Bank of Baroda introduces the Bob Crorepati recurring deposit plan, offering a flexible, disciplined route for savers to accumulate approximately ₹1 crore over 6 to 120 months, with features catering to rural, semi-urban and senior citizens.
Bank of Baroda is pitching its Bob Crorepati recurring deposit as a way to turn steady monthly savings into a corpus of roughly ₹1 crore without requiring a large upfront investment. According to the bank’s product page, the scheme is open for tenures from six months to 120 months, with interest compounded quarterly and paid at maturity. It is aimed at savers who want a disciplined, fixed-contribution route to long-term wealth building rather than a one-off lump sum.
The plan follows the familiar structure of a recurring deposit, but with a few features that may broaden its appeal. Bank of Baroda says the minimum monthly instalment is ₹50 in rural and semi-urban areas and ₹100 in urban and metro branches. Eligible resident senior citizens receive extra interest under the bank’s prevailing rules, while staff and former staff may also qualify for added benefits. The scheme is not available for non-resident external deposits.
The bank also highlights a degree of flexibility that is uncommon in many term-deposit products. Customers can borrow or take an overdraft of up to 95% of the outstanding deposit value, and Bank of Baroda says it does not levy processing charges on that facility. The bank further states that no premature-closure penalty applies under the scheme, and that missed-instalment charges are nil, subject to applicable terms and conditions.
For savers targeting a crore, the bank’s own illustrations show how the required monthly contribution falls as the tenure lengthens. A monthly deposit of ₹61,000 over 120 months, for example, is shown to mature at just over ₹1 crore, while higher monthly contributions can reach that mark in a shorter period. The illustrations also show that senior citizens can reach the target with slightly lower monthly outflows because of the extra interest benefit, although the final amount remains subject to tax deduction at source where applicable.
The tax rules are important. Bank of Baroda says interest is subject to TDS under income-tax law and is deducted only if total interest from a depositor’s time deposits with the bank crosses ₹40,000 in a financial year, or ₹50,000 for senior citizens. Customers who are eligible can submit Form 15G or Form 15H, along with PAN details, to seek relief from TDS. As with any deposit scheme, the attractive headline figure should be weighed against inflation, tax and the fact that returns remain fixed rather than market-linked.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
