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 |
Amount | Min – Rs 1000Max – Rs 5 lakh |
Rate of Interest | Min – 6.50% per annumIn case of senior citizens, additional 0.50% per annum |
Period/Tenure | Min – 12 monthsMax – 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 | Rate of Interest for General Public | Rate of Interest for Senior Citizens |
1 year | 6.85% p.a. | 7.35% p.a. |
399 Days (bob Monsoon Dhamaka Plus Deposit Scheme) | 7.30% p.a. | 7.80% p.a. |
Above 1 year to 400 days (Except 399 days) | 7.00% p.a. | 7.50% p.a. |
Above 400 days and up to 2 years | 7.00% p.a. | 7.50% p.a. |
Above 2 years and up to 3 years | 7.15% p.a. | 7.65% p.a. |
Above 3 years and up to 5 years | 6.50% p.a. | 7.15% p.a. |
Above 5 years and up to 10 years | 6.50% p.a. | 7.50% p.a. |
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 for applied as of 5 September 2024 .
Check - Fixed Deposit
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
FAQs on Bank of Baroda Regular Income cum Recurring Deposit
- How much amount is allowed to be withdrawn?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.
- 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.
- 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.
- 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.
- 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.
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