Context:
Bank of Baroda (a leading PSU) has introduced a new savings product called the bob Flexi Systematic Deposit Plan (SDP). This enhanced version of their Systematic Deposit Plan allows flexible monthly deposits and lock-in interest rates for the full tenure of the plan.
Key Features
- Start Small, Save Big:
- Core monthly instalment can start at ₹500, with flexibility to increase in ₹100 increments up to ₹1 lakh/month, or 10× the core instalment—whichever is lower.
- Fixed Rate for Everything:
- Even though contributions are made monthly (and mature at different times), each contribution earns the higher interest rate fixed at the outset.
- Liquidity Built-In:
- Overdraft facility up to 95% of the outstanding balance
- Nomination benefits included
