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 Features

  • 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.
  • 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 60 Months in multiple of 3 months.
  • 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.

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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