- With a recurring deposit or RD account, you make monthly deposits for a fixed period of time and earn interest on your account balance. On maturity of your recurring deposit, you will receive your principal and interest.
- Bank of Baroda offers attractive interest rates on recurring deposit schemes.
- Open a recurring deposit account with Bank of Baroda and create a habit of saving regularly.
- The monthly installments on RD accounts especially, encourage new investors to set aside money throughout the year.
- The key benefit of recurring deposit accounts is that you receive better returns on your investment compared to other financial instruments. This is because recurring deposit schemes have higher rates of interest as compared to savings accounts.
- You can choose from a variety of recurring deposit accounts to suit your financial outlook and investment goals, since we offer recurring deposit schemes with varying principal amounts, monthly installments and time periods. The tenure on our RD accounts can range from 12 months to 60 months.
- All Individuals and Non-individuals
TERMS & CONDITIONS
- Amount of Deposit :Minimum Rs.1000 and in multiples of Rs.1000 Maximum:Rs10,000
- Tenure of Deposit: Minimum 6 Months Maximum : 60 Months
- Installment Frequency: Monthly
- Rate of interest: As per the maturity period of the deposit
- Payment of Interest Interest will be compounded quarterly and paid on maturity. (Fixed rate of Interest)
- 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
- Maturity of Deposit: One month after payment of last installment OR Due date, whichever is later