The Bank of Baroda Regular Income Plan is a type of fixed deposit account that provides a supplementary income on a monthly or quarterly basis. It offers the convenience of security of your hard-earned money along with easy liquidity of up to 95% of the deposit amount. Senior citizens get an additional 0.50% interest rate for deposits below Rs.1 crore.
The account can be opened by individuals and non-individuals. The account requires minimal formalities in terms of documentation such as:
| Account Type | Single/Joint |
| Amount |
Min – Rs.1,000 with subsequent withdrawals in multiples of Rs.100 Max – N/A |
| Rate of Interest |
Min – 4.90% Max – 5.25% |
| Period/Tenure |
Min – 12 months Max – 120 months |
| TDS | TDS applicable as per regulations from the Income Tax department |
| Loan against ICICI Money Multiplier Plan | NA |
| Nomination | Nomination facility available |
| Auto Renewal | Yes, unless otherwise mentioned |
The plan offers competitive interest rates which are compounded quarterly, allowing you to accrue more interest that on a purely annual compounded scheme. The FD interest rates for different slabs of deposits are as follows:
| Tenure | Deposits below Rs.2 crore (p.a.) | Rs.2 crore to Rs.10 crores (p.a.) | Rs.10 crores to Rs.25 crores (p.a.) | Above Rs.25 crore to Rs.50 crore (p.a.) |
|---|---|---|---|---|
| 1 year | 4.90% | 3.45% | 3.45% | 3.45% |
| Above 1 year to 2 years | 5.00% | 3.25% | 3.25% | 3.25% |
| Above 2 years and up to 3 years | 5.10% | 4.10% | 4.10% | 4.10% |
| Above 3 years and up to 5 years | 5.25% | 3.25% | 3.25% | 3.25% |
| Above 5 years and up to 10 years | 5.25% | 3.25% | - | - |
*Above mentioned rates are linked to the bank’s base rate and are subject to change as per the bank’s discretion. Rates are as of December 2020.
Apart from the rates discussed above, senior citizens will receive an additional interest rate of 0.50% above normal rates.
Yes, premature withdrawal is allowed on completion of 1 year of the deposit tenure since the date of inception. Premature withdrawals made up to Rs.5 lakhs will not attract any penalty and you will continue to accrue interest at defined rates. However, premature withdrawal of higher amounts will result in a penalty, which is 1% less interest rate on the deposits compared to the original quoted rate.
There is no maximum limit on deposits. However, all deposits above Rs.10 crore can only be made with prior permission from a branch.
You can renew your deposits by providing the letter of request in the given format. In case the receipt for the deposit has been lodged with a government agency as security, the account will get renewed through a letter of request and a registered letter from the relevant agency stating the particulars.
Senior citizens over the age of 60 years will receive interest at an additional rate of 0.50% over the normal rates outlined above. This rate is applicable on deposit values over Rs.10,000.
You can make the deposits through multiple modes:
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