Bank of Baroda launched bob flexi SDP deposit plan, know what it is and how it works

Bank of Baroda has launched bob Flexi Systematic Deposit Plan, which is a flexi recurring deposit scheme. In this, customers can start saving from ₹ 500 and can deposit up to ₹ 1 lakh every month. The scheme also provides loan, overdraft, higher interest to senior citizens and nomination facility.

If you want to create a big fund by saving a little money every month, then the new scheme of Bank of Baroda can be helpful for you. The bank has launched ‘Bob Flexi Systematic Deposit Plan (SDP)’, which is a type of flexi recurring deposit scheme. Its special feature is that you can deposit a fixed amount every month, but if you ever have more money, then you can also deposit more money that month according to your need and convenience. That is, along with regular savings, you also get flexibility. This scheme is best for those who want to achieve big goals with small savings, but do not want the restriction of fixed amount.

What is Bank of Baroda’s Bob Flexi SDP?

Bob Flexi SDP (Systematic Deposit Plan) is a type of recurring deposit scheme, which gives customers an opportunity to save regularly as well as get higher returns. The special thing about this plan is that customers can deposit extra money in addition to the fixed amount every month as per their need and available money. That is, you can increase savings according to the amount of money you have in your pocket.

This plan is great for those who want to save some money every month but at the same time they also need some freedom of money. Along with this, you also get the facility of loan and overdraft in this plan. That is, if needed, you can also take a loan on the basis of this deposited money. There is also a nomination facility in this, so that you can nominate a family member if you want.

Key points of Bob Flexi SDP…

  • Start with just ₹500: You can start saving in this scheme with just ₹500. If you have more money, you can add more by ₹100 each.
  • How much can you deposit every month? : You can deposit up to 10 times more money than your fixed installment every month. But not more than ₹1 lakh in a month.
  • Higher interest for senior citizens: If your age is more than 60 years, you will get more interest than normal customers (on deposits less than ₹3 crore).
  • Loan will also be available if needed: You can get loan or overdraft up to 95% of the amount deposited in this scheme. That means if you need money, you can use your money.
  • Nomination facility: You can also add a nominee to your account, so that in case of any untoward incident, the money can be given to your loved ones.
  • Account for children too: This account can also be opened for children aged 10 years and above. The deposit limit in this is up to ₹ 1 lakh.

How does Bob Flexi SDP work?

In this scheme of Bank of Baroda, the customer has to open a Recurring Deposit (RD) account. A fixed amount has to be deposited every month. You can start with a minimum of ₹500. After this, you can deposit as much top-up as you want in multiples of ₹100. You can deposit a maximum of ₹1 lakh in a month. You can deposit up to 10 times, just not more than ₹1 lakh. If your base monthly installment is ₹1,000, then you can deposit up to ₹10,000 in the same month (up to the limit of ₹1 lakh).

Maturity and interest

Your deposit matures one month after the last installment or on the due date (whichever is later). Interest is compounded every quarter and is received simultaneously on maturity. Interest rates are based on the card rates at the time of opening the account.

Penalty on late deposit

If you do not deposit the monthly installment due in the same calendar month, the bank charges a penalty of ₹1 per month on ₹100.

What is Recurring Deposit?

Recurring Deposit means depositing a fixed amount at fixed intervals. This is for those people who want to save a small amount every month. Bob Flexi SDP is a flexible version of this RD, in which you can deposit more money as per your need and convenience.

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