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Bank of Baroda offers recurring deposit (RD) schemes to its retail customers. The bank offers two RD schemes that cover both fixed monthly deposit and flexible monthly deposit features. Read through to know more about how each of the schemes works and understand the policies applicable before choosing.
The interest rates given in the table below are effective from 16 November 2020.
|Deposit Tenure||Interest Rates for Regular Customers (% p.a.)*|
|181 days to 270 days||4.30|
|271 days & above and less than 1 year||4.40|
|Above 1 year up to 400 days||5.00|
|Above 400 days and up to 2 Years||5.00|
|Above 2 Years and up to 3 Years||5.10|
|Above 3 Years and up to 5 Years||5.25|
|Above 5 Years and up to 10 Years||5.25|
Interest rates are subject to change from time to time.
Individuals and non-individuals can open this account with a minimum monthly deposit of Rs.50 in rural and semi-urban branches and Rs.100 in urban and metro branches. There is no upper limit on the deposit. The tenure can be from 6 months to 120 months. The interest will be compounded quarterly and paid on maturity.
This scheme provides an opportunity for the account holders to make flexible monthly instalment payments. The minimum monthly deposit amount, i.e. the core instalment, is Rs.100 and in the multiples of Rs.100 above the core amount. The monthly deposit can be increased up to three times the core amount with an upper limit of Rs.10,000. The tenure can range from 12 months up to 120 months.
You can plan for your dream holiday with the Baroda Holiday Saving RD scheme conveniently. The bank has partnered with Thomas Cook India to offer domestic and international holiday packages. Go on a trip in a year at today’s cost.The cost of any package you choose will be divided into 13 equal instalments, but you only need to pay 12 instalments, i.e. the tenure is 12 months. The 13th instalment will be funded by the interest earned from the 12 instalments you had paid. Thomas Cook India will finance any shortfalls.
Income tax will be deducted at source (TDS) by the bank if the interest earned on the FD and RD accounts across all bank branches exceed Rs.40,000 per financial year. The limit for senior citizens is Rs.50,000. Note that TDS will be applicable at 10%.
TDS is now reduced from 10% to 7.5% due to the pandemic, effective from May 2020 until March 2021. You can submit Form 15G or Form 15H, as applicable, to request the bank not to deduct tax at source only if your annual income is within the basic exemption limit.
Our RD calculator gives you an opportunity to estimate the returns you can expect, by investing in RD over a period, free-of-charge.
Yes. Senior citizens and bank staff (including ex-staff) get additional interest rates as per the prevalent bank guidelines. Retired staff members who are senior citizens shall get the benefit of both staff rate and the senior citizen benefits.
In the case of premature withdrawal, a penalty of 1% of the interest rate will be applied. That is the penalty of 1% will be reduced from the applicable rate or the contracted rate, whichever is lower in the cases subject to penalty.
Yes. The bank allows you to request for a conversion of a regular RD account into the Yatha Shakthi Jama Yojana at any point in time. Please contact the bank representatives for more information on the same.
Deposits made during the calendar month in which it is due shall be deemed the payment made on time by the bank. Therefore, no penalty is applied in this case. When it comes to delaying payment until the next calendar month or later, a penalty will be imposed at Re.1 for every Rs.100 per month. The fraction of a number will be treated as a full month for calculating the penalty.
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