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  • BOB SDP - A Recurring Deposit Scheme

    Open a recurring deposit account with Bank of Baroda and create a habit of saving regularly. The monthly instalments on RD accounts especially, encourage new investors to set aside money throughout the year.

    • Minimum deposit: Rs. 50
    • Minimum 6 months, Maximum 120 months
  • Flexible Recurring Deposit Scheme

    A product that is basically a Flexible Recurring Deposit a/c with feature of Flexible Monthly Instalment mode. Attractive rates of interest are on the way!

    • Minimum deposit: Rs. 100
    • Minimum 12 months, Maximum 120 months
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  • BOB SDP - A Recurring Deposit Scheme
  • Flexible Recurring Deposit Scheme

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Frequently Asked Questions (FAQs)

  • What is Recurring Deposit (RD)?

    A recurring deposit is a basic monthly saving plan, which helps customers to regulate their savings for higher returns with liquidity.

    The key benefits are –

    • Regularizes savings by encouraging a saving habit.
    • Loan/Overdraft facility up to 95% of the deposit amount.
    • Provision for nomination.

    Minimum amount required to open an account Rs 50/-and thereafter in multiple of Rs 50/- (rural and semi-urban).

    Minimum amount required to open an account Rs 100/-and thereafter in multiple of Rs 100/- (Urban and Metro).

    These accounts can be funded through Standing Instructions by the customer to the bank where they have a Saving Account or Current Account. The amount is credited to the RD account automatically online or by depositing manually by customer on due date.

  • What are the rules of Recurring deposits?

    Any person can open an RD if their savings or current account is KYC compliant. 

    This account can be opened online or in person. 

    The RD account can be of a single holder or a joint account. 

  • Can I break RD anytime?

    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.

  • Can we deposit a different amount every month in RD?

    In a regular RD, you cannot deposit different amounts every month. The amount that you have chosen at the beginning will continue to apply until the term end.

    However, there is another product Flexi Recurring deposit where monthly instalment can increase up to 3 times of the core instalments subject to maximum Rs 10,000 /- per month.

  • What are the interest rates of a Recurring Deposit?

    Please refer our Bank’s website for latest interest rates at


  • What if RD is not paid on time?

    The instalment for any calendar month must be paid on or before the last working day of that month. In case of delay in payment of any instalment a penalty shall be charged, Rs 1.00 for every Rs 100/- p.m. for any period of deposit.

  • What is the eligibility for Recurring Deposit?


    • 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.
    • The product is not available for NRE deposits.


    • DURATION:- Minimum 6 Months and Maximum 120 Months, i.e. Term of RD can be for 6,9,12,15,18,21,24…………120 months .
  • Can Recurring Deposit be opened in joint names?

    Yes, a recurring deposit can be opened by more than one individual in joint names.

  • Is it mandatory to have Savings Account with the bank to open a Recurring Deposit?

    It is not mandatory to have savings account with the bank to open a Recurring Deposit, however it is beneficial to the customer for transferring the monthly instalments of RD through savings account automatically by giving standing instructions.

  • Can I pay the RD instalment in advance?

    It is a monthly saving plan so advance instalment is not allowed.

  • What if I close my RD before maturity?

    If RD will be closed before maturity, 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.

  • How is the RD maturity amount calculated?

    Please refer our Bank’s website for calculation of RD maturity amount.


  • How do I close my RD account?

    If the RD is opened manually at the Bank, then submit a written request to the Bank along with the passbook if any.

    If the RD is opened online, then it can be closed online.

  • How many times RD can be extended?

    There is no provision for extension of RD.

  • Does RD come under 80C?

    RD is not eligible for 80 C.

  • Can RD be extended after 10 years?

    No RD cannot be extended after 10 years. Its maximum period is 10 years only.

  • Is matured RD taxable?

    The interest income is taxable at the time of maturity. Banks deduct TDS tax deducted at source on the interest earned on RD investments as per prevailing Income Tax ACT.

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