Bank of Baroda Recurring Deposit | Bank of Baroda Recurring Deposit Interest Rate | BOB RD Revised Rate | Bank of Baroda Online Account
When it comes to recurring deposits, Bank of Baroda provides you with great interest rates. Recurring deposits and flexible recurring deposits are two types of recurring deposit plans offered by the bank. For the general public, the rate of return on various RD tenures ranges from 4.30 percent to 5.25 percent per year. An RD with the Bank of Baroda can be opened for a period ranging from 181 days (6 months) to 10 years. In this article, I will explain to you details related to the Bank of Baroda Recurring Deposit Interest Rate 2022.
The interest rates offered by the Bank of Baroda, according to the tenure specified by the customer, are listed below.
Bank of Baroda Recurring Deposit Interest Rate 2022
|Tenure||Regular RD interest rates (p.a.)||Senior citizen RD rates (p.a.)|
|181 days to 270 days||4.30%||4.8%|
|271 days and above and less than 1 year||4.40%||4.9%|
|Above 1 year to 400 days||5.00%||5.5%|
|Above 400 days and up to 2 Years||5.00%||5.5%|
|Above 2 Years and up to 3 Years||5.10%||5.6%|
|Above 3 Years and up to 5 Years||5.25%||5.75%|
|Above 5 Years and up to 10 Years||5.25%||5.75%|
Note that the stated interest rate applies only to deposits of less than Rs.2 crore.
Important Points Regarding Recurring Deposit Schemes Offered by Bank of Baroda
|Minimum amount to be deposited||Rs.50 in rural and semi-urban areas Rs.100 in urban and metro areas|
|Tenure||6 months to 120 months|
|Additional interest rate for senior citizen||0.50% for deposits below Rs.1 crore|
|Maximum amount of interest rate offered by the bank||5.25%|
|For which tenure is the highest interest rate offered?||5 Years and up to 10 Years|
|Maximum loan amount that can be taken out against a recurring deposit||95% of the outstanding balance|
|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 installments||No penalty|
Bank of Baroda Recurring Deposit Scheme – Eligibility Criteria
- Individuals as well as non-individuals.
- An individual can open an account in his or her own name or jointly with another person.
- A minor – 10 years old or older.
- In the name of a minor, with the father or mother.
- Associations, Clubs, educational institutions, and joint-stock enterprises.
Bank of Baroda RD Scheme Documents Required
- A photocopy of your ID Proof
- Address proof photocopy
- Photograph (passport size)
BOB RD Interest Rates– Short Term
Short-term recurring deposit accounts allow you to earn interest in the range of 4.30 percent to 4.90 percent each year. Short-term RDs are ones that are open for less than a year and last between 181 days and a year.
Bank of Baroda Recurring Deposit Interest Rate – Medium Term
The rate of interest offered by the Bank of Baroda on a medium-term RD account is in the range of 5.00 percent to 5.25 percent per annum. The tenures span from one to five years.
Bank of Baroda Recurring Deposit Interest Rate – Long Term
With a long-term RD account, you can earn 5.25 percent per year in interest. Long-term tenure is defined as a period of employment that lasts longer than five years.
Recurring Deposit Schemes of the Bank of Baroda
Bank of Baroda offers two types of recurring deposit schemes in which you can invest your money, as previously discussed. These are the following:
- Yatha Shakti Jama Yojna (Flexible Recurring Deposit Scheme): The bank pays interest on a half-yearly basis under the Yatha Shakti Jama Yojna (Flexible Recurring Deposit Scheme). The account can be created with as little as Rs.100, and the maximum deposit amount can be up to three times the core instalment, with a monthly limit of Rs.10,000. The duration of the deposit granted by the bank for this scheme ranges from 12 to 120 months. You can borrow up to 95% of the outstanding balance in your RD account as a loan or overdraft. If you withdraw money too soon, the bank will charge you a 1% penalty.
- Recurring deposits: The minimum monthly contribution under this recurring deposit scheme is Rs.50 in rural and semi-urban branches and Rs.100 in urban and metro branches. The lowest and maximum terms are six months and one hundred and twenty months, respectively. Interest generated in the account is compounded weekly and paid out quarterly. A penalty of 1% of the applicable rate is deducted in the event of an early withdrawal.
Yes, there is a nomination option.
Yes, a conventional RD account can be converted to the Baroda Yatha Shakti Jama Yojana Scheme, which is a flexible recurring deposit scheme.
The product is now unavailable for NRE deposits.
The deposit matures one month after the last installment is paid or the due date, whichever comes first.
No, if you file form 15G/15H as applicable, TDS will be deducted.
https://www.bankofbaroda.in/ is the official website for the Bank of Baroda