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.
Individuals who wish to open an account under Bank of Baroda’s Regular Income cum Recurring Deposit scheme should fulfil the following eligibility criteria:
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|
|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.
In order to open a monthly savings deposit account, the customer will have to provide the following documents in order to be eligible:
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 In case the amount is withdrawn before the tenure is over, the bank will not levy any penalty.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.
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.
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.
Individuals who wish to open the Income cum Recurring Deposit account need to submit the following documents.
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.
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