Bank of Baroda’s Monthly Income Plan is essentially a fixed deposit with monthly interest payout. It suits retirees and investors seeking steady income. Deposits can range from ₹1,000 to ₹1 crore (or more), with tenures from 12 months to 120 months. Interest is compounded quarterly and paid monthly at a discounted rate. Senior citizens may receive 0.50 % extra. Customers can avail of loans up to 90 % of the deposit amount. Before investing, compare the monthly payout rate with the cumulative rate to understand the effective yield.
BOB Monthly Income Plan Highlights
| Feature | Details |
|---|---|
| Tenure | 1–10 years |
| Minimum deposit | ₹1,000 |
| Interest payout | Monthly at discounted rate |
| Loan facility | Up to 90 % of deposit |
| Senior citizen benefit | Additional 0.50 % |
Check the latest interest rates and terms on Bank of Baroda’s website before investing.
