bob Monthly Income Plan (MIP)|Bank of Baroda Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Bank of Baroda

Eligibility

An individual in his own name. More than one individual in joint name. Minor of age 10 and above on terms laid down by the bank. Accounts can also be opened in the name of minor with their father/mother, as guardian. Clubs, associations, Educational Institutions, Partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purpose.

Interest Rate

6.50% to 7.65% per annum.

Tenure

1 year to 10 years.

Fixed Deposit Type

Monthly

Monthly Income Plan (MIP)

Tax Benefits

Credit Ratings

[ICRA]AAA, IND AAA

Interest Payment Frequency

Monthly.Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

Cummulative/Non-Cummulative

Non Cumulative

Features

• The minimum deposit amount is Rs 1000 and in multiples of Rs100.
• No upper limit on the deposit amount.
• Overdraft/Loan against deposit is provided on demand up to 95 % of the outstanding balance in the account as of the date of the loan.
• No penalty for premature payment will be levied in case of premature payment of deposits up to Rs 5 lakh, provided it remained with the bank for a minimum period of 12 months

Minimum Investment Amount

1000

Features & Benefits

Pros

• Guaranteed returns
• Monthly interest payout.

Cons

• No tax benefits.

Pros & Cons

How to Open?

Application Process :

• Visit your nearest Bank of Baroda branch or use their online banking services.
• Provide the necessary details, including the deposit amount and preferred tenor.
• Complete the required documentation

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