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 banks of India, it is the second largest bank of India which not only works in India but also oversees, this bank was nationalised in the year 1969 and headquartered in Vadodara, Gujarat.
The fixed deposit attracts higher returns compared to the savings account and Bank of Baroda provides various attractive schemes where investors can invest according to their suitability.
Let's discuss the different fixed deposit schemes and their rate of interest in detail.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||3%||3.5%|
|15 days to 45 days||3%||3.5%|
|46 days to 90 days||4.5%||5%|
|91 days to 180 days||4.5%||5%|
|181 days to 210 days||5.25%||5.75%|
|211 days to 270 days||5.75%||6.25%|
|271 days & above and less than 1 year||5.75%||6.25%|
|Above 1 year to 400 days||6.75%||7.25%|
|Above 400 days and upto 2 Years||6.75%||7.25%|
|Note: All interest rates are updated as of 1st Aug 2023|
There are various types of fixed deposit provided by the Bank of Baroda which is as follows:
1. Baroda Tiranga Plus Deposit scheme
2. Baroda Tax Saving Fixed Deposit Account
3. Baroda Suvidha Flexible Fixed Deposit Scheme
4. Monthly Income Plan
5. Motor Accident Claims Annuity Deposit (MACAD)
6. Quarterly Income Plan (QIP)
7. Baroda Short-Term Deposits
8. Baroda Advantage Fixed Deposits (NonCallable)
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
Note- The above requirements are waived if the customer is already an account holder of the Bank
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.
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.
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..
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.
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.
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.
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.
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.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.