The Monthly Income Plan is tailored for those individuals who regularly need money to supplement their income i.e. each month. Interest earned on your deposit becomes another source of income.
Key Benefits
- This plan does not demand any extra formalities, as concerns overdrafts and withdrawals, hence enabling you to withdraw as much as 95% of the deposit amount.
- Provides you the comfort of liquidity along with a security of your money being in safe hands.
- An additional 0.50% interest for senior citizens (applicable only for deposits of Rs. 10000/- and above).
- Provision for nomination.
Terms & Conditions
- Deposit account can be opened with minimum amount of Rs. 1,000/- and subsequent deposits in multiples of Rs.100/-.
- Deposit Tenure:
- Minimum - 12 months.
- Maximum - 120 months.
- Interest will be paid on monthly basis at discounted rate.
- No penalty for premature payment will be levied in case of premature payment of deposits up to Rs. 5 Lakhs provided it remained with the Bank for a minimum period of 12 months.
- On pre-matured withdrawal of your deposits, interest will be calculated at 1% below the rate applicable for the period of deposits.
- Interest payments are subject to TDS (Tax Deducted at Source).
- Documents required:
- Passport size photograph
- Proof of residence
- An Introduction as per bank's norms
To know the current interest rates Click here.
For further details, please contact the Bank of Baroda Branch nearest to you.
> Short Deposits
> Fast Access Deposit Scheme
> BoB Flexible Fixed Deposit Scheme
> Regular Income Plan
> Monthly Income Plan
> Regular Income Cum Recurring Deposit
> Capital Gain Account Scheme, 1988
> Term Deposits
> General Scheme
> Baroda Flexible Recurring Deposit Account
