This is a regular income plan that offers to provide you supplementary income on a monthly, quarterly, half-yearly or yearly basis as per your directions. The plan is ideal for income appreciation and additional earnings to help you with financial management going forward. The scheme also offers liquidity by allowing you to withdraw up to 95% of the overall value of deposits.
Eligibility criteria for BOB Regular Income Plan
The account can be opened by individuals and non-individuals. The account requires minimal formalities in terms of documentation such as:
Proof of residence
Passport size photograph
Introduction as per norms of the bank
Filled in application form
Features of BOB Regular Income Plan
Account Type
Single/Joint
Amount
Min – Rs.1,000 with subsequent withdrawals in multiples of Rs.100
Max – N/A
Rate of Interest
Min – 6.75%
Max – 7.75%
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
BOB Regular Income Plan interest rates
The plan offers competitive interest rates which are compounded quarterly, allowing you to accrue more interest that on a purely annual compounded scheme. The interest rates* for different slabs of deposits are as follows:
Tenure
Deposits below Rs.1 crore
Rs.1 crore to Rs.10 crores
Rs.10 crores to Rs.50 crores
Above Rs.50 crores
1 year
7.75%
6.75%
6.75%
6.75%
Above 1 year to 3 years
7.75%
6.75%
6.75%
Above 3 years and up to 5 years
7.75%
6.75%
6.75%
Above 5 years and up to 8 years
7.50%
6.75%
Above 8 years and up to 10 years
7.50%
6.75%
*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 2015.
Apart from the rates discussed above, senior citizens will receive an additional interest rate of 0.50% above normal rates.
BOB Regular Income Plan FAQs
Can I opt for premature withdrawal?
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.
What is the maximum limit of deposits?
There is no maximum limit on deposits. However, all deposits above Rs.10 crore can only be made with prior permission from a branch.
How do I opt for renewal of deposits?
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.
What are the preferential rates for senior citizens?
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.
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It is a very simple process to open a fixed deposit account with Bank of Baroda. The lock in period is for five years. They provide a very good interest on my savings. The process at the bank is also good. There are no hassles in the overall experience.
I have done one time investment fixed investment in Bank of Baroda, it has five year of locking period. The interest is nominal for the FD, I believe BOB give the interest around 8% , however there was no proper information regarding the interest. My father have taken this FD on my name, every year I deposit the amount.
I have a fixed deposit account with Bank of Baroda and the process to get this account done was easy. The customer services are good and the interest rate is also to my satisfaction. I have taken a loan recently on this account. It just took half an hour for the process for the loan.
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6
BISHWAJEET KUMAR
, dhanbad
Reviewed on Oct 14, 2017
I had Fixed Deposit account with Bank of Baroda about quite long back. The tenure period is six years and the fixed amount is four to five lakhs. The percentage of interest rate is quite good and they returned the money back with the promised interest amount.
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4
DUMPALA SRINIVAS
, hyderabad
Reviewed on May 09, 2017
I had opened my Fixed deposit with saving account in BOB. With hassle free opening through netbanking it was more comfortable. I could view the current interest and period of time was transparent in the website. They used to provide interest on quarterly bases. I paid bulk amount single time with good interest credits.
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10
RAGHVENDRA SINGH INDA
, jaipur
Reviewed on Nov 14, 2016
My parents were actually guiding me and its based on their advise, I decided to invest in Bank Of Baroda for FD. BOB has offered a very good rate and it is very much reliable. The tenure of the deposit is 5 years and this FD was taken before 3 years.
I was provided the highest interest rate and reminder of matured term deposit has been informed to me on the very next day which saved the interest loss to me . It seems to be very simple to renew the MTD (matured term deposit) at the latest updated interest rate.
Bank of Baroda is offering 7% interest rate currently for the Fixed deposit plan with the tenure of five year. Initially they were offering 8% but now it has been reduced. The minimum amount to start the plan is rs.1000 there is no activation charges. I visited the bank to avail the facility and within five to ten minute the plan was activated.
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11
VISHNU MAHENDAR K
, chennai
Reviewed on May 17, 2016
Its really easy to open a fixed deposit with Bank of Baroda and they do offer a good interest rate based on the market price for this account.The customer service provided was good and I have been using this account for few months and waiting for the benefits.Its after 7years I will be getting double the amount through this fixed deposit. Customer Responsiveness is good.
I hold a fixed deposit with Bank of Baroda. It has been a satisfactory experience with them for the eight years I am banking. There is always a response from the bank. The services are good too. The rate of interest is good. No charges taken for any kind of facilities.
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9
SASHI BHOOSHAN
, thrissur
Reviewed on Feb 19, 2016
The services was excellent by BANK OF BARODA for the Fixed Deposit product. I will get one 1% above than the normal rate because I am working for this bank. I can easily monitor the details being as a employee. They should have the attractive schemes like double one double offer which will be really attract the customers.
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10
KARTHIKEYAN SELLASAMY
, chennai
Reviewed on Nov 27, 2015
This is second year running for me and particularly I opened the fixed deposit for my daughter. With Bank of Baroda I have an account as since last five years and so I went with them. 8.3% is the rate for deposit and this is for year. And this is compounding rate. Over draft is also present.
Recently I opened an Fixed Deposit account with BANK OF BARODA for the purpose of tax deductions. This is the only reason I invested some money with them. I personally opened this account with them. The interest rates were nominal when compared with other banks. Customer service is also good. And nice servicse
Mainly I opened an Fixed Deposit account with BANK OF BARODA for the purpose of tax deductions. This is the only reason I invested some money with them. I personally opened this account with them. The interest rates were nominal when compared with other banks.
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3
SUJIT KUMAR VISHWAKARMA
, bhopal
Reviewed on Sep 15, 2015
I hold a Fixed Deposit Account with BANK OF BARODA for more than eight years. I opened this account under the Double Amount Scheme. It is the only bank which offers 94 months time period for making payments. Under this scheme what are the amount I am making it will get doubled at the end. When compared with other banks BOB is the best bank to hold an F D account.
Rate of interest on fixed deposit is much higher in Bank of Baroda than other nationalized banks. More than that it is compounding and it accumulates yearly once. Penalty charge is of 1%, suppose customers want to break the policy in middle of the availed tenure period.
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4
NAVDEEP NARULI
, chandigarh
Reviewed on Sep 12, 2015
Interest rate offered by Bank of Baroda for the fixed deposit plan is 10% and the minimum lock in period is for 3 months . There is no any activation charges and also no penalty in case we break the plan in between the tenure. The only thing is that we cant do any bargain in terms of the interest rate were as we can do with other banks. After the maturity the amount will be credited to the account automatically.
My experience with BANK OF BARODA is good.Customers service of this bank is excellent and is satisfactory.
The branch is keep updating us about maturity and the new plans through SMS and E-mails. currently i have 3 FDR with bank and i m very happy with the return.
Its the Best investment i have ever done.
My experience with bank of baroda is good.bank of baroda interest rate is average and it's some high compared to other some bank. Customers service of this bank is excellent and is satisfactory as well as charges for this is high. My experience is good with thos bank
In bank of Baroda i have an fixed deposit plan. Through which i am getting 9.75 % interest rate for my deposit amount.I renew the tenure of the FD every year. In case if we plan to take the money in between the we will be charged the penalty. The customer service is good in the particular branch which i used to visit.
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14
HARDIK SORATHIYA
, mumbai
Reviewed on Jun 16, 2015
Fixed Deposit
