|Tenure||Normal Citizen RD Rate||Senior Citizen RD Rate|
|3 Months to 6 Months||4.50%||5.00%|
|6 Months to 9 Months||5.25%||5.75%|
|9 Months to 1 Year||5.75%||6.25%|
|1 Year to 2 Years||6.75%||7.25%|
|2 Years to 3 Years||7.05%||7.55%|
|3 Years to 5 Years||6.50%||7.15%|
|5 Years to 10 Years||6.50%||7.50%|
Note: All interest rates shown above are as on 1st November 2023
6 Months - 10 Years
Public Interest Rates
4.50% to 7.05%
Senior Citizen Interest Rates
5.00% to 7.55%
Minimum Deposit Amount
Highest Rates for Public
Highest Rates for Senior Citizen
|Investment Amount||For 3 years with interest of 6.50%||For 5 years with interest of 6.50%|
|₹ 50,000||₹ 1,51,622||₹ 2,54,070|
|₹ 1 lakh||₹ 3,03,244||₹ 5,08,140|
|₹ 2 lakh||₹ 6,06,488||₹ 10,16,279|
|₹ 5 lakh||₹ 15,16,221||₹ 25,40,698|
|₹ 10 lakh||₹ 30,32,442||₹ 50,81,397|
|Maturity Amount||₹ 3,03,244||₹ 3,02,621|
|Total Investment Amount||₹ 3,00,000||₹ 3,00,000|
|Total Interest Gained||₹3,244||₹ 2,621|
|Bank Name||RD Interest Rates|
|Punjab National Bank||4.40% to 6.50%|
|City Union Bank||5.75% to 6.50%|
|BOI Bank||4.50% to 6.50%|
|Canara Bank||5.25% to 6.90%|
|Indian Bank||3.50% to 6.70%|
|Central Bank of India||4.50% to 6.75%|
|Karur Vysya Bank||6.00% to 7.00%|
|Union Bank of India||4.30% to 6.70%|
|Tamilnad Mercantile Bank||5.75% to 7.00%|
|Karnataka Bank||5.25% to 7.00%|
|Dhanlaxmi Bank||6.50% to 6.75%|
|South Indian Bank||4.50% to 6.50%|
|Federal Bank||5.00% to 7.30%|
|Bank of Maharashtra||4.50% to 6.00%|
|Indian Overseas Bank||4.50% to 6.80%|
|UCO Bank||4.50% to 6.50%|
|RBL Bank||4.75% to 7.50%|
|State Bank of India||4.50% to 7.00%|
|IDBI Bank||4.50% to 6.80%|
|Axis Bank||4.75% to 7.10%|
|HDFC Bank||4.50% to 7.10%|
|ICICI Bank||4.75% to 7.00%|
|Indusind Bank||4.75% to 7.50%|
|Kotak Mahindra Bank||4.00% to 7.10%|
|Yes Bank||5.00% to 7.75%|
|Bandhan Bank||4.50% to 7.25%|
|IDFC First Bank||5.00% to 7.50%|
|Equitas Small Finance Bank||7.25% to 8.20%|
|Capital Small Finance Bank||4.75% to 7.15%|
|Ujjivan Small Finance Bank||4.75% to 7.50%|
|Fincare Small Finance Bank||5.75% to 8.25%|
|ESAF Small Finance Bank||5.25% to 8.50%|
|North East Small Finance Bank||4.00% to 7.50%|
|Suryoday Small Finance Bank||5.00% to 8.50%|
|Utkarsh Small Finance Bank||6.50% to 8.00%|
|Jana Small Finance Bank||4.00% to 8.50%|
|DBS Bank||3.00% to 7.50%|
|Post Office||6.90% to 7.50%|
Frequently Asked Questions
What is the current interest rate of RD in BOB Bank?
How to open rd account in BOB Bank?
How to close rd in BOB Bank?
How to calculate maturity and interest in BOB Bank recurring deposit ?
What is BOB Bank RD interest rates for 1 year in 2023 ?
Bank of Baroda RDs allows an investor to invest a small amount every month. Upon maturity, the investor will earn interest on the entire investment. The BOB RD tenure ranges from 6 months to 10 years, and the bank RD interest rates vary with the tenure. Furthermore, one can estimate returns from the bank recurring deposits using the recurring deposit calculator.
Bank of Baroda RD interest rates ranges between 5.25% to 6.25% p.a. for a tenure of 6 months to 10 years for regular citizens. For the same tenure, the senior citizen RD rates range between 5.75% to 7.25% p.a.. Bank of Baroda offers senior citizens additional interest of 0.5% on their FD investments. The interest on Bank of Baroda RD is compounded quarterly and paid upon maturity. Furthermore, one can estimate returns from the bank recurring deposits using the recurring deposit calculator. Also, the RD rates of Bank of Baroda are higher than their savings account. Bank of Baroda RD rates depend on the tenure of the investment, age of the investor, RBI policies, and the country’s current economic conditions.
Interest income of Bank of Baroda RDs is taxable as per the individual investor’s income tax slab rates. Investors have to show the interest income from their RD investment under the head ‘Income from Other Sources’ while filing their income tax returns. Moreover, the Bank of Baroda deducts a TDS of 10% if the interest income exceeds INR 40,000 for regular citizens. The TDS threshold limit for senior citizens on their interest income is INR 50,000. Also, the rate of TDS is 10% if the investor submits the PAN details. Else, the rate of TDS that the Bank of Baroda cuts is 20%.
Following are the key features of Bank of Baroda recurring deposits:
All individuals and non-individuals are eligible to invest in Bank of Baroda RDs. Following is the list of eligible persons.
To open an RD account with Bank of Baroda, one needs to invest a minimum of INR 50 in rural branches and INR 100 in urban branches. There is no upper limit for investment. Also, the bank charges a penalty for delayed instalments. The penalty ranges between INR 1 – INR 100 per month.
Following are the documents required to open an RD account with BOB:
Bank of Baroda charges a penalty for premature withdrawal of RD investments. The penalty is 1% on the interest rate.
Investment in Bank of Baroda RDs is not eligible for tax exemption under Section 80C of the Income Tax Act, 1961. Moreover, the interest income from Bank of Baroda RD interest is taxable as per the individual investor’s income tax slab rates. Investors of Bank of Baroda recurring deposit have to show their interest income under the head ‘Income from Other Sources’.
Also, the interest income from the Bank of Baroda RD is subject to TDS. The TDS rate is based on whether the investor has disclosed the PAN details to the Bank of Baroda or not.
If the investor submits the PAN Card details to Bank of Baroda, then the applicable TDS rate is10%, if the interest income exceeds INR 40,000 (for regular citizens). For senior citizens, the TDS limit is INR 50,000.
If the investor doesn’t submit the PAN Card details to Bank of Baroda, then the applicable TDS rate is 20% if the interest income exceeds INR 40,000 (for regular citizens). For senior citizens, the TDS threshold limit is INR 50,000.
Bank of Baroda allows investors to nominate beneficiaries for their RD investment.
BOB offers the following recurring deposit schemes:
The scheme allows an individual to invest a small amount of money. With this scheme, one can make monthly deposits for a fixed duration and earn interest.
This is a flexible recurring deposit account that has a flexible monthly instalment mode. Also, a regular RD can be converted to Yatha Shakti Jama Yojana scheme.
Invest your money in the bank fixed deposits that suit your needs.
BOB RD is an excellent investment alternative for investors who want to save small amounts regularly. Also, since Bank of Baroda RDs guarantee returns, they are low risk investments. Hence investors looking for guaranteed returns can invest in BOB RDs. However, the interest income from the Bank of Baroda RD investments is subject to TDS and taxes. Therefore, investors have to consider the taxes they have to pay before investing in these investments.
You may also like to read about the Bank of Baroda PPF Account
Yes, BOB RD account requires a minimum deposit amount of INR 50 per month. However, there is no limit on the maximum deposit amount.
Yes, one can open a BOB RD account on behalf of a minor. The RD account can be opened in the name of a minor who is above ten years. The maximum limit for such an RD scheme is INR 1,00,000.
One can open a BOB RD account through offline and online modes. For online mode, one has to visit the Bank of Baroda’s website. And for offline mode, one has to visit the nearest branch of Bank of Baroda.
To be able to invest in Bank of Baroda RD, one needs to have all valid documents. For identity proof, one needs to have a PAN Card, Passport, Aadhar Card, Voter ID, Government ID proof. For address proof, one needs to have a Passport, utility bills, bank statement with cheque and Aadhar card.
No, it is not possible to renew a Bank of Baroda RD account.