Bank of Baroda Monthly Income Plan

Bank of Baroda has come up with a monthly income plan for its customers for their specific banking requirements. The monthly income plan will cater all the financial needs of the client and will encourage them to develop a habit of savings. On the other hand, the rate of interest levied on the deposits will be calculated as another source of income, making it an ideal plan for those who are short on money.

Eligibility Criteria:
  1. The account holder must be an Indian Citizen.
  2. 60 years is the maximum maturity age.
  3. 1000/- is the minimum investment amount.
Bank of Baroda Monthly Income Plan Features:

Account Type

Single

Amount

Min – Rs 1000/-

Max – Rs 5 lakh

Interest Rate

Min – 4% per year

Additional 0.50% per annum for senior citizens

Period

Min – 1 Year

Max – 120 months

Nomination

Yes

TDS

TDS should be paid as per rules laid down by the Income Tax Department. Interest rates are subject to TDS.

Monthly Income Plan Interest Rate for Bank of Baroda

Tenure

Rate of interest for regular customers

Rate of interest for senior citizens

Greater than a year but less than 2 years

4 %

4.50 %

Greater than couple of years but less than 5 years

4 %

4.50 %

Greater than five years but less than 10 years

4 %

4.50 %


Kindly Note:
The interest rates offered by Bank of Baroda Monthly Income Plan are subject to change as they are linked to base rate.

Documents required for Bank of Baroda Monthly Income Plan:

For opening a monthly income savings deposit account in Bank of Baroda, the customer has to provide with verified documents which state that he/she is eligible for opening an account.

  1. A letter of introduction, basically your first impression, in accordance with the bank’s standard.
  2. Address Proof
  3. A Passport Size Photograph
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