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I recently opened an account in the Bank of Baroda and came to know about the Bank of Baroda’s Monthly Income Plan (MIP). Will you provide Eligibility Criteria for Bank of Baroda’s Monthly Income Plan (MIP)`also provide Rate of Interest so that I plan to avail this facility?

[Vishal Kotkar]

Bank of Baroda is an Indian state-owned banking and financial services company headquartered in Vadodara in Gujarat, India.

Eligibility Criteria for Bank of Baroda’s Monthly Income Plan

Individuals who wish to open an account under Bank of Baroda’s Monthly Income Plan should fulfill the following criteria in order to be eligible:

Should be resident Indians
Maximum age at maturity - 60 years
Minimum amount for investment - Rs. 1000

Features of Bank of Baroda Monthly Income Plan
Account Type Single
Amount
Min – Rs 1000

Max – Rs 5 lakh

Rate of Interest
Min – 4% per annum

In case of senior citizens, additional 0.50% per annum

Period/Tenure
Min – 12 months

Max – 120 months

TDS Interest rates are subject to TDS. TDS should be paid as per rules laid down by the Income Tax Department
Nomination Yes

Interest Rate
Tenure Interest rate for regular customers Interest rate for senior citizens
1 year but less than 2 years 4 % 4.50 %
More than 2 years but less than 5 years 4 % 4.50 %
More than 5 years but less than 10 years 4 % 4.50 %

Contact:

Corporate Centre
Bank Of Baroda
Baroda Corporate Centre,
Plot No - C-26, G - Block, Bandra - Kurla Complex, Bandra (East), Mumbai-400051

Phone 022) 6698 5000- 04
Fax 022) 2652 3500