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    Bank of Baroda Regular Income cum Recurring Deposit

    Bank of Baroda has been catering to the financial needs of customers, across the country, for over a century now. With the Regular Income cum Recurring Deposit scheme offered by Bank of Baroda, customers can enjoy an increasing interest rate with longer deposit tenures. With compound interest applied to the principal amount, savings grow faster.

    Eligibility Criteria for Bank of Baroda’s Regular Income cum Recurring Deposit

    Individuals who wish to open an account under Bank of Baroda’s Regular Income cum Recurring Deposit scheme should fulfil the following eligibility criteria:

    • Should be a resident of India having valid identity proofs
    • The individual should carry valid age proof to avail senior citizen benefits
    • A minimum of Rs. 1000 should be invested

    Features of Bank of Baroda Regular Income cum Recurring Deposit

    Account Type Single

    Min – Rs 1000

    Max – Rs 5 lakh

    Rate of Interest

    Min – 4% per annum

    In case of senior citizens, additional 0.50% per annum that amounts to 4.50% per annum


    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

    Bank of Baroda Regular Income cum Recurring Deposit 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 December 2015.

    Required Documents for Bank of Baroda Regular Income cum Recurring Deposit

    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
    • Proof of residence
    • Introductory letter according to the bank’s regulations

    Bank of Baroda Regular Income cum Recurring Deposit FAQs

    1. Can premature withdrawals be done under this scheme?

      Yes, premature withdrawals can be done, unless stated otherwise. In case the amount is withdrawn before the tenure is over, the bank will not levy any penalty. However, the bank allows premature withdrawal only in case of premature payment deposits of up to Rs 5 lakh, provided the minimum term of 12 months has been completed.

    2. How much amount is allowed to be withdrawn?

      The customer can withdraw a maximum of 95% of the amount. There are no formalities as concerns with overdrafts or withdrawals, making it easier for withdrawing the money as per the customer’s requirement.

    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 the Income cum Recurring Deposit account need to submit the following documents.

      • Two recent passport size photographs
      • Residence proof

      The individual who wishes to open this account would be required to submit an introduction letter by a person known and acceptable to the bank.

    5. How is the rate of interest calculated?

      The interest is compounded on a quarterly basis and credited to the customer’s account once in 6 months. The scheme offers the comfort of liquidity, along with security for the money.

    Useful Information on BOB Fixed Deposit

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