Bank of Baroda Monthly Income Plan
Bank of Baroda (BOB) offers customized products to meet specific requirements and caters to the financial needs of customers across India. The bank has launched the Monthly Income Plan is tailored to help individuals supplement their monthly income and inculcate a habit of savings.
Bank of Baroda offers FD interest rates in the Monthly Income Plan for the general public ranging from 4.00% p.a. to 6.70% p.a. and for senior citizens ranging from 4.50% p.a. to 7.30% p.a.
Also, Check - Fixed Deposit
Eligibility Criteria for Bank of Baroda's Monthly Income Plan
Individuals who wish to open an account under Bank of Baroda's Monthly Income Plan should fulfill the following criteria in order to be eligible:
- You should be a resident Indian.
- Your maximum age at the time of maturity of the plan should be 60 years.
- The minimum amount you need to investment is Rs.1,000.
Features of Bank of Baroda Monthly Income Plan
Account Type | Single |
Amount | Min - Rs 1000 Max – No Upper Limit |
Rate of Interest | Min - 4.00% per annum In case of senior citizens, additional 0.50% per annum |
Period/Tenure | Min - 12 months Max - 120 months |
TDS | Interest rates are subject to TDS. TDS should be paid as per rules laid down by the Income Tax Department |
Nomination | Yes |
BOB Monthly Income Plan: Bulk Deposit Options (Above ₹1 Crore)
- You can open bulk deposits under any schemes offered by the bank under retail time deposits.
- The rate of interest on bulk deposits will be different from the retail time deposits.
- The bank has the right to accept or reject deposits more than Rs.25 crore.
- The bank has the right to accept or reject any request for premature payment. Once accepted, the penal clause will be same as retail time deposits.
Bank of Baroda Monthly Income Plan Interest Rate
Tenure | Interest rate for regular customers | Interest rate for senior citizens |
7 to 14 Days | 4.00% | 4.50% |
15 to 45 Days | 4.00% | 4.50% |
45 to 90 Days | 5.30% | 5.80% |
91 to 180 Days | 5.30% | 5.80% |
181 to 210 Days | 5.75% | 6.25% |
211 to 270 Days | 6.25% | 6.75% |
271 Days and above and less than 1 year | 6.30% | 6.80% |
1 year | 6.70% | 7.20% |
Above 1 year to 400 Days | 6.70% | 7.20% |
Above 400 days and up to 2 years | 6.70% | 7.20% |
Above 2 years and up to 3 years | 6.70% | 7.20% |
Above 3 years and up to 5 years | 6.55% | 7.15% |
Above 5 years and up to 10 years | 6.30% | 7.30% |
Above 10 years | 6.00% | 6.50% |
Note: The interest rates offered by Bank of Baroda are linked to their base rate and are liable to change at their sole discretion. The above mentioned rates are effective from 29 May 2025.
Required Documents for Bank of Baroda Monthly Income Plan
In order to open a monthly savings deposit account, the customer will have to provide the following documents in order to be eligible:
- Passport size photograph
- Residence proof
- Introductory letter according to the norms of the bank
FAQs on Bank of Baroda Monthly Income Plan
- What documents should be submitted to open an account under this scheme?
Individuals who wish to open this savings deposit account need to submit the following documents.
- Two recent passport size photographs
- Residence proof
The individual who wishes to open this account should be introduced by a person known and acceptable to the bank.
- Are premature withdrawals permitted under this scheme?
Yes, premature withdrawals are generally permitted, unless stated otherwise. There is no penalty levied by the bank in case of premature payment deposits of up to Rs 5 lakh, provided it has completed the minimum term of 12 months.
- How much can be withdrawn?
Since there are no formalities as concerns with overdrafts or withdrawals, a maximum of 95% of the amount can be withdrawn.
- Is interest calculated on premature withdrawal?
An interest of 4% is applied on general deposits. Senior citizens will earn an additional 0.50% interest rate on the savings deposit. An interest rate of 1% less than the applicable rate, will be calculated on premature withdrawal of deposits.
- Is the money deposited under this scheme secure?
Yes. This scheme, along with security for money, provides the comfort of liquidity.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.