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Baroda Recurring

A unique product developed for the customer who wishes to contribute small savings every month for larger future requirements.  You may contribute as small amount as NZ$ 50 per month which earns good return every month and on maturity the whole savings may either be reinvested or utilized.

Key benefits:

  • Monthly fixed contribution may be as low as NZ $50 per month or in multiples of NZ$10.  The maximum amount that can be contributed per month is capped at NZ$10,000.
  • Earn higher interest on monthly basis on outstanding balance as at the last day of the preceding month. For details see our web site or visit our Auckland Branch. Tax would be deducted as per tax norms
  • Hassle free loan/overdraft facility can be made available for up to 90% of the deposit amount. Interest on the loan/overdraft will be charged at only 2% per annum over the deposit interest rate on a monthly basis.
  • Accounts may be opened by any individual, firm, organization, trust, society.
  • Deposit tenure ranges from minimum of 12 months and up to 36 Months in multiple of 3 months.
  • Contribution may either be made in cash or transfer from existing accounts with our bank. Customers may also give standing instructions from their account with us without any extra charges or stop orders from another bank.
  • Interest payment is subject to tax.
  • Payment of the deposit prior to the maturity date is permitted, with the Bank’s consent.  However, in such cases a lesser rate of interest will be paid (see Fees and Charges below).
  • Monthly minimum contribution as per the original contract should be deposited latest by 7th of the month.
  • No premature payment penalty will be levied in case of the same is reinvested in any other deposit plan of our bank.
  • Interest will be compounded on monthly basis.

Fees and Charges

  • Where the deposit is paid to the customer prior to the maturity date, interest will be paid at 1% per annum below the applicable rate for the actual period the deposit was kept with the Bank.
  • Our fees and charges are subject to change from time to time.  For all charges please see our service charges.

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