Bank of Baroda offer you attractive interest rates when it comes to recurring deposits. The rate of return offered on various RD tenures range between 5.50% to 6.60% for general public. Senior citizens are offered an additional interest of 0.50% on all tenures. The tenure for which an RD can be opened with Bank of Baroda is in the range of 180 days to 10 years.
Listed below are the interest rates offered by Bank of Baroda , according to the tenure selected by the customer.
|Tenure||Regular RD interest rates (p.a.)||Senior citizen RD rates (p.a.)|
|91 to 180 days||5.50%||6.00%|
|181 to 270 days||6.00%||6.50%|
|271 days to less than 1 year||6.00%||6.50%|
|Above 1 Year to 400 days||6.60%||7.10%|
|401 days to 2 years||6.55%||7.05%|
|2 to 3 years||6.45%||6.95%|
|3 to 5 years||6.25%||6.75%|
|5 to 10 years||6.25%||6.75%|
Note: The rate of interest mentioned above is for deposits less than Rs.2 crore.
Important Information about recurring deposit schemes offered by Bank of Baroda
|Minimum amount to be deposited||Rs.50 (Rural and semi-urban branches)
Rs.100 (Urban and metro branches)
|Tenure||6 months to 120 months|
|Additional interest rate for senior citizen||0.50%|
|What is the maximum interest rate offered by the bank?||6.60% (General Public)7.10% (Senior Citizens)|
|For which tenure is the highest interest rate offered?||12 months 1 day to 400 days|
|What is the maximum loan amount that can be availed against the recurring deposit?||95% of the recurring deposit amount|
|TDS on the RD account||Will be deducted as per Income Tax rules (if Form 15G/15H, no TDS will be deducted)|
|Penalty for delayed payments of instalments||Re. 1 for Rs.100 per month|
Eligibility Criteria for Bank Of Baroda Recurring Deposit Scheme
- An individual in his/her name
- More than one individual in joint name
- Minor above 10 years of age
- In the name of a minor with their father/mother as per the bank’s extant guidelines.
- Club, association, educational institutions, joint stock companies if the bank is satisfied that they are genuinely opening the account for saving money.
Documents Required for Bank Of Baroda RD Scheme
- Photocopy of ID proof
- Photocopy of address proof
- Income proof
Short-Term Bank of Baroda Recurring Deposit Interest Rates
Recurring deposit accounts opened for a short-term helps you earn interest in the range of 5.50% to 6.25% p.a. Short-term RDs are those which are opened for a period that ranges between 180 days to less than a year.
Medium-Term Bank of Baroda RD Interest Rates
If you open an RD account for a medium-term tenure, the rate of interest offered by Bank of Baroda is in the range of 6.45% to 6.60% p.a. The tenures that range from 1 year to 5 years.
Long-term Bank of Baroda RD Interest Rates
An RD account opened for long-term helps to get interest of 6.45% p.a. Any tenure opted above 5 years falls under the category of long-term tenure.
Bank of Baroda Recurring Deposit Schemes
Bank of Baroda offers different types of recurring deposit schemes in which you can invest your money. These are:
- Yatha Shakti Jama Yojna (Flexible Recurring Deposit Scheme): The bank pays interest on a half-yearly basis under the scheme. The account can be opened with a minimum amount of Rs.100 while the maximum deposit amount can be increased up to 3 times of the core instalment, subject to a maximum of Rs.10,000 per month. The tenure of deposit offered by the bank for this scheme is between 12 months to 120 months. You can avail 95% of the outstanding balance in the RD account as loan or overdraft facility. In case of premature withdrawal, the bank shall levy of penalty of 1%.
- Baroda Holiday Saving Recurring deposits: Under this recurring deposit scheme, the minimum monthly contribution is Rs.100 and the minimum/maximum tenure is 12 months. Interest earned in the account is paid on a quarterly compounding interval. In case of premature withdrawal, a penalty of 1% from the applicable rate is deducted.
- Regular Income Cum Recurring Deposit: The minimum amount of deposit under this recurring deposit scheme is Rs.1,000. The tenure you can opt for ranges between 12 months to 120 months. Interest earned on the deposit is paid on a half-yearly basis after being compounded quarterly. The bank does not levy any penalty for premature withdrawal of deposits up to Rs.5 lakhs if the amount was with the bank for a period of 12 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