Bank of Baroda offers attractive rate of return on recurring deposits. The term period of a Bank of Baroda recurring deposit account ranges from 6 months to 10 years. Bank of Baroda RD interest rate for regular citizens ranges from 6.25% to 6.70% while the rate of return for senior citizens varies from 6% to 7.20%.
Listed below are the interest rates offered by Bank Of Baroda w.e.f. 5 May 2018, according to the tenure selected by the customer.
|Tenure||Regular RD Interest Rates (p.a)||Senior Citizen RD Interest Rates (p.a)|
|181 days to 270 days||6.25%||6.75%|
|271 days & above and less than 1 year||6.35%||6.85%|
|Above 1 year to 400 days||6.70%||7.20%|
|Above 400 days and upto 2 years||6.60%||7.10%|
|Above 2 Years and upto 3 Years||6.60%||7.10%|
|Above 3 Years and upto 5 Years||6.70%||7.20%|
|Above 5 Years and upto 10 Years||6.60%||7.10%|
*The above interest rates are for investments less than Rs.1 crore
Important Information to Note for Bank Of Baroda Recurring Deposit Scheme
Some of the important details regarding Bank Of Baroda recurring deposit account are mentioned in the table below:
|Minimum Amount to be Deposited||Rs.100|
|Tenure||180 days to 10 years|
|Additional Interest Rate for Senior Citizen||0.50%|
|What is the Maximum Interest Rate and in which Tenure is it Offered?||The maximum interest rate offered is 6.70% for the period 2 to 5 years.|
|Loan Against Deposit*||Maximum loan that can be availed: 95% of the deposit|
|TDS on RD||TDS will be deducted as per income tax rules.|
|Penalty on Delayed Payment of Installments||The penalty charged is Rs. 1 in addition to the GST for every Rs. 100/- p.m.|
Eligibility Criteria for Bank Of Baroda Recurring Deposit Scheme
- Any person can open a Bank of Baroda recurring deposit account in his or her name.
- A joint account can also be opened by 2 or more more people together.
- Any minor under the guardianship of the legal or natural guardian can open the account.
- Any club, association, educational institutions, joint stock companies provided that they are genuinely opening the account for saving money.
Documents Required for Bank Of Baroda RD Scheme
- A document which states the applicant’s proof of identity.
- A document which states the proof of the applicant’s address of residence.
- The passport size photograph of the applicant.
How to Apply for Bank of Baroda RD
A person can apply for a Bank of Baroda recurring deposit account by following the steps mentioned below:
- For existing Bank of Baroda account holders to open a recurring deposit, Form 188 is required. For new customers, in addition to Form 188, Form 401 is also required.
- In Form 188, start by filling out your bank account number.
- Next fill the details of the amount and the scheme under which you will be depositing the money in the account.
- Mention the date on or before which you will deposit the money into the account. Also mention the amount you are willing to receive from the bank every month.
- Next, as the applicant, fill personal details such as your name, name of joint account holders if any, your PAN number, existing SB account number and the customer ID number.
- You are also required to fill other personal information such as your age, profession, present and permanent address of residence.
- Mention standing and maturity instructions if required.
- Write your full name at the bottom of the application in block letters along with your signature.
Premature Withdrawal of Bank of Baroda Recurring Deposit
Sometimes an account holder might want a premature withdrawal of the recurring deposit account. This facility is available in Bank of Baroda.
- If the account holder decides premature withdrawal of the recurring deposit within 14 days of depositing the principal amount then he or she can do so free of any charge.
- If the account is being withdrawn prematurely due to the death of the account holder, no charges will be levied by the bank.
- For premature withdrawal of recurring deposit account that has been opened by an individual, the bank levies a charge of Rs. 100. For premature closure of all other types of recurring deposit accounts, the bank charges Rs. 250.
Short-Term Bank of Baroda Recurring Deposit Interest Rates
- Bank of Baroda offers depositors the choice of maintaining a recurring deposit with the bank for a short term as well.
- The minimum tenure available to depositors is 180 days. For a period of 181 days to 270 days, the interest rate offered on a recurring deposit worth less than Rs. One Crore is 6.25%.
Medium and Long Term Bank of Baroda RD Interest Rates
- Bank of Baroda Recurring Deposits can also be opened for a medium term of one to five years and for a long term tenure of more than 5 years up to a maximum period of 10 years.
- For a deposit worth less than Rs. 1 crore over a period ranging from above 1 year and up to 400 days, the interest rate offered on general RD is 6.70%.
- For deposits worth less than Rs. 1 crore over the medium term period ranging from more than 3 years up to 5 years, the interest rate applicable is 6.70%.
- For a long term period ranging for more than 5 years, the rate of interest is 6.60%.
Bank of Baroda RD Interest Rates for Senior Citizen
- Senior citizens are eligible to avail an additional interest of 0.50% on the existing interest rates.
- This is also applicable for former employees as well as current employees of the bank.
- For a recurring deposit scheme for a short term tenure, the highest rate of return available is 6.95% which can be availed for the term period of a year.
- For the medium term period, senior citizens and former as well as current employees of the bank can avail 7.20% interest rate for a period of above 1 year and upto 400 days and they can enjoy an interest rate of 7.10% for a period of 2 to 3 years.
- For a recurring deposit scheme held for a period more than 5 years to maximum 10 years, an interest rate of 7.10% can be availed by senior citizens.
Bank of Baroda Recurring Deposit Schemes
Bank of Baroda offers different types of recurring deposit schemes in which a person can invest their money in. These are:
- Baroda Samriddhi Quarterly Recurring Deposit: Under this recurring deposit plan offered by the Bank of Baroda, the amount is to be deposited quarterly. The depositor can take a loan upto 95% against the money deposited under this scheme. It also provides the facility of nomination. The minimum amount that the depositor can submit under this scheme is Rs.500 for every quarter while there is no upper limit. The minimum and maximum term period that can be availed under this scheme is 36 months and 120 months respectively.
- Baroda Samriddhi Half-Yearly Recurring Deposit: Under this recurring deposit plan offered by the Bank of Baroda, the amount is to be deposited every 6 months. The depositor can take a loan upto 95% against the money deposited under this scheme. It also provides the facility of nomination. The minimum amount that the depositor can submit under this scheme is Rs.1000 while there is no upper limit. The minimum and maximum term period that can be availed under this scheme is 36 months and 120 months respectively.
- Flexible Recurring Deposit Scheme: Under this scheme offered by Bank of Baroda, the interest will paid to the depositor only every 6 months which is in September and March. The minimum amount that has to be deposited to open an account is Rs.100. The monthly deposit amount can be increased only 3 times from the original amount to a maximum of Rs.10000. The term period for this scheme ranges from 12 months to 120 months. The instalment has to be paid every month. The interest earned on the deposit under this scheme can be availed at a period of 6 months.
More you need to know about Recurring Deposit
- RD Calculator
- Recurring Deposit
- Compare RD Interest Rate of Bank of Baroda with Other Banks and Institutions
Bank of Baroda RD Schemes
- Baroda Samriddhi Half Yearly Recurring Deposit
- Baroda Samriddhi Quarterly Recurring Deposit
- Bank of Baroda Yatha Shakti Jama Yojana
- Baroda Regular Income Cum Recurring Deposit Scheme