Bank Of Baroda (BOB) offers a wide range of savings and investment products to suit the needs of its customers.
One such product is the Quarterly Income Plan (QIP), which is a fixed deposit scheme that provides a regular source of income to its investors on a quarterly basis.
What is the Bank Of Baroda Quarterly Income Plan (QIP)?
The Bank of Baroda Quarterly Income Plan (QIP) is a fixed deposit scheme that allows investors to deposit a lump sum amount and earn interest on their deposit on a quarterly basis.
The interest earned is paid directly into the investor’s savings or current account, providing a regular stream of income.
How does the Bank Of Baroda QIP work?
To open a Bank Of Baroda QIP account, investors need to make a lump sum deposit of at least Rs. 1,000. The deposit amount can be made in multiples of Rs. 100.
The interest rate on the QIP is fixed for the entire term of the deposit, which can range from one year to five years.
Features of the Bank Of Baroda Quarterly Income Plan
The Bank of Baroda QIP offers a number of attractive features, including:
- Guaranteed interest: You will receive a fixed amount of interest every quarter, regardless of the fluctuations in interest rates.
- Flexible tenure: You can choose a tenure of 1, 2, 3, or 5 years.
- Tax benefits: Interest earned on the QIP is taxable under the Income Tax Act, 1961.
- Premature withdrawal: You can prematurely withdraw from the QIP, but you will have to pay a penalty.
Who should invest in the Bank Of Baroda QIP?
The Bank Of Baroda QIP is a good investment option for individuals who:
- Are looking for a regular source of income
- Want to invest in a fixed-income product with a fixed interest rate
- Are in a higher tax bracket and can avail tax benefits from the interest earned
The Bank Of Baroda Quarterly Income Plan (QIP) is a simple and convenient way to earn a regular income.
With its fixed interest rate and regular income payments, the QIP is a good investment option for individuals who are looking for a stable and secure way to grow their wealth.