Flexible and steady, wins the race

Invest a little each month in a recurring deposit account,
and watch your savings grow.

  • Benefits
  • Features
  • Most Important Terms & Conditions
  • Services
  • Open a recurring deposit account with Bank of Baroda and create a habit of saving regularly. The monthly instalments on RD accounts especially, encourage new investors to set aside money throughout the year.
  • The key benefit of recurring deposit accounts is that you receive better returns on your investment compared to other financial instruments. This is because recurring deposit schemes have higher rates of interest as compared to savings accounts.
  • You can choose from a variety of recurring deposit accounts to suit your financial outlook and investment goals, since we offer recurring deposit schemes with varying principal amounts, monthly installments and time periods. The tenure on our RD accounts can range from 6 months to 120 months. There is no upper limit on the amount of money you can invest in recurring deposit schemes.
  • Additionally, Bank of Baroda offers loan and overdraft facility up to 90% of the recurring deposit amount, which can help you in times of an urgent financial need.
  • All individuals are eligible to open recurring deposit accounts at Bank of Baroda. The minimum monthly deposit on RD accounts is SCR 500 and multiples of SCR 100. There is no upper limit on the monthly deposits in RD accounts.
  • The tenure or time period of recurring deposit accounts range from 12 months to 120 months, which is determined at the time of opening the RD account. However, you can opt for premature withdrawal on your recurring deposit account, in case you need funds urgently. No interest will be paid on premature withdrawl of the deposit.
  • We offer attractive interest rates on recurring deposits, which are determined on the basis of the maturity period or tenure of the deposit. The interest on recurring deposit accounts is compounded quarterly and paid on maturity of the recurring deposit.


All Individuals and Non-individuals


  • Minimum
    • SCR 500 and in multiples of SCR 100
  • Maximum
    • No upper limit


Minimum : 06 Months

Maximum : 120 Months




As per the maturity period of the deposit


Simple Interest will be paid on maturity.


Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty


Loan / overdraft facility is permitted up to 90% of outstanding balance at interest rate as per Bank’s guidelines prevailing at that time.


One month after payment of last installment OR Due date, whichever is later


Irrespective of tenure uniform rate of SCR 1- per SCR 100 per month

  • Payment of Installments: The instalment for any calendar month must be paid on or before the last working day of that month. In case of delay in payment of any instalment, penalty shall be charged which is at present, SCR 1 for every SCR 100/- p.m., fraction of a number being treated as a full month for the purpose of calculating such penalty.Instalments paid during the course of the calendar month in which it is due, shall be deemed as payment made in time.Alternatively the depositor may continue the account till maturity without regularising it (i.e. without paying the amount of instalments in arrears plus penal interest).
  • Withholding Tax: Withholding Tax will be deducted as per Seychelles Revenue Commission guidelines.
  • Advance against Deposits: This facility is not available to Minor account in single name. For advances taken against deposits, if the depositor does not settle the account within 90 days, Bank has the right to settle the overdraft account against his term deposit.
  • Interest Certificate available at request of customer
  • Mode of Payment: Maturity proceeds are credited SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below SCR 20,000 above which DD/ Pay Order will be issued.
  • SMS alert for Maturity date
  • Standing Instructions facility from Saving Account
  • Free Internet Banking
  • Free SMS alerts on credit of Installment
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