How to Calculate RD Interest Rates in Bank of Baroda?
The RD interest rates on Bank of Baroda recurring deposits are compounded quarterly. This is the formula to calculate the maturity value.
Here ,
- A Represents the Maturity Amount,
- P Represents the Recurring Deposit,
- R Represents the Rate of Interest,
- T Represents the Tenure,
- N represents the number of compounding interest.
Example:
Akash deposits ₹500 each month for 9 months. The rate of interest applicable Recurring Deposit account is 4.65% for regular RD. What will be the sum on maturity ?
Solution:
A = ₹4,588
Hence, the interest income will be generated from the recurring deposit is ₹88.
Bank of Baroda RD Interest Rates 2024
The recurring deposit of Bank of Baroda is one of the bank’s most popular schemes, allowing customers to save a portion of their monthly income and reap benefits over the years. Bank of Baroda was founded on July 20, 1908, by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, and nationalized on July 19, 1969. It is presently India’s third-largest public sector bank. The attractive BOB RD interest rates along with additional surplus benefits, make it profitable to invest in BOB RD. A recurring deposit (RD) account with the Bank of Baroda can be opened for a tenure of 6 months to ten years. General citizens can open a Recurring Deposit account with the bank and earn interest ranging from 4.30% p.a. to 5.75% p.a . Citizens above the age of 60 are granted an extra interest rate of 0.50% on all tenures.
Table of Content
- Bank of Baroda RD Interest Rates 2024
- Features of Bank of Baroda Recurring Deposit
- How to Open an RD Account in Bank of Baroda?
- How to Calculate RD Interest Rates in Bank of Baroda?
- Eligibility Criteria to Start RD Account with Bank of Baroda
- Documents Required for Starting an RD Account
- Types of Bank of Baroda RD Accounts
- Bank of Baroda RD Premature Withdrawal Rules
- Frequently Asked Questions (FAQs)