Bank of Baroda Regular Income Plan
Those looking for the sources of an additional income, BOB Regular Income Plan can provide them with a supplementary income as per their tenures (monthly, quarterly, half-yearly and yearly). This is an ideal scheme as the depositors can add additional earnings to their regular earnings and in return can keep their finances on track. Moreover, the depositor can withdraw the maximum of 95% from their total amount in the deposit.
BOB Regular Income Plan Eligibility Criteria:
- The filled in application form.
- Introduction letter based on the bank’s standards.
- Address Proof of the applicant.
- Passport Size photograph.
Bank of Baroda Regular Income Plan Features:
|
Account Type |
Single/Joint |
|
Amount |
Minimum: Rs.1,000/- with subsequent withdrawals in multiples of Rs.100 Maximum: N.A. |
|
Rate of Interest |
Minimum: 6.75% Maximum: 7.75% |
|
Period/Tenure |
Minimum: 1 Year Maximum: 10 Years |
|
TDS |
Under the Income Tax department rules and regulation, TDS is applicable |
|
Loan against ICICI Money Multiplier Plan |
Not applicable |
|
Nomination |
Available |
|
Auto Renewal |
Yes, except if not mentioned |
BOB Regular Income Plan Interest Rates:
The Regular Income Plan offered by Bank of Baroda provides with competitive rates which are compounded on a three-month basis.
|
Tenure |
Deposits below Rs.1 crore |
Rs.1 crore to Rs.10 crores |
Rs.10 crores to Rs.50 crores |
Above Rs.50 crores |
|
365 Days |
7.75% |
6.75% |
6.75% |
6.75% |
|
Above 365 Days to 3 Years |
7.75% |
6.75% |
6.75% |
|
|
Above 3 Years and up to 5 Years |
7.75% |
6.75% |
6.75% |
|
|
Above 5 Years and up to 8 Years |
7.50% |
6.75% |
||
|
Above 8 Years and up to 120 Months |
7.50% |
6.75% |
Kindly Note: The mentioned rates in the Band of Baroda Regular Income Plan are subject to change in accordance with the bank’s market conditions and liquidity requirements.
Furthermore, the BOB Regular Income Plan provides the senior citizens with an additional 0.5% interest on all their deposits mentioned under this scheme.