• Bank of Baroda Recurring Deposit

    Overview of Bank of Baroda

    Bank of Baroda (BoB) is one of the largest public sector banks in the country with over 100 years of rich heritage. It was founded in 1908 by Maharaja Sayajirao Gaekwad III, the erstwhile Maharaja of Baroda State. Headquartered in Mumbai, this BSE listed bank has massive presence in major cities, towns and villages across the country with subsidiaries in international locations.

    In India, BoB provides a complete range of banking products and financial services catering to the needs of a massive customer base which includes retail, corporate and institutional customers.

    Recurring Deposit (RD) from Bank of Baroda

    The bank extends pleasing schemes in the Recurring Deposits portfolio to suit the investment needs of various types of customers. These schemes come with an assortment of features fulfilling the savings needs of different types of customers. The following are the schemes under Recurring Deposit.

    1. Recurring Deposit (Basic) - A simple saving option that lets helps you to mobilise your investment needs, starting at as less at Rs.50 per month (rural and semi-urban) at interest rates on par with market standards.
    2. Baroda Samriddhi Quarterly Recurring Deposit - A unique scheme with a feature that accepts quarterly deposits at attractive interest rates and terms. Builds the corpus slow and steady.
    3. Baroda Samriddhi Half Yearly Recurring Deposit - One of its kind RD scheme in the banking market which lets you make investment on a half yearly basis with pleasing terms and rates.
    4. Yatha Shakthi Jama Yojana - The scheme which gives you the flexibility to invest a varying monthly amount based on certain conditions which result in better yield upon maturity. Choose a “core amount” and build as per availability.

    Features and Benefits of Bank of Baroda Recurring Deposit

    Recurring Deposit (Basic)

    • The minimum amount required for opening an RD account is Rs.50 in rural and semi-urban areas, and Rs.100 in urban and metro centers. Following deposits should be in multiples of Rs.50 and 100 respectively.
    • Deposit tenure can range from 6 months to 120 months. The depositor is free to choose a term of his choice.
    • Interest rates are applied on a quarterly basis and will be paid together with the principal at the end of term.
    • An option to avail loan/overdraft on the basis of the RD amount is available. Up to 95% credit is provided.

    Baroda Samriddhi Quarterly Recurring Deposit

    • The minimum amount of initial deposit starts at Rs.500 and following deposits can be in multiples of Rs.100.
    • The deposits made will be on a quarterly basis. Helps in mobilising savings for those with limited income.
    • The tenure starts at 36 months with an upper cap of 120 months.
    • Interest charges are compounded on a quarterly basis and paid upon maturity.
    • Loan/overdraft facility is available for up to 95% of the parked amount in the RD account.

    Baroda Samriddhi Half Yearly Recurring Deposit

    • The minimum deposit amount is Rs.1,000. Subsequent deposits can be made in multiples of Rs.100.
    • Unlike the conventional RD scheme, deposits are on a half yearly basis.
    • The lower cap on deposit tenure is 36 months that can be stretched up to 120 months.
    • Compounded interest charges are on a half yearly basis, payable at the end of deposit tenure.
    • Akin to other schemes in the RD portfolio, loan/overdraft facility is available on the outstanding amount in the account for up to 95% of the deposit value.

    Yatha Shakthi Jama Yojana

    • The depositor gets the flexibility of choosing a core amount starting at Rs.100 which can be increased in multiples of Rs.100. This core amount acts as a base to conveniently increase the monthly deposit amount.
    • The monthly installment can be raised up to 3 times of the core amount with a cap of Rs.10,000 per month.
    • Deposit tenure starts at 12 months with an upper limit of 120 months.
    • Interest rates are compounded on a quarterly basis similar to other schemes in this category.

    Interest Rates Offered on Bank of Baroda’s Recurring Deposit

    Owing to the assortment of RD schemes from BoB, interest rates from the bank varies depending on the deposit tenor and other terms. Considering a minimum term of 6 months and investment amount being below 1 crore, one can earn a handsome interest ranging from 7% to 8.25%.

    Senior citizens are eligible for an additional interest of 0.50% on the prevailing rates. Former/current employees of the bank also qualify for this enhancement. Do inquire with the nearest branch for exclusive interest rates on large value deposits.

    Opening a Recurring Deposit Account with Bank of Baroda

    Existing BoB savings/current account holders can easily open an RD linked to the main account by submitting the relevant form. Non account holders can contact the nearest branch for procedure relating to opening an RD. The following documents are required at the time of signing up.

    • ID and address proof
    • Passport sized photograph
    • Introduction as per bank rules
    • Pan and contact details

    In addition to the above, BoB may require additional documents which will be conveyed at the time of opening an RD account.

    Penalty on Premature Withdrawal

    A deduction of 1% on the agreed interest rate will be made if the depositor decides to withdraw the deposit amount before the term close date. The remainder amount will be paid out after closing the account on banking system. This penalty is applicable to all the four RD schemes.

    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 Bank"
      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? 7
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Nice Bank"
      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? 11
      , bangalore
      Reviewed on May 09, 2017
    • Bank of Baroda Recurring Deposit
      "Easy EMI for Start saving for future"
      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? 7
      , jaipur
      Reviewed on Nov 14, 2016
    • Bank of Baroda Recurring Deposit
      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? 8
      , kolkata
      Reviewed on Dec 11, 2015
    • Bank of Baroda Recurring Deposit
      "Double on Double "
      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
      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? 6
      , bhubaneshwar
      Reviewed on Sep 21, 2015
    • Bank of Baroda Recurring Deposit
      "Excellent !!!!!"
      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? 7
      , nagpur
      Reviewed on Sep 16, 2015
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