Bank of Baroda (BoB) Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. Bank of Baroda RD interest rates are quite competitive and are higher than the rates on their savings deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
RD Interest Rate of Bank of Baroda:
RD interest rates of Bank of Baroda are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
What is the current Bank of Baroda RD Interest Rate?
Current RD interest rates in Bank of Baroda are tabulated below. Here RD rates range is given for different deposit tenure from 06 months – 10 years:
Revision in Interest Rates on Retail Domestic Recurring Deposits interest rates revised: (All figures in % per annum)
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| Bank of Baroda | 180 days | 3.7 | 4.2 | 2021-11-25 |
| Bank of Baroda | 181 days to 270 days | 4.3 | 4.8 | 2021-11-25 |
| Bank of Baroda | 271 days & above and less than 1 year | 4.4 | 4.9 | 2021-11-25 |
| Bank of Baroda | 1 year | 4.9 | 5.4 | 2021-11-25 |
| Bank of Baroda | Above 1 year to 400 days | 5 | 5.5 | 2021-11-25 |
| Bank of Baroda | Above 400 days and upto 2 Years | 5 | 5.5 | 2021-11-25 |
| Bank of Baroda | Above 2 Years and upto 3 Years | 5.1 | 5.6 | 2021-11-25 |
| Bank of Baroda | Above 3 Years and upto 5 Years | 5.25 | 5.75 | 2021-11-25 |
| Bank of Baroda | Above 5 Years and upto 10 Years | 5.25 | 6.25 | 2021-11-25 |
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
You may check the updated Bank of Baroda Interest rate on RD at the Bank of Baroda official website here.
How is the Bank of Baroda RD rate of interest calculated?
RD interest rates of Bank of Baroda are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
The interest you earn on your deposited amount in RD depends on a lot of factors such as the invested amount, tenure for the deposit, rate of interest, and compounding frequency.
One of the best ways to calculate the interest earned on your Bank of Baroda RD is by using the Bank of Baroda RD calculator available over the internet. It is the most hassle-free way of calculating interest.
You may Calculate the Bank of Baroda RD Interest rate by using: Bank of Baroda RD Calculator
This RD Calculator for Bank of Baroda requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
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Information about Bank of Baroda RD Interest Rates:
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Table of Contents |
What is the Bank of Baroda RD Account?
A Bank of Baroda Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. It gives you a higher rate of interest than a savings bank account.
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
Bank of Baroda RD interest rates are quite competitive and are higher than the rates on their savings deposits.
Bank of Baroda RD Features:
- All individuals are eligible to open recurring deposit accounts at Bank of Baroda. The minimum monthly deposit on RD accounts is Rs.50 and multiples of Rs.50 in rural and semi-urban branches. In urban and metro branches, Rs.100 and multiples of Rs.100 are the lower limits on recurring deposit accounts. There is no upper limit on the monthly deposits in RD accounts.
- The tenure or time period of recurring deposit accounts range from 6 months to 120 months, which is determined at the time of opening the RD account. However, you can opt for premature withdrawal on your recurring deposit account, in case you need funds urgently. Closing your recurring deposit early may be subject to a penalty.
- Bank of Baroda offers attractive interest rates on recurring deposits, which are determined on the basis of the maturity period or tenure of the deposit. The interest on recurring deposit accounts is compounded quarterly and paid on maturity of the RD.
- Nomination facility is available on recurring deposit accounts at Bank of Baroda.
- Additionally, Bank of Baroda offers loan and overdraft facility up to 95% of the recurring deposit amount, which can help you in times of an urgent financial need.
Eligibility for Bank of Baroda Recurring Deposit (RD):
Below are the individuals and groups eligible for a Regular Recurring Deposit:
- Residents
- Hindu undivided families
- Sole proprietorship firms
- Partnership firms
- Limited companies
- Trust accounts
Types of Bank of Baroda Recurring Deposits:
Bank of Baroda Bank provides various types of recurring deposit accounts. Some of the popular ones include:
Recurring Deposit:
- All individuals are eligible to open recurring deposit accounts at Bank of Baroda. The minimum monthly deposit on RD accounts is Rs.50 and multiples of Rs.50 in rural and semi-urban branches. In urban and metro branches, Rs.100 and multiples of Rs.100 are the lower limits on recurring deposit accounts. There is no upper limit on the monthly deposits in RD accounts.
- The tenure or time period of recurring deposit accounts range from 6 months to 120 months, which is determined at the time of opening the RD account. However, you can opt for premature withdrawal on your recurring deposit account, in case you need funds urgently. Closing your recurring deposit early may be subject to a penalty.
- We offer attractive interest rates on recurring deposits, which are determined on the basis of the maturity period or tenure of the deposit. The interest on recurring deposit accounts is compounded quarterly and paid on maturity of the RD.
- Nomination facility is available on recurring deposit accounts at Bank of Baroda.
Flexible Recurring Deposit (Scheme Yatha Shakti Jama Yojna):
Eligibility:
All Individuals and Non-individuals
Amount of Deposit:
- Minimum
- The minimum amount of core installment required to open an account is Rs.100/- thereafter in multiples of Rs.100/- above core installment. (flexibility of changes in installment amount)
- Maximum
- Monthly deposit amount can be increased only up to 3 times of the core installment subject to a maximum of Rs.10,000/- per month
Tenure of Deposit:
Minimum: 12 Months
Maximum: 120 Months
Installment Frequency:
Monthly
How to check Bank of Baroda RD maturity value?
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
The maturity amount of Recurring Deposit (RD) invested in Bank of Baroda for a specified period can be calculated by using the Bank of Baroda RD calculator available over the internet.
The Bank of Baroda RD Calculator for Bank of Baroda RD available here requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
FAQs about Bank of Baroda RD rate of interest:
What is the Tenure Range for Bank of Baroda RD Account?
The tenure for Bank of Baroda RD ranges from 06 months to 10 years.
Is there any minimum amount required to open an RD account?
The minimum amount needed to open an RD in Bank of Baroda is Rs. 50.
How to open an RD account in Bank of Baroda?
If you are an existing customer of Bank of Baroda and have an active internet banking, you can just log in to your account and open one RD account. New customers can either visit the nearest Bank of Baroda branch or apply on Bank of Baroda’s website and get an RD account opened.
You are here to calculate the Bank of Baroda RD interest rate on your money in Bank of Baroda’s Recurring Deposit (RD) account. Explore the current Bank of Baroda RD interest rate here.
