Bank of Baroda- Big news for Bank of Baroda account holders. Bank of Baroda has introduced a new recurring deposit product called BOB Flexi Systematic Deposit Plan (SDP). The new recurring deposit scheme aims to help customers build disciplined savings, while also allowing the flexibility to make more deposits into the recurring deposit account depending on liquidity. The scheme is designed for individuals who want the regularity of recurring deposits (RD) with the added benefit of flexible monthly contributions.

What is BOB Flexi SDP by Bank of Baroda?

‘Bob Flexi Systematic Deposit Plan’ is a savings plan that helps customers regulate their savings for good returns. The deposit plan offers flexibility to the customer to deposit additional funds in the SDP account.

What are the key features of BOB Flexi SDP?

Minimum EMI: Investment can be started from a minimum of Rs 500, with additional top-up of Rs 100.

Flexible Deposit Amounts: BOB customers can maximize their monthly deposit amount up to 10 times, with a monthly limit of Rs 1 lakh.

Senior Citizen Interest Benefit: Preferential interest rates for resident senior and very senior citizens on deposits less than Rs. 3 crore.

Loan/Overdraft Facility: Customers can borrow up to 95% of the outstanding amount at applicable interest rates.
Minor Accounts: Can be opened for minors aged 10 years and above with a deposit limit of Rs 1 lakh.

Bob Flexi SDP: How does it work?

One needs to open an RD account with Bank of Baroda with a preferred monthly deposit amount. The minimum monthly installment is Rs 500, and further deposits can be made in multiples of Rs 100. The maximum monthly installment is Rs 1,00,000.

Deposit Tenure under BOB Flexi SDP

For residents and NRO deposits, the tenure of an RD account can range from 6 to 60 months. For NRE customers, the minimum tenure is 12 months. Top-up deposits can be made in multiples of 3 months, for 6, 9, 12, 15… up to 60 months.

Delayed Payment

If the monthly installment under an RD account is not paid in the same calendar month, a penalty of Rs. 1.00 per month for every Rs. 100 of the deposit amount for any period will be charged.

 

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