Customers who plan to make long-term investments and save for their future can ideally take the Baroda Regular Income cum Recurring Deposit scheme and benefit with higher interest rates and longer deposit tenures. Bank of Baroda offers compound interest on the Baroda Regular Income cum Recurring Deposit, which ensures that the customer gets maximum savings. Account holders can rest assured that their investments will be completely secure, reaping in higher returns.
Features of Baroda Regular Income Cum Recurring Deposit
Monthly Installment Amount
Bank of Baroda customers can open recurring deposit account with a minimum installment amount of Rs.1000 and successive deposits can be made in multiples of Rs. 100.
Baroda Regular Income cum Recurring Deposit customers can open deposits with a minimum tenure of 12 months to up to a maximum of 120 months.
Bank of Baroda charges interest rates according to the tenure of the deposit and the amount deposited. For recurring deposits below Rs. 1 crore, the interest rate charged ranges between 4.50% to up to 7.30%. For recurring deposits between Rs. 1 crore and Rs. 10 crores the interest rate charged ranges between 4.50% to up to 6.75%. For recurring deposits between Rs. 10 crores and Rs. 50 crores the interest rate charged ranges between 4.50% to up to 6.75%. For recurring deposits between Rs. 50 crores and Rs. 100 crores the interest rate charged ranges between 4.50% to up to 6.75%. Senior citizens can enjoy an additional 0.50% interest rate on Baroda Regular Income cum Recurring Deposits. This extra interest amount will be applicable on deposit amounts of Rs. 10,000 and higher. The interest rate is compounded on a quarterly basis and will be credited to the customer’s account every six months. Interest paid is subject to TDS for a Baroda Regular Income cum Recurring Deposit account.
Premature Closure Penalty
Bank of Baroda does not charge any penalty for premature closures of deposits with amounts of up to Rs. 5 lakhs. This condition will apply if the Baroda Regular Income cum Recurring Deposit account has remained open with Bank of Baroda for a minimum tenure of 12 months. For other recurring deposit accounts, the interest rate will be 1% below the applicable rates for the entire tenure of the deposit.
Baroda Regular Income cum Recurring Deposit account holders can use the overdraft facility and withdraw up to 95% of their deposit amounts in the form of a pre-issued cheque.
Bank of Baroda does provide the nomination feature for a Baroda Regular Income cum Recurring Deposit account.
- Residence Proof for the applicant
- 1 Passport Size Photograph
- Introduction Letter according to Bank of Baroda norms
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