Features of Bank of Baroda Recurring Deposit
1. Initial Investment: The minimum monthly installment is ₹50 and subsequent payments are in multiples of 100.
2. Limit: The maximum monthly installment amount has no upper limit.
3. Tenure: The term can be as short as six months (and then in increments of three months) or as long as ten years.
4. TDS Deduction: Yes, under the Income Tax Act of 1961, the interest generated on the RD account is taxable. If the total predicted interest exceeds ₹1000 in a fiscal year, TDS is deducted, i.e. 10% if the PAN information is given and 20% if pan details not given.
5. Set-Up Standing Instructions: Paying the monthly payments (for RD) is as simple as with a one-time standing instruction from your Bank of Baroda Savings Account.
Bank of Baroda RD Interest Rates 2024
The recurring deposit of Bank of Baroda is one of the bank’s most popular schemes, allowing customers to save a portion of their monthly income and reap benefits over the years. Bank of Baroda was founded on July 20, 1908, by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, and nationalized on July 19, 1969. It is presently India’s third-largest public sector bank. The attractive BOB RD interest rates along with additional surplus benefits, make it profitable to invest in BOB RD. A recurring deposit (RD) account with the Bank of Baroda can be opened for a tenure of 6 months to ten years. General citizens can open a Recurring Deposit account with the bank and earn interest ranging from 4.30% p.a. to 5.75% p.a . Citizens above the age of 60 are granted an extra interest rate of 0.50% on all tenures.
Table of Content
- Bank of Baroda RD Interest Rates 2024
- Features of Bank of Baroda Recurring Deposit
- How to Open an RD Account in Bank of Baroda?
- How to Calculate RD Interest Rates in Bank of Baroda?
- Eligibility Criteria to Start RD Account with Bank of Baroda
- Documents Required for Starting an RD Account
- Types of Bank of Baroda RD Accounts
- Bank of Baroda RD Premature Withdrawal Rules
- Frequently Asked Questions (FAQs)