Bank of Baroda Crorepati Scheme: Build a ₹1 Crore Corpus With Monthly Savings Over 6 to 120 Months

Building a ₹1 crore corpus may seem difficult when relying on a single lump-sum investment. Bank of Baroda’s Bob Crorepati Recurring Deposit Scheme offers an alternative by allowing customers to invest a fixed amount every month and gradually accumulate a crore-plus corpus. The scheme also provides a loan or overdraft facility against the deposit and does not charge a premature closure penalty under the scheme. 

What is Bank of Baroda Bob Crorepati Scheme? 

BOB’s Crorepati RD is a recurring deposit scheme designed to help customers build a corpus of around ₹1 crore through fixed monthly savings, with tenures ranging from 6 months to 120 months, with interest compounded quarterly and paid at maturity. 

• Deposit Type: Bob Crorepati – Recurring Deposit Scheme

• Instalment Frequency: Monthly

• Minimum Instalment: ₹50 in rural and semi-urban areas and ₹100 in urban and metro areas

• Tenure: 6 months to 120 months

• Interest Calculation: Interest is compounded quarterly and paid at maturity

• Senior Citizen Benefit: Additional interest is available to eligible resident senior citizens as per Bank of Baroda’s prevailing guidelines, applicable on deposits below ₹3 crore.

• Loan/Overdraft: Available up to 95% of the outstanding deposit, subject to applicable bank guidelines

• Processing Charges: No processing charges on the loan/overdraft facility against the deposit

• Premature Closure: No premature-closure penalty is applicable under the Bob Crorepati scheme, subject to applicable bank terms and conditions. 

• Missing Instalment Charges: Nil under the scheme

• Nomination: Available

• Maturity: One month after payment of the last instalment or the due date, whichever is later

• NRE Deposits: Not available for NRE deposits

• Staff Benefit: Eligible staff and ex-staff members can receive additional interest as per applicable guidelines

• Taxation: Interest is subject to TDS as per prevailing income-tax rules. TDS is deducted only if total interest earned across a depositor’s time deposits with the bank exceeds ₹40,000 in a financial year (₹50,000 for senior citizens, per general IT rules). Customers can avoid TDS by submitting Form 15G (non-senior citizens) or Form 15H (senior citizens) along with PAN, before the end of April each year.

Also read: BOB Flexi Systematic Deposit Plan: Save More With Flexible Monthly Deposits – Check Interest Rates, Tenure & Benefits

Who Is Eligible for the Bob Crorepati Scheme? 

• Individuals (resident and otherwise eligible under bank norms) can open the account individually or jointly; the scheme is not available for NRE deposits.

• Minors aged 10 years and above can open an account subject to the bank’s applicable conditions. Accounts can also be opened in the minor’s name with a parent or guardian. 

• Minor accounts under this scheme are subject to a maximum cap of ₹1,00,000.

• Eligible clubs, associations, educational institutions, partnerships and registered companies can also open the account, subject to the bank’s conditions.

How Much Should You Save to Build ₹1 Crore? 

The monthly investment depends on the tenure selected. Bank of Baroda provides multiple combinations that can help customers accumulate more than ₹1 crore. 

Note: The maturity amounts are based on Bank of Baroda’s scheme illustration and are before considering the impact of TDS, wherever applicable.

Loan and Overdraft Facility

 One of the biggest advantages of the Bob Crorepati Scheme is its liquidity feature. 

• Loan or overdraft is available up to 95% of the outstanding deposit value.

• No processing charges are levied on the loan/overdraft facility.
  

Premature Withdrawal and Missing Instalment Rules

 Unlike many recurring deposits, the Bob Crorepati Scheme offers additional flexibility. 

• No premature-closure penalty is applicable under the Bob Crorepati scheme, subject to applicable terms.

• No missed-instalment charge is applicable under the Bob Crorepati goal scheme.

• Other general RD/SDP rules may apply where relevant.

Important Rules of Bank of Baroda Bob Crorepati Scheme 

• Minimum tenure is 6 months and maximum tenure is 120 months.

• Interest is compounded quarterly and paid only at maturity.

• The deposit matures one month after the last instalment or on the due date, whichever is later.

• Monthly instalment amount remains fixed throughout the tenure.

• Nomination facility is available.

• Term deposits can be transferred between Bank of Baroda branches upon customer request.

• Maturity proceeds are generally credited to the customer’s savings or current account.

• Minor accounts can be opened for individuals aged 10 years and above, subject to the bank’s conditions.

• The scheme is not available for NRE deposits.

Who Should Consider the Bank of Baroda Bob Crorepati Scheme? 

The Bob Crorepati Scheme is suitable for individuals who want to create a ₹1 crore-plus corpus through disciplined monthly savings instead of making a large one-time investment. It may be useful for salaried employees, professionals, business owners, families planning long-term financial goals, and senior citizens seeking predictable, guaranteed returns.