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Fixed & recurring deposits

Monthly Income Plan ()

Monthly Income Plan is a fixed deposit plan that give a fixed income every month specially to retired senior citizens to meet monthly expenses. Apply for scheme now!

Interest rateRate follows the maturity period; interest is paid monthly at discounted value. Resident senior citizens receive an additional 0.50% and eligible staff presently an additional 1%. Senior-citizen rateResident senior citizens receive an additional 0.50% over the applicable maturity-period rate; staff/ex-staff presently receive an additional 1.00%, and eligible ex-staff senior citizens receive both additions.Tenure12 to 120 months.
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Quick eligibility check

Monthly Income Plan ()

0 of 1 answered

Answer what you know. This guide compares your answers with the criteria published for this product; it is not an approval decision. Your answers stay on this device.

1Does your age meet this requirement: Individuals, joint holders, minors aged 10 or above (including with a parent/guardian), clubs, associations, educational institutions, partnerships and registered joint-stock companies when the bank is satisfied the account is for genuine savings?

Published source: Eligibility
0 of 1 answeredAnswer the remaining questions to see your checklist result.
✓ Manually checked 30 Aug 2026 · active
Offered byBank of Baroda

India; eligibility, branch and channel availability follow the official product terms

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Tenure12 to 120 months.View source
The page publishes minimum 12 months and maximum 120 months.
Source
Monthly Income Plan () — official product page
Page / section
Features — Period of Deposit
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Minimum deposit₹1,000 and multiples of ₹100.View source
The page publishes a ₹1,000 minimum and ₹100 multiples.
Source
Monthly Income Plan () — official product page
Page / section
Features — Minimum Amount of Deposit
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Interest rateRate follows the maturity period; interest is paid monthly at discounted value. Resident senior citizens receive an additional 0.50% and eligible staff presently an additional 1%. View source
The official page specifies tenure-linked pricing, monthly discounted payout and the published senior-citizen/staff additions.
Source
Monthly Income Plan ()
Page / section
Features — Rate Of Interest
Accessed
22 Aug 2026
Confidence
high
Open official source ↗
Interest payout / redemptionInterest is paid monthly at discounted value. Maturity proceeds are credited to SB/CA, with cash below ₹20,000 and DD/pay order above that where no operative account exists; deposits renew for one year at the due-date rate unless instructed otherwise.View source
The page states monthly discounted interest, maturity credit instructions and one-year auto-renewal.
Source
Monthly Income Plan () — official product page
Page / section
Features — Product Nature / Auto Renewal; — Mode of Payment
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Deposit typeMonthly-income fixed deposit plan paying interest monthly at discounted value.View source
The page describes as a fixed-deposit plan whose interest is paid monthly at discounted value.
Source
Monthly Income Plan () — official product page
Page / section
Features — Product Nature
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
EligibilityIndividuals, joint holders, minors aged 10 or above (including with a parent/guardian), clubs, associations, educational institutions, partnerships and registered joint-stock companies when the bank is satisfied the account is for genuine savings.View source
The feature table lists the eligible individuals, minors and institutions.
Source
Monthly Income Plan () — official product page
Page / section
Features — Eligibility
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Maximum depositNo upper limit.View source
The feature table states no upper limit.
Source
Monthly Income Plan () — official product page
Page / section
Features — Maximum Amount of Deposit
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Senior-citizen rateResident senior citizens receive an additional 0.50% over the applicable maturity-period rate; staff/ex-staff presently receive an additional 1.00%, and eligible ex-staff senior citizens receive both additions.View source
The rate section states the 0.50% senior and current 1.00% staff additions.
Source
Monthly Income Plan () — official product page
Page / section
Features — Rate of Interest
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Loan / overdraft against depositLoan or overdraft is available on demand up to 95% of the outstanding balance, subject to bank guidelines.View source
The feature table states loan/overdraft up to 95% of the outstanding balance.
Source
Monthly Income Plan () — official product page
Page / section
Features — Availability of Loan/Overdraft
Accessed
29 Aug 2026
Confidence
high
Open official source ↗
Premature-withdrawal / refund termsNo penalty for deposits up to ₹5 lakh kept at least 12 months. Otherwise the applicable or contracted rate (whichever is lower) is reduced by 1%; deposits of ₹1 crore and above require 31 days' notice and a 1.50% penalty.View source
The page publishes the ₹5 lakh waiver, 1% deduction and ₹1 crore/31-day/1.5% bands.
Source
Monthly Income Plan () — official product page
Page / section
Features — Other Terms and Conditions / Premature Closure
Accessed
29 Aug 2026
Confidence
high
Open official source ↗

Eligibility

  • Individuals, joint holders, minors aged 10 or above (including with a parent/guardian), clubs, associations, educational institutions, partnerships and registered joint-stock companies when the bank is satisfied the account is for genuine savings.

Passing a listed condition does not mean the bank will approve an application.

Related official documents

Monthly Income Plan (MIP) — official product pageofficial-product-page · current · accessed 29 Aug 2026
↗

Plan before applying

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Deposit maturity estimate

See how much the deposit may be worth at the end. You can change the bank's published rate to test another case.

Money at maturity₹1,02,530one lakh two thousand five hundred thirty rupees
Money you put in₹1,00,000one lakh rupees
Interest earned₹2,530two thousand five hundred thirty rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

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Product nature · Published detailFixed deposit with monthly interest at discounted value

This value is copied from Monthly Income Plan — complete feature table. Check the table notes before relying on it.

Source: Monthly Income Plan () — official product page · Features and Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 11 rows · 2 columnsMonthly Income Plan — complete feature tablePublished MIP eligibility, amounts, payout and closure terms.View tableHide table

Scroll sideways to view every column

Monthly Income Plan — complete feature table
ParameterPublished detail
Product natureFixed deposit with monthly interest at discounted value
EligibilityIndividuals, joint holders, minors aged 10+, clubs, associations, educational institutions, partnerships and registered companies
Minimum deposit₹1,000 in ₹100 multiples
Maximum depositNo upper limit
Tenure12–120 months
Interest rateAs per maturity period; senior +0.50%; staff +1.00% presently
PayoutMonthly at discounted value
Loan / overdraftUp to 95% of outstanding balance
Premature withdrawal₹5 lakh/12-month waiver; otherwise 1% deduction, or 1.5% and 31-day notice for ₹1 crore+
Auto-renewalOne year at due-date rate unless instructed otherwise
Maturity payment/ credit; cash below ₹20,000 or /pay order otherwise
  • The official page links the current deposit-rate source for the maturity-specific percentage.
Monthly Income Plan () — official product page · Features and · accessed 29 Aug 2026Open official source ↗

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