Open these special accounts in Bank of Baroda for just 100 rupees, these facilities will be available for free with high interest

Bank of Baroda, the country's third largest state-run bank, is opening a special account under the Flexible Recurring Deposit Scheme Yatha Shakti Jama Yojna. It can be opened with a starting amount of Rs 100. According to the information given on the bank's website, up to 95 percent of the outstanding amount at the interest rate, the loan / overdraft facility is available free of cost.

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Who can open this account

Recurring deposit account is a scheme with deposits, small interest rate and government guarantee in small installments. All the people living in India can open this account.

How much money have to be deposited

The minimum installment amount for opening an account can be jammed in multiples of Rs 100 and then the original installment amount of Rs 100 and above. At the same time, monthly deposits can be increased up to 3 times the original installment subject to a maximum limit of Rs 10,000 per month.

interest paid

Interest will be paid and deposited semi-annually. That is, interest will be deposited in the account in September and March. Interest will be payable on daily dues.

What happens if someone withdraws money before maturity?

The bank says that in such cases, up to 1 per cent will be deducted from its interest.

Overdraft is available for free

Loan / overdraft facility up to 95% of the outstanding amount is allowed as per the guidelines issued by the bank from time to time.

Senior citizens will get more benefit

Senior citizens will get additional interest at the rate of 0.50% for deposits of less than 1 crore. The depositor can continue till maturity without regularizing the account (ie without paying the outstanding installment amount with penal interest). In such cases, for the purpose of calculation of interest, it will be treated as similar to the power deposit scheme.

Important things

The facility of nominee is available. Also, TDS will be deducted as per Income Tax rules. TDS will not be deducted if a person submits 15G / 15H form as applicable.

Interest certificate is available upon customer request. Customers will be provided with passbook for the account.

Recurring deposits can be transferred from one branch to another at the request of the customer.

How to get money on maturity

At maturity, the amount will be deposited in the customer's savings / current account. In cases where the customer does not have an active account. An amount less than 20,000 can be withdrawn as cash. If it exceeds, the demand will be provided in the draft / payment order.