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Save money while enjoying a higher interest rate with Bank Of Baroda Recurring Deposits. Bank Of Baroda Recurring Deposit Interest Rates differ for resident and NRI customers. Bank Of Baroda Senior Citizen RD Interest Rates are higher.
Recurring deposit is a special kind of term deposit offered by most banks in India. The recurring deposit account encourages the account holder to invest a specific amount every month called the ‘installment’ for a pre-determined tenure. Most banks allow a minimum contribution as low as Rs. 500 or Rs. 1000 per month. The tenure can range between 6 months to 120 months. The recurring deposit can be funded by linking the recurring deposit account with the savings bank account. The fund can auto-debit the savings account and transfer into the recurring deposit if the account holder provides standing instructions for the same. Recurring deposits pay-out a maturity value in line with the interest rates as determined at the time of deposit. The interest rate is a function of time period of deposit and the amount of installment. The investor will know the maturity value which will be paid out from the Recurring deposit account at the time of opening the account. If the installments are delayed or lapsed, penalty is levied in the form of lower interest credit.
About Bank Of Baroda Recurring Deposit Rate
Bank of Baroda provides a host of customized solutions which caters to a variety of customers. The solutions offered are competent to ensure that the investors benefit from reaping optimal returns from the products. The recurring deposits offer loan and overdraft facility to the extent of 95% of the deposit value. The minimum amount of installment required to open an account is Rs. 50/-. The deposit tenure allowed by Bank of Baroda is 6 month to 120 months. There are variants in the recurring deposit bearing the name – Baroda Samriddhi Quarterly Recurring Deposit, Baroda Samriddhi Half-Yearly Recurring Deposit, Flexible Recurring Deposit Scheme Yatha Shakti Jama Yojna. The features of these schemes are unique and the interest rates, tenure and installment amount requirement are specific.
Recurring Deposit account encourages account holder to deposit on monthly basis for a fixed period of time and earn interest on account balance. The maturity amount which will be paid out at the end of the tenure will include both principal and interest amount. Bank of Baroda offers attractive interest rates on recurring deposit schemes. Minimum amount required for opening an account is Rs. 50/-. The tenure for recurring deposit account can range between 6 months and 120 months.
The instalment frequency is monthly, the minimum amount of core instalment required to open an account s Rs. 100/-. The minimum and maximum duration applicable in case of this recurring deposit scheme is 12 months to 120 months.
Branches may continue to pay an additional interest of 0.50% on domestic term deposits of less than Rs. 1.00 Crore from Senior Citizens for all tenors in terms of extant guidelines.
Non-Callable Bulk deposits of Rs.1.00 crore and above will also have additional interest by 10 bps over the applicable rate of interest for Normal Bulk Deposits (callable) as per the maturity period of deposits as decided by The Treasury Department, BCC
1. Who can open an RD account with Bank of Baroda?
Following are the people who can open an RD account with Bank of Baroda.
2. What is the minimum amount required to open a recurring deposit with Bank of Baroda?
Minimum installment amount is Rs.50/- for the regular recurring deposit account. For Baroda Samriddhi Quarterly Recurring Deposit, the minimum installment required is Rs.500/-. For Baroda Samriddhi Half Yearly Recurring Deposit, the minimum installment required is Rs. 1000/. Under the Flexible Recurring Deposit Scheme Yatha Shakti Jama Yojna, the minimum required installment amount is Rs.100/-.
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