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BOB Bank FD Interest Rate

Fixed deposit is a traditional investment option where banks and other financial institutions provide a fixed rate of return until the maturity date. Bank of Baroda is one of the leading public sector...Read More

Bank of Baroda Fixed Deposit Interest Rates

Note: All interest rates are updated as of 07 Dec 2023
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 days to 14 days3 %3.5 %
15 days to 45 days3 %3.5 %
46 days to 90 days4.5 %5 %
91 days to 180 days4.5 %5 %
181 days to 210 days5.25 %5.75 %
211 days to 270 days5.75 %6.25 %
271 days & above and less than 1 year5.75 %6.25 %
1 year6.75 %7.25 %
Above 1 year to 400 days6.75 %7.25 %
Above 400 days and upto 2 Years6.75 %7.25 %
Above 2 Years and upto 3 Years7.05 %7.55 %
Above 3 Years and upto 5 Years6.5 %7.15 %
Above 5 Years and upto 10 Years6.5 %7.5 %
Above 10 years (MACT/MACADCourt Order schemes only)6.25 %6.75 %
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399 Days (Baroda Tiranga Plus Deposit Scheme)
7.25 %7.75 %

Types of Bank of Baroda Fixed Deposit

There are various types of fixed deposit provided by the Bank of Baroda which is as follows:

 

1. Baroda Tiranga Plus Deposit scheme

  • This is a special term deposit launched for the General, NRE, NRO, staff, senior citizen & senior citizen retired staff and a non-callable deposit with all the interest options.
  • The tenure of this scheme is 399 days.
  • The interest rate of senior citizens only applies to the resident Senior citizens.
  • The minimum amount is ₹1,000 (afterwards in the multiple of ₹1) for callable deposits and ₹15.01 lahk for non-callable deposits.
  • A nomination facility is also available

2. Baroda Tax Saving Fixed Deposit Account

  • This FD is for those investors who want to earn as well as save tax.
  • This allows saving tax by getting a deduction under section 80C of the Income-tax Act,1961.
  • Firms, Companies, clubs, institutions etc are not allowed to invest in this scheme.
  • The minimum investment amount is ₹100 and then in the multiples of 100 and the amount shall not exceed ₹1,50,000 in a year to save the tax.
  • The minimum tenure is 5 years and the maximum tenure is 10 years.
  • It can be opened jointly but in that case, the first holder will get the benefit of income tax relief.
  • The interest payout can be monthly as well as quarterly.
  • A nomination facility is available.
  • The FD amount can not be pledged as collateral.
  • A premature payment facility is not available.

3. Baroda Suvidha Flexible Fixed Deposit Scheme

  • This FD scheme has the advantage of higher interest rates as well as easy liquidity.
  • Individuals, HUF, partnership firms, institutions, companies, clubs anyone can invest in this FD scheme.
  • NRIs are not allowed to invest in this scheme.
  • The minimum amount of investment is ₹5,000 and thereafter in multiple of Rs 1000. There is no upper limit to investment in this scheme. 
  • The minimum tenure is 12 months and the maximum tenure is 60 months.
  • Senior citizens get 0.50% extra and 1% extra to staff/ ex-staff, and ex-staff who is also senior citizens get 0.50% extra as well as 1% also.
  • TDS will be deducted as per the prevailing Income tax slab rate.
  • This scheme facilitates loans against 95% of the FD amount.
  • Interest payout is monthly as well as quarterly.

4. Monthly Income Plan

  • This scheme provides the option of a monthly payout of interest so that one can have a regular source of income.
  • This scheme is specially designed for senior citizens who wish to earn regular income.
  • An individual, Minor (age above 10 years), HUF, companies, institutions, clubs and partnership firms can open this FD account.
  • The minimum investment amount is ₹1000 and then in the multiples of ₹100 thereof.
  • There is no upper limit to investment.
  • The minimum tenure of investment is 12 months and the maximum tenure is 120 months.
  • Senior citizens get 0.50% extra and 1% extra to staff/ ex-staff, and ex-staff who is also senior citizens get 0.50% extra as well as 1% also.
  • This scheme facilitates loans against 95% of the FD amount.
  • Premature payment is allowed up to ₹5 lahk, if the amount has remained with the bank for at least 12 months so no penal charges levied.

5. Motor Accident Claims Annuity Deposit (MACAD)

  • This scheme allows a one-time lump sum investment decided by the Court/Tribunal deposited to receive the same as an annuity which includes the principal as well as the interest amount and at the time of the maturity the principal becomes nil.
  • One of the pre-requisite of opening MACAD is to open a linked savings account in MACT Claims SB Account scheme in which the annuity amount will be credited.
  • Individuals and Minor under the guardianship are allowed to invest in this scheme.
  • Only single holding is allowed (as per the guideline of the Government/court)
  • The minimum investment is ₹1000 for the relevant period however there is no upper limit for investment.
  • The minimum tenure is 36 months and the maximum tenure can be up to 120 months as per the direction of the Court/Tribunal.
  • An additional 0.50% interest is provided to senior citizens.
  • The interest payment will be done monthly which includes part of the principal amount and interest to the linked MACT claim SB account.
  • A passbook is issued to the MACT claim-linked SB account instead of a receipt.
  • Nomination is allowed as per the direction of the Court.
  • No Loan/ Advance is allowed against MACAD.

6. Quarterly Income Plan (QIP)

  • The Quarterly Income Plan is customized for those individuals who regularly need money to supplement their income i.e. every quarter. Under this scheme Interest on the Deposit is paid every quarter Interest earned on the deposit in every quarter becomes another source of income
  • Individuals, Clubs, associations, Educational Institutions, Partnerships and joint stock companies can invest in this scheme, provided they are registered and the bank is satisfied that the account is opened for genuine savings purposes.
  • The minimum investment is ₹1000 for the relevant period however there is no upper limit for investment.
  • The minimum tenure of investment is 12 months and the maximum tenure is 120 months.
  • Senior citizens get 0.50% extra and 1% extra to staff/ ex-staff and ex-staff who is also senior citizens get 0.50% extra as well as 1% also.
  • Overdraft / Loan against deposit is also available on demand up to 95 % of the outstanding balance in the account as of the date of the loan.

7. Baroda Short-Term Deposits

  • In this scheme, an investor can earn high returns on the investments for any period of less than 1 year.
  • Individuals, Clubs, associations, Educational Institutions, Partnerships and joint stock companies can invest in this scheme, for joint stock companies it is important that they are registered and the bank is satisfied that the account is opened for genuine savings purposes.
  • The minimum investment is ₹1000 and in multiples of ₹100 for the relevant period however, there is no upper limit for investment.
  • The minimum tenure of investment is 7 days and the maximum tenure is less than 12 months.
  • Senior citizens get 0.50% extra and 1% extra to staff/ ex-staff and ex-staff who is also senior citizens get 0.50% extra as well as 1% also.
  • Overdraft / Loan against deposit is also available on demand up to 95 % of the outstanding balance in the account as of the date of the loan.
  • When the invested quarter is incomplete, interest will be calculated for the complete quarter and the actual number of days, reckoning the year 365/366 days, i.e. the calculation of interest on such deposits will be in the order of completed quarters and days.

8. Baroda Advantage Fixed Deposits (NonCallable)

  • In this scheme, the depositor gets the preferential rate of interest over the normal FD Deposit rate for deposits of ₹ 15.01 Lakhs and above (for NRE Deposit – ₹ 2.00 Crores only).
  • The minimum investment is ₹15.01 lakhs and in multiples of ₹100 for the relevant perio, there is no upper limit for investment. However for NRE Deposit it should be below ₹ 2.00 Crores only. 
  • The minimum tenure of investment is 12 months and the maximum tenure is 120 months.
  • Frequency of Interest payment in the account is similar as applicable on Normal Term Deposit.

Pros and Cons of Investing in Bank of Baroda’s FD

Pros:

  • One can make investments of very small amounts hence promoting savings.
  • One can save tax by investing into tax saving fixed deposits.
  • Using the online application of Bank of Baroda, one can easily deposit in a fixed deposit account by opening an account with the bank.
  • Senior citizens are offered additional interest rates which are often up to 0.50% more than that for regular citizens.
  • The amount invested with the Bank is covered by DICGC insurance for the total sum of ₹ 5 lakhs.

Cons:

  • Interest earned on fixed deposits are not tax-free and are subject to tax as per your applicable income tax slab rate.
  • In some cases, banks deduct TDS at the time of payment of interest. Hence, if the individual has income below the basic exemption limit as defined under the Income-tax Act and is not liable to pay any income tax, he/she will still have to file the Income Tax return to claim the refund of TDS deducted by the bank.
  • Historically Fixed Deposits have given lower returns as compared to Mutual Fund and equity instruments.

Union bank’s FD Eligibility Criteria

  • Any person in his individual capacity  
  • more than one person in their joint names, 
  • any minor jointly with a major 
  • Sole Proprietary concern
  • Members of charitable
  • Educational institutions
  • HUF
  • Clubs
  • Private Traders 
  • Merchants
  • Agents
  • Professionals 
  • Partnerships Firms
  • Societies & Corporates

Documents required for Union Bank’s FD account

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer

  • For Identification Proof – 
  • PAN Card 
  • Driving License 
  • Passport 
  • Voter’s ID 
  • Aadhar Card
  • Govt./Defense ID card or ID Card issued by a Reputed employer.
  • For Address proof 
  •  Aadhar Card
  • Electricity Bill 
  • Telephone Bill 
  • Ration Card
  • Bank account statement
  • Letter from a reputed employer, Letter from any recognised public authority /local body, Income tax/wealth tax Assessment order
  • For Date of Birth proof 
  • Applicable for Senior Citizens & Minor only.
  • For Senior Citizens ( any one of the following) : 
    • Passport
    • Voter ID Card
    • Driving License
    • PAN Card
    • Service Discharge Certificate
    • PPO in case of Pensioner
  • For Minors: Birth Certificate issued by Gram Panchayat / NAC (Notified Area Committee) / Municipal corporation.
  • Two recent passport-size photographs of account holders.

Note- The above requirements are waived if the customer is already an account holder of the Bank

How to Open an FD with Bank of Baroda

  • Through Mobile App

Step 1- Download the Bank of Baroda mobile application from the app store or play store and login.

Step 2- Select menu option, under the ‘Save’ tab, select the ‘Deposit’ option to proceed.

Step 3- Select ‘Open Fixed Deposit’ option.

Step 4- Enter all the personal details and also enter the nominee details.

Step 5- Verify all the details and Click confirm to book a new deposit.  

 

  • Offline way

Step 1- Visit the bank branch.

Step 2- Take the FD application form.

Step 3- Fill the required details and submit the necessary documents.

Step 4- Submit the form to the branch.

Step 5- On successfully processing the application, Bank will provide an FD receipt.

 

  • Through Internet banking

Step 1- Login to the Bank’s NetBanking account.

Step 2- In the main menu, select the ‘Fixed Deposit’ option and choose the type of deposit.

Step 3- Fill in all the relevant details along with nominee details.  

Step 4- Verify all the details and click on ‘Submit’ to book a new fixed deposit..

Premature Withdrawal of FD

For premature withdrawal the Penal Interest Rate of 1% shall be applicable on the card rate. The card rate for premature closure will be lower than the rate for the original/contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the bank.

Tax implications on interest  Fixed Deposits

  • The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
  • As per section 80C of the Income-tax Act 1961, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
  • In the case of a senior citizen (Age above 60 years), a deduction of up to ₹50,000 is available and for non-senior citizens up to ₹40,000.
  • If the PAN is not provided then, in that case, 20% TDS is levied.
  • In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
  • In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.

FAQs

Can I avail a loan against my Bank of Baroda Fixed Deposit?

Yes, banks offer loans against fixed deposits. The loan amount offered can be up to 95% of the deposit amount and the interest rate charged on the loan is generally lower than that of other loans.

Is Bank of Baroda FD safe?

Fixed deposits are secure as they are insured for up to ₹ 5 lakh, which includes both the principal and interest amount, under the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per RBI guidelines.

What is the minimum and maximum deposit amount for Bank of Baroda Fixed Deposit?

The minimum deposit amount for Bank of Baroda fixed Deposit is ₹ 1000 and there is no maximum limit apart from some limits in NRE accounts.

How is a tax-saver FD different from a regular FD?

A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per the choice of an individual and they are eligible for premature withdrawals.

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Bank of Baroda

Calculate Bank of Baroda FD Returns

₹1,00,000
399 Days (Baroda Tiranga Plus Deposit Scheme)
7 days to 14 days15 days to 45 days46 days to 90 days91 days to 180 days181 days to 210 days211 days to 270 days271 days & above and less than 1 year1 yearAbove 1 year to 400 daysAbove 400 days and upto 2 YearsAbove 2 Years and upto 3 YearsAbove 3 Years and upto 5 YearsAbove 5 Years and upto 10 YearsAbove 10 years (MACT/MACADCourt Order schemes only)399 Days (Baroda Tiranga Plus Deposit Scheme)
7.25 %
Yes
No
Maturity Amount₹1,07,925

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