BOB Monthly Income Scheme

The Bank of Baroda monthly income plan is a great way to start planning for your future finances if you are nearing retirement. You can invest a lump sum amount in the income plan to get a regular stream of income every month for a specified period. It is a great investment strategy if you are a retiree or even a low-risk investor who wants to preserve your capital.

The BOB monthly income scheme offers competitive interest rates at 6.50% - 7.50% p.a. and flexible tenures of 12 to 120 months for a minimum investment amount of ₹1000.

With Bank of Baroda monthly income plan, senior citizens receive an additional 0.50% per annum interest rate on their deposits compared to regular citizens, enhancing their returns.

BOB Bank Monthly Income Scheme Eligibility Criteria

The Bank of Baroda monthly income plan is eligible for the following:

  • Individuals in a single account.
  • A joint account with more than one individual.
  • 10-year-old minors as per the terms laid down by the bank.
  • A minor's account can also be opened by the parents or guardians.
  • Accounts can be opened by clubs, associations, educational institutions, partnerships, and companies, if registered, for genuine savings purposes.

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Bank of Baroda Monthly Income Plan Interest Rate

The BOB monthly income scheme offers competitive interest rates ranging from 6.5% to 7.5% per annum for regular citizens who are depositing less than ₹2 Crores. Moreover, senior citizens enjoy exclusive benefits with an additional 0.50% interest rate, enhancing their returns on investment.

BOB Monthly Income Plan Deposits Under ₹2 Cr

Here are the interest rates offered for BOB monthly income scheme for deposits under ₹2 crores:

Tenure Interest Rate (p.a)
(Regular Citizens)
Interest Rate (p.a)
(Senior Citizens)
1 year 6.85% 7.35%
Above 1 year - 400 days 6.85% 7.35%
Above 400 days - 2 Years 6.85% 7.35%
Above 2 Years - 3 Years 7.25% 7.75%
Above 3 Years - 5 Years 6.50% 7.15%

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*Note- The interest rates are subject to change. Please check the Bank of Baroda’s official website for the latest information.

The BOB Monthly Income Plan is similar to the general BOB Fixed Despoit Rates. You can compare them too while considering FD investments with BOB.

For BOB FD return calculation, you can use the online FD Calculator.

BOB Monthly Income Plan Bulk Deposits Above ₹2 Cr

The interest rates offered by the BOB monthly income plan for bulk deposits of above ₹2 crores to ₹10 crores for regular citizens are:

Tenure Interest Rate (p.a)
₹2 Cr to ₹5 Cr
Interest Rate (p.a)
Above ₹5 Cr to ₹10 Cr
1 Year 7.45% 7.55%
> 1 year - 15 Months 6.85% 6.75%
>15 Months - 2 Years 6.85% 6.75%
> 2 Years - 3 Years 6.50% 6.50%
> 3 Years - 5 Years 6.00% 6.00%

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*Note- The interest rates are subject to change. Please check the Bank of Baroda’s official website for the latest information.

The table below shows the bulk interest rate offered by Bank of Baroda for regular citizens depositing ₹10 Cr - ₹1000 Cr:

Maturity Range Above ₹10 cr. - ₹1000 cr.
1 Year 7.45%
>1 Year - 2 Years 7.00%
> 2 Years - 3 Years 6.00%
> 3 Years - 5 Years 5.25%
> 5 Years - 10 Years -
*Note- The interest rates are subject to change. Please check the Bank of Baroda’s official website for the latest information.

*Please note: Staff and ex-staff members receive additional interest of 1% as per current bank guidelines. Ex-staff who are also senior citizens enjoy the combined benefits of the staff interest rate and the senior citizen interest rate.

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Features & Benefits of BOB Monthly Income Scheme

BOB monthly income plan offers many features and benefits that can provide financial security to retirees and low-risk investors. These are:

  • The Bank of Baroda Monthly Income Plan offers a minimum deposit requirement of Rs 1000, with deposits accepted in multiples of Rs 100.
  • Deposit periods range from a minimum of 12 months to a maximum of 120 months, providing flexibility for short-term and long-term savings goals.
  • The plan includes a nomination facility, ensuring the seamless transfer of savings to the chosen nominee in case of unforeseen circumstances.
  • Interest payments are subject to Tax Deducted at Source (TDS) as per prevailing Income Tax regulations.
  • Customers can avail of loans or overdrafts against their deposits, with the bank providing facilities of up to 95% of the outstanding balance in the account.
  • There is no penalty for premature withdrawal of deposits up to Rs 5 lakhs, provided they have been maintained with the bank for a minimum period of 12 months.
  • Deposits are auto-renewed for an additional 1-year period at the prevailing interest rate at the time of renewal unless instructed otherwise by the depositor.

BOB Monthly Income Scheme Premature Withdrawal

For Bank of Baroda monthly income scheme deposits, premature closure rules are fair and flexible. If you close early and a penalty applies, your interest payment will be calculated after deducting a 1% penalty from the applicable or contracted rate, whichever is lower. But, there's no penalty for premature closure if your deposit is less than Rs 5 lakhs and has been with the bank for at least 12 months.

Similar to Fixed Deposits, eligibility criteria and guidelines apply here. For deposits over ₹1.00 Crore, you need to give a 31-day notice for premature closure and a penalty of 1.5% is charged on the applicable interest rate for the duration the deposit has been held, as per the bank rules. These rules aim to balance your needs with the bank's requirements.

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Frequently Asked Questions

Individuals, joint accounts, minors, and organisations like clubs and companies that can open accounts for genuine savings purposes are eligible for the BOB monthly income plan.

The Bank of Baroda Monthly Income Plan accepts deposits starting from Rs 1000, with additional deposits allowed in multiples of Rs 100.

The deposit duration varies from a minimum of 12 months to a maximum of 120 months, offering flexibility to cater to both short-term and long-term savings objectives.

Yes, premature withdrawals are allowed in this scheme.

Yes, Taxes are deducted from the source according to income tax rules. Submitting Form 15G/15H will be exempt from TDS deduction.

Yes, customers can take a loan against their deposit under this scheme.

You can open an account by visiting your nearest Bank branch and through internet banking.

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