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Bank of Baroda Recurring Deposit

A Recurring deposit (RD) account can be opened with Bank of Baroda for a period that ranges between 6 months and 10 years. General citizens are offered interest in the range of 5.00% p.a. to 5.70% p.a. for opening a Recurring Deposit account with the bank. Citizens above the age of 60 years are offered additional interest of 0.50% on all tenures.

Rate of return offered by Bank of Baroda on RDs

In the table listed below, we provide you the interest rates offered by Bank of Baroda on recurring deposits depending on the tenure:

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
181 days to 270 days 5.00% 5.50%
271 days to less than 12 months 5.00% 5.50%
12 months 5.70% 6.20%
12 months 1 day to 400 days 5.70% 6.20%
401 days to 2 years 5.70% 6.20%
2 years 1 day to 3 years 5.70% 6.20%
3 years 1 day to 5 years 5.70% 6.20%
5 years 1 day to 10 years 5.70% 6.20%

Note: The mentioned rates are for deposits less than Rs.2 crore.

Types of Recurring Deposits offered by Bank of Baroda

The bank offers two types of recurring deposits. They are:

  • Regular Recurring Deposit
  • Flexible Recurring Deposit – Yatha Shakti Jama Yojna

Features of Regular Recurring Deposit

The features of Regular Recurring Deposits are listed below:

  • A RD account can be opened with a minimum amount of Rs.50 (Rs.100 for urban and metro branches)
  • There is no upper limit
  • Nomination facility is available
  • Can avail loan and overdraft facility up to 95% of the recurring deposit amoount
  • Interest will be compounded quarterly and paid on maturity
  • TDS will be deducted as per income tax rules
  • Can be converted to Baroda Yatha Shakti Jama Yojna

Features of Flexible Recurring Deposit – Yatha Shakti Jama Yojna

Listed below are the features of Flexible Recurring Deposit – Yatha Shakti Jama Yojna:

  • Can be opened with a minimum investment of Rs.100
  • Maximum instalment is capped at Rs.10,000 per month
  • The deposit tenure can be between 12 months and 120 months
  • Interest will be paid and credited half-yearly
  • Loan or overdraft facility is permitted up to 95% of outstanding balance
  • There is no penalty on delayed payment of instalments
  • Nomination facility is available
  • TDS will be deducted as per the income tax rules

Who can open a Recurring Deposit account with Bank of Baroda?

A RD account with Bank of Baroda can be opened by:

  • An individual
  • Can be opened jointly
  • Can be opened in the name of a minor aged above 10 years along with their father or mother
  • Partnerships and joint stock companies
  • Educational institutions
  • Associations and clubs

How to open a Bank of Baroda Recurring Deposit account?

You can open an RD account with Bank of Baroda by visiting the bank branch along with the necessary documents or through net banking.

Documents Required

The documents which need to be submitted are listed below:

  • Passport-size photograph
  • Identity proof
  • Address proof

Short-term Recurring Deposit Interest Rates

A RD account opened for a period that ranges between 6 months and less than a year are termed as short-term recurring deposits. The interest paid by the bank on such deposits is 5% p.a. for general citizens and 5.50% p.a. for senior citizens.

Medium Recurring Deposit Interest Rates

Medium-term recurring deposits are those which are opened for a period between 1 year and 3 years. are known as medium-term recurring deposits. Bank of Baroda offers a rate of return of 5.70% p.a. to the general citizens for opening a recurring deposit account. Citizens above the age of 60 years are offered additional interest of 0.50% on such deposits.

Long Term Recurring Deposit Interest Rates

Any RD account opened for a period of more than 3 years are known as long-term recurring deposits. The interest paid on such deposits for general and senior citizens are 5.70% and 6.20% p.a. respectively.

Bank of Baroda Recurring Deposit FAQs

  1. Which forms should I submit if I want to avoid TDS?

    In case, you want to avoid TDS submit form 15G/15H as applicable.

  2. Will the bank offer TDS certificate?

    Yes, the bank will provide TDS certificate to all the customers.

  3. What is the maximum cap for RD accounts opened in the name of minors?

    For RD accounts opened in the name of minors, the maximum cap is Rs.1 lakh.

  4. What is the penalty for premature closure of Flexible Recurring Deposit – Yatha Shakti Jama Yojna?

    For premature closure of the account, interest will be paid after deducting 1% from the applicable interest rate.

  5. Can recurring deposits be transferred from one branch to the other?

    Yes, RD accounts can be transferred from one branch to the other.

  6. What is the purpose of a RD calculator?

    By using a RD calculator, you can know the amount that you will be receiving at the time of maturity if you invest a certain amount of money for a specific period of time. All you need to do is enter the instalment amount, rate of interest and the tenure and click on ‘Calculate’.

  7. How is the interest calculated?

    The interest is calculated on daily balance.

News About Bank of Baroda Recurring Deposit

  • Bank of Baroda Reduces MCLR

    A day before the government announced its demonetisation scheme, Bank of Baroda gave some good news to customers, reducing the MCLR interest by 10 basis points. The new MCLR for one year is 9.25%, effective 7th November, 2016. The bank, which offers a range of products like savings accounts, recurring deposits, term loans, etc. has done well over the last year, with a current market cap of Rs.32,822.75 crore.

    7 November, 2016

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Bank of Baroda RD Reviews

Page 1 of 1
  • Bank of Baroda Recurring Deposit
    "Good investment for future"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    Percentage of interest in Bank of Baroda around 7% for one year, generally I deposit the amount around Rs.4000, I opened for one year. They have good online options, I can track the RD details. They take some charge for the premature of recurring deposit.
    Was this review helpful? 5
    , jaipur
    Reviewed on Dec 20, 2018
  • Bank of Baroda
    Bank of Baroda Recurring Deposit
    "Good Bank"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    I had Recurring Deposit account with Bank of Baroda. RD period was one year and every month I used to pay 2500 rupees. The interest rate was around 6% which is the same like other banks I believe. At the end of the year, they were able to release the amount on time.
    Was this review helpful? 11
    , hyderabad
    Reviewed on May 09, 2017
  • Bank of Baroda Recurring Deposit
    "Nice Bank"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    Recently I invested in Recurring Deposit account with Bank of Baroda. The monthly payment was around 1000 rupees, therefore they did not deduct anything from my salary account. The tenure period is for five years. After five years, they would return my money 86000 rupees. Interest rate provided by them is very much nominal.
    Was this review helpful? 16
    , bangalore
    Reviewed on May 09, 2017
  • Bank of Baroda Recurring Deposit
    "Easy EMI for Start saving for future"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    It is easy process to open RD through Netbaking in Bank of Baroda. I used to make the through auto debit in monthly bases with good interest rates. I could pay minimum of 500 to 1 Lakhs according to my convenient. Service and response was really good and supportive.
    Was this review helpful? 10
    , jaipur
    Reviewed on Nov 14, 2016
  • Bank of Baroda Recurring Deposit
    "Satisfied.."
    BANK OF BARODA
    0.5 4.0/5 "Great!"
    Two months ago I used the Bank of Baroda to open recurring deposit for the amount of seven thousand and another is for 500. Interest rate is very less as that is 7.5%. It is online recurring deposit so every time I am paying payment through ecs. Date of payment is 5th.
    Was this review helpful? 10
    , kolkata
    Reviewed on Dec 11, 2015
  • Bank of Baroda Recurring Deposit
    "Double on Double "
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    We had an good scheme for the recurring deposit account. YSJY scheme is an government plan which starts from 1000 rupees where I can deposit some amount to them and at the end i will be getting some good benefits. This was there with BANK OF BARODA only where other banks is not having it. Financially I am getting good benefits from this account.
    Was this review helpful? 12
    , chennai
    Reviewed on Nov 27, 2015
  • Bank of Baroda Recurring Deposit
    "Average"
    BANK OF BARODA
    0.5 4.0/5 "Great!"
    I had the recurring the deposit with the Bank of Baroda. The rate of interest is around 9% for an year of time. Services are good with them. Customer service and the service are quiet good with them. Its easy to track my recurring deposit account through their online portal.
    Was this review helpful? 7
    , bhubaneshwar
    Reviewed on Sep 21, 2015
  • Bank of Baroda Recurring Deposit
    "Excellent !!!!!"
    BANK OF BARODA
    0.5 4.0/5 "Great!"
    From bank of Baroda I have taken a Recurring deposit plan in which the interest rate offered is 8% for the minimum lock in period 1 year. In case we break the lock in period so the interest rate will be reduced. No activation or any processing fee is not covered.
    Was this review helpful? 10
    , nagpur
    Reviewed on Sep 16, 2015
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