Bank of Baroda Monthly Income Scheme: Eligibility & Interest Rates
Looking for a steady monthly income? Discover the Bank of Baroda MIS Scheme 2026, interest rates, features, and eligibility.
The Bank of Baroda MIS Scheme, also known as the Monthly Income Plan (MIP), is a term deposit scheme under which interest is paid every month instead of at maturity. It is suitable for those investors who seek a regular monthly income while keeping their principal amount invested.
What is the Bank of Baroda MIS Scheme?
The Bank of Baroda Monthly Income Plan (MIP) is a term deposit facility that allows customers to receive the interest earned on their fixed deposit every month. Instead of earning interest at maturity, customers get regular monthly payouts that can be used to meet continuing obligations.
The amount invested is invested for the period selected, and interest is paid every month instead of being compounded and paid at the time of maturity. It may be a regular source of income without affecting the principal. But it is subject to the terms and conditions of the deposit.”
Depending on their income needs and financial goals, customers can select a deposit duration of anywhere from 12 to 120 months. If you're comparing different monthly income options, you can also explore the Post Office MIS Scheme to understand how it differs from a bank-based monthly income plan.
Bank of Baroda MIS Interest Rate 2026
The following table shows the latest Bank of Baroda MIS interest rate for callable deposits less than ₹3 crores:
| Deposit Tenure | General Public (% p.a.) | Senior Citizens (% p.a.) | Super Senior Citizen (% p.a.) |
| 7 Days to 14 Days | 3.50 | 4.00 | 4.00 |
| 15 Days to 45 Days | 3.50 | 4.00 | 4.00 |
| 46 Days to 90 Days | 5.00 | 5.50 | 5.50 |
| 91 Days to 180 Days | 5.00 | 5.50 | 5.50 |
| 181 Days to 210 Days | 5.50 | 6.00 | 6.00 |
| 211 Days to 270 Days | 5.75 | 6.25 | 6.25 |
| 271 Days and Above but Less than 1 Year | 6.00 | 6.50 | 6.50 |
| 1 Year | 6.25 | 6.75 | 6.75 |
| Above 1 Year to 400 Days | 6.25 | 6.75 | 6.85 |
| Above 400 Days to 2 Years (Except 444 Days) | 6.25 | 6.75 | 6.85 |
| Above 2 Years to 3 Years | 6.25 | 6.75 | 6.85 |
| Above 3 Years to 5 Years | 6.30 | 6.90 | 7.00 |
| Above 5 Years to 10 Years | 6.00 | 7.00 | 7.00 |
| Above 10 Years (MACAD Only) | 5.50 | 6.00 | 6.00 |
*Bank of Baroda MIS Interest Rates w.e.f. June 12th, 2026.
Key Features of Bank of Baroda MIS Scheme
The Bank of Baroda Monthly Income Plan comes with several features that make it attractive for investors seeking regular income.
- Monthly Interest Payout: The main feature in this scheme is the monthly payment of interest, which somehow gives you a constant income stream throughout the deposit interval.
- Flexible Deposit duration: Customers have the opportunity to choose a period that is anywhere between 12 months and 120 months to fit their financial situation.
- Low Minimum Investment: Minimum deposit amount is ₹1,000, and thereafter deposits can be made in multiples of ₹100.
- No Maximum Deposit Amount: Customers can invest any amount under the scheme. But the interest rate and deposit periods are different for different deposit amount slabs specified by Bank of Baroda.
- Additional Interest Benefit: An additional rate of interest on qualified deposits is available to Resident Senior Citizens (60 years and above) and Resident super senior people (80 years and above), who can additionally get higher interest rates on suitable deposit tenures as per Bank of Baroda’s current interest rate schedule.
- Loan and Overdraft Facility: Customers may be eligible for a loan or overdraft up to 95% of the outstanding deposit, subject to the Bank's terms and conditions.
- Nomination Facility: Nomination facility is available to enable depositors to secure the smooth transfer of monies to nominees in case of unforeseen situations.
- Auto-Renewal Facility: In the absence of any instructions with regard to maturity, qualifying callable term deposits below ₹3 crore would normally be automatically renewed for a period of 12 months at the prevailing rate of interest, subject to the terms and conditions of the bank. Investors comparing monthly income deposit schemes across banks may also find it useful to explore the SBI MIS Scheme before making a decision.
Eligibility Criteria of Bank of Baroda MIS Scheme
The following categories can open a Bank of Baroda Monthly Income Plan account:
- Individual customers in their own name.
- Joint account holders.
- Minors aged 10 years and above, subject to bank guidelines.
- Minors through their parent or guardian.
- Clubs and associations.
- Educational institutions.
- Partnership firms.
- Joint stock companies and other eligible entities satisfying the bank's conditions.
Applicants are required to comply with the bank's Know Your Customer (KYC) requirements, and with other regulations that apply at the moment of opening the account.
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Documents Required for Bank of Baroda MIS Scheme
The bank may ask for the following documents while opening a Monthly Income Plan account:
Identity Proof
Any officially valid document such as:
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving Licence
Address Proof
Any valid address proof accepted by the bank, such as:
- Aadhaar Card
- Passport
- Utility Bill (where applicable)
- Driving Licence
PAN Card
PAN is generally required for tax-related compliance and TDS purposes.
Passport-Size Photographs
Recent photographs may be required for account opening.
Additional Documents
Depending on the applicant category, the bank may request:
- Birth certificate for minors
- Partnership deed for partnership firms
- Registration certificates for institutions and associations
- Any other documents required under KYC norms
The requirement may vary depending on the customer profile and the regulation.
The BOB Monthly Income Scheme (MIS) offers monthly interest payments on your fixed deposit. Investors can start with ₹1,000 and choose tenures from 12 to 120 months. The scheme offers extra advantages to senior citizens, such as loan or overdraft facilities, plus nomination and auto-renewal choices, and it also lets you withdraw earlier, provided the relevant terms and conditions do apply.
Disclaimer* :- The information provided here is for general awareness only. It does not constitute professional advice. While care has been taken to ensure accuracy, readers are advised to consult a qualified professional before making any decisions.
FAQs
What is the Bank of Baroda MIS Scheme?
Bank of Baroda MIS Scheme or Monthly Income Plan (MIP) is a term deposit plan, where the interest is paid monthly and not at maturity. Individuals who want to make a fixed income and maintain their original amount invested.
What is the minimum deposit amount required?
The minimum deposit amount is ₹1,000 and after this you can top up again by contributing additional in multiples of ₹100.
What is the tenure available under the scheme?
Customers can choose a deposit duration of 12 months to 120 months.
Do senior and super senior citizens get additional interest?
Yes. Resident senior citizens (60 years and above) can avail of the additional interest benefit on eligible deposits. Resident super senior citizens (80 years & above) are also entitled for higher interest rates on suitable deposit tenures as per the current interest rate schedule of the Bank of Baroda.
Can I take a loan against my MIS deposit?
Yes Bank of Baroda gives loan or overdraft facility upto 95% of outstanding deposit amount subject to applicable terms and restrictions.
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