This Bank of Baroda Saving Account Calculator is an online personal finance tool to calculate the total maturity amount and the total effective yield based on the selection of monthly, quarterly, semi-annually, and annually compound frequencies, interest rates, and total time period of the deposited money in the Bank.
(Calculate your Bank of Baroda saving maturity amount by using this Bank of Baroda Saving Account Calculator)
Bank of Baroda Saving Calculator Variables:
This saving calculator uses five different investment variables that most of the calculator requires. These saving calculator variables are:
Monthly Deposit Amount: This is a fixed monthly amount that is invested in a saving scheme. This deposit amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the saving calculator that appears as a percentage and is different for different types of saving options. Bank of Baroda offers 3.25% p.a. (w.e.f. 01.04.2020) rate of interest on saving accounts.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the saving calculator. The longer investment increases the compounding of the returns and hence greater rewards are generated.
Maturity Amount: The desired or required amount that an investor wants at the end of the investment life cycle is known as the final amount or maturity amount.
Effective yield: The effective yield is that variable of the saving calculator that appears as a percentage and is used to compare the effectiveness of different types of saving options. This saving variable matters the most to the investors.
How Bank of Baroda Saving Calculator Works?
Anyone can calculate his saving returns from the Bank of Baroda account through an online saving calculator available on this page with high accuracy.
Following are the steps to calculate the saving returns through this calculator:
- Step 1: Enter the fixed monthly amount that he wants to deposit every month.
- Step 2: After this, fill the rate of interest that he gets from his bank or financial institution for the specified period. Different banks or financial institutions offer different rates of interest-based on the amount of investment and period of investment.
- Step 3: The next step that one has to follow is to select the period for saving in months. It depends on saving option requirement for which he wants to stay invested.
- Step 4: Thereafter choose the frequency of compounding. The frequency of compounding may be monthly, quarterly, half-yearly, or yearly.
- Step 5: After submitting all variables required by saving a calculator, one will get the final maturity amount for investment query with effective yield.
Features of Bank of Baroda saving account:
- 50 Cheque Leaves shall be allowed free in a year. However, the number of withdrawals not to exceed FOUR in a month.
- Debit Card and Internet Banking facility shall be available to the account holders.
- Standing instruction, ECS (debit), etc. can be made available to such accounts (earlier it was not allowed).
- No restriction on turnover/deposit by adult individual/s.
- Introduction and KYC norms will be observed in the account as per extant guidelines.
- Interest rate, periodicity, and method of application of interest will be similar to our usual Savings Bank A/c.
- There will be NIL Charges levied for non-operation/ activation of inoperative/ dormant a/cs
- Customers, having ” Baroda Basic Savings Bank Deposit Account will not be eligible to open any other Savings Bank in Bank and they will be required to close their other Savings Bank accounts if any within 30 days of the opening of Baroda Basic Savings Bank Deposit Account
Eligibility to open Bank of Baroda saving account:
Any Resident Individual – Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Visually Impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI.
You are here to calculate the maturity value of your money in the Bank of Baroda saving account. Calculate the maturity value with this online Bank of Baroda saving account calculator.
