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Bank of Baroda Recurring Deposit

Bank of Baroda Recurring Deposit schemes provides desirable interest on the deposits. The tenure for a Bank of Baroda Recurring Deposit account varies from 6 months-10 years. Bank of Baroda Recurring Deposit interest rate for regular depositors is 6.25%-6.7% while the rate of interest for senior citizens is 6%-7.2%.

Tenure

Regular Recurring Deposit Interest Rates (P.A)

Senior Citizen Recurring Deposit Interest Rates (P.A)

180 days

5.50%

6.00%

181 days to 270 days

6.25%

6.75%

271 days & above and less than 1 year

6.35%

6.85%

1 year

6.45%

6.95%

Above 1 year to 400 days

6.70%

7.20%

Above 400 days and upto 2 years

6.60%

7.10%

Above 2 Years and upto 3 Years

6.60%

7.10%

Above 3 Years and upto 5 Years

6.70%

7.20%

Above 5 Years and upto 10 Years

6.60%

7.10%

Important Details Regarding Bank of Baroda Recurring Deposit Scheme

Minimum Amount to be Deposited

Rs.100

Tenure

180 days to 10 years

Additional Interest Rate for Senior Citizen

0.50%

What is the Maximum Interest Rate and in which Tenure is it Offered?

The maximum interest rate offered is 6.70% for the period 2 to 5 years.

Loan Against Deposit*

Maximum loan that can be availed: 95% of the deposit

TDS on Recurring Deposit

TDS will be deducted as per income tax rules.

Penalty on Delayed Payment of Installments

The penalty charged is Rs. 1 in addition to the GST for every Rs. 100/- p.m.

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Eligibility Criteria for Bank Of Baroda Recurring Deposit Scheme

  • Anyone with valid identity and address proof can open an Recurring Deposit account with Bank of Baroda
  • Two or more people can use the joint account
  • A minor can open an account under the guardianship of their legal guardian
  • Any association, club, proprietorship, institution, joint stock partnerships can open an Recurring Deposit for managing their finances

What are the documents required for Bank of Baroda Recurring Deposit Scheme

The following documents are required for opening a Bank of Baroda Recurring Deposit account

  • Proof of residence
  • Proof of identity
  • Passport size photograph

How to Apply for Bank of Baroda Recurring Deposit Account

You can follow these steps to open a Bank of Baroda Recurring Deposit account

  • If you're an existing customer, you will be required to fill up Form 188 and if you're a new customer then you'll be required to fill Form 188 and Form 401
  • Form 188 fill up your bank account number
  • Fill in the details of the Recurring Deposit scheme that you wish to enroll into
  • Mention the date on which you can deposit the amount
  • Mention the amount that you want to receive from the bank each month
  • Fill in personal details like name, present and permanent address, PAN, existing account number, customer ID number, profession, age, etc
  • Mention standing and maturity instructions for the Recurring Deposit, if required
  • Write your name in block letter after signing the application, under the signature

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Premature Withdrawal of Bank of Baroda Recurring Deposit

In case of emergency, people wish to withdraw their deposits prematurely. Such facility is available for Bank of Baroda

  • If you wish to withdraw the amount within 14 days of depositing, then you won't be charged anything
  • If the amount is withdrawn due to the death of the account holder, no additional charge is levied on the account holder
  • Premature withdrawal beyond a period of 14 days attracts a fine of 100 rupees.
  • Premature closing of Recurring Deposit account incurs a charge of 250 rupees
  • Short-Term Bank of Baroda Recurring Deposit Interest Rates
  • The minimum term for Bank of Baroda Short-term Recurring Deposit is 180 days. For 181-270 days for an amount worth less than a crore, an interest rate of 6.25% is applicable

Medium and Long-Term Bank of Baroda Recurring Deposit Interest Rates

  • The medium-term Recurring Deposit account of Bank of Baroda is 1-5 years and the long-term Bank of Baroda account is for a tenure of 5-10 years
  • If the Recurring Deposit is below 1 crore and the tenure ranges from 1 year to 400 days, the interest rate applicable on general Recurring Deposit is 6.7%
  • For a medium-term deposit of tenure 3-5 years, the interest rate applicable is 6.7%
  • For the long-term period which ranges for more than 5 years, the rate of interest applicable is 6.60%

Bank of Baroda Recurring Deposit Interest Rates for Senior Citizen

  • For Bank of Baroda Recurring Deposit, senior citizens can avail an additional interest rate of 0.50% on the existing interest rates. This additional benefit is also applicable to the current and existing employees of Bank of Baroda
  • For a short-term Recurring Deposit, the highest applicable rate of interest is 6.95%
  • For a medium-term Recurring Deposit, senior citizens, former and current employees can avail an interest rate of 7.2% for a tenure of 1 year-400 days and 7.1% for a tenure of 2-3 years
  • For an Recurring Deposit scheme for a tenure of 5-10 years, a rate of interest of 7.1% is applicable for senior citizens

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Bank of Baroda Recurring Deposit Schemes

There are various types of Recurring Deposit schemes run by Bank of Baroda. Some of them are listed below:

Baroda Samriddhi Quarterly Recurring Deposit

The deposit amount is credited to the Recurring Deposit account quarterly under this scheme and the depositor can take a loan up to 95% of the amount deposited in the Recurring Deposit account. The facility of nomination is also provided under this scheme. The minimum amount that is required to be deposited under this scheme is 500 rupees and there is no upper limit. The tenure ranges from 36 to 120 months

Baroda Samriddhi Half-Yearly Recurring Deposit

The recurring deposit amount is deposited every six months under this scheme and the depositor can take a loan up to 95% of the amount deposited. The minimum amount that the depositor can submit under this scheme is 1000 rupees and there is no upper limit. The tenure varies from 36-120 months.

Flexible Recurring Deposit Scheme

The interest amount is paid by the depositor every six months under this scheme. The minimum amount that is required to be deposited in the Recurring Deposit account is 100 rupees. The monthly deposit can be increased by the depositor three times and the maximum amount is 10,000. The tenure of this scheme ranges from 12-120 months. The installment amount has to be paid every month for this scheme and the interest can be availed every six months under this scheme.

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