Bank of Baroda RD Interest Rates 2024

The Bank of Baroda's Recurring deposit (RD) scheme is a basic saving plan, which helps customers to regulate their savings and reap its benefits from time to time.

A recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.

A user willing to open a recurring deposit account with Bank of Baroda Bank can choose any amount and term according to your convenience.

Bank of Baroda RD Interest Rates

Here's the interest rates offered by Bank of Baroda for deposits less than Rs. 2 crores.

As on Oct 2021-

BOB Senior Citizen RD Interest Rates

Here's the interest rates offered by Bank of Baroda for deposits less than Rs. 2 crores.

As on Oct 2021-

Bank of Baroda RD Calculator

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.

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Key Benefits of BOB's RD Account

• BOB's RD scheme regularises savings by encouraging a saving habit
• The RD scheme offers loan/overdraft Facility up to 95 percent of the deposit amount
• The products provides facility for nomination

Bank of Baroda RD Scheme Features

Some of the features of BOB recurring deposit are:

1. Eligibility

All individuals and non-individuals are eligible to open Bank of Baroda RD scheme.

2. Amount of Deposit

The minimum amount of deposit is INR 50 and in multiples of INR 50 for rural and semi-urban branch. And for urban and metro branch the minimum RD deposit amount is INR 100 and in multiples of INR 100. There is no maximum RD deposit amount.

3. Tenure

The minimum period of time one can stay invested in the BOB RD scheme is six months and the maximum tenure is 120 Months.

4. Premature Closure

Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty

5. Penalty on Delayed Installments

Irrespective of tenure uniform rate of Re.1/- per 100/- per month

Documents to Open BOB RD Account

A. Proof of identity

• Passport
• Voter ID card
• PAN Card
• Government ID card
• Driving License
• Senior citizen ID card
• Photo ration card

B. Address Proof

• Passport
• Electricity bill
• Telephone bill
• Bank statement with cheque
• Certificate /ID card issued by the Post Office

Why Investing in SIP is Beneficial?

• Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic Basis - daily, weekly, monthly or quarterly.

• You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500.

• SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors.

• SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc.

• Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns.

• To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges.

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