes. This scheme, along with security for money, provides the comfort of liquidity.

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