Bank of Baroda RD Calculator
The Bank of Baroda RD Calculator is a digital tool that helps you compute the maturity value of your recurring deposit with ease. Whether you’re saving for a goal or building a financial cushion, BoB’s RD calculator simplifies financial planning by providing accurate estimates of your returns.
What is a Bank of Baroda Recurring Deposit?
A Recurring Deposit (RD) with Bank of Baroda allows individuals to invest a fixed amount every month for a selected tenure and earn interest at prevailing rates. It’s a disciplined savings option with assured returns and is suitable for all income groups.
How the BoB RD Calculator Works
To use the Bank of Baroda RD Calculator, you need to enter:
- Monthly Investment Amount
- Tenure (in months)
- Applicable Interest Rate
The calculator computes the following:
- Total Deposit: The sum of all your monthly contributions.
- Total Interest Earned: Interest accrued using quarterly compounding.
- Maturity Amount: The final amount you receive at the end of the term.
Benefits of Using BoB RD Calculator
- Quick and accurate maturity calculations
- Helps plan financial goals effectively
- No manual computation required
- Can compare returns with other banks
Bank of Baroda RD Interest Rates
BoB offers competitive RD interest rates between 6.00% and 7.25% per annum, depending on the tenure and applicant category. Senior citizens are eligible for an additional 0.50% interest.
Example of RD Calculation
If you invest ₹4,000 per month for 3 years at an interest rate of 7.0% per annum:
- Total Deposit: ₹1,44,000
- Interest Earned: ₹16,200 (approx.)
- Maturity Amount: ₹1,60,200 (approx.)
Features of Bank of Baroda RD
- Flexible tenures from 6 months to 10 years
- Minimum deposit: ₹50 per month
- Quarterly compounding of interest
- Premature closure facility with nominal penalty
- Loan/overdraft available against RD
Tax Implications
Interest from RD is taxable. TDS is applicable if interest income exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). Always include RD interest in your ITR filings.
How to Open a Bank of Baroda RD Account
- Log in to BoB Internet Banking or visit your nearest branch.
- Select ‘Recurring Deposit’ under deposit services.
- Enter deposit amount, tenure, and frequency.
- Confirm and initiate the RD account.
Conclusion
The Bank of Baroda RD Calculator helps you make informed decisions about your monthly savings. Use this tool to understand how your investments will grow over time with BoB’s attractive RD options. Whether you’re saving for education, a vacation, or an emergency fund, start with the RD calculator and plan your goals confidently.
Visit Bank of Baroda to explore RD options and begin your savings journey.