Top Bank of Baroda FD Schemes: Interest Rates in 2024

Bank of Baroda (BOB) is a prominent Indian nationalized bank that provides a variety of banking and financial services. One notable offering is its Fixed Deposits (FDs), popular among customers aiming to secure their savings over set periods. By depositing a lump sum at the start, investors benefit from attractive interest rates, typically higher than those of regular savings accounts. The rates depend on the deposit tenure.

Key Features and Advantages of Bank of Baroda Fixed Deposits

• Senior Citizen Bonus: An additional 0.50% p.a. interest for senior citizens.
• Minimum Investment: Initiate an FD with as little as Rs 10,000.
• Nomination Facility: Safeguards the beneficiary's interests.
• Loan Facilities: Access up to 90% of your FD's value.
• Interest Payment: Received upon maturity.
• Diverse Schemes: Includes options like Baroda Double Dhamaka, Suvidha, and Tax Savings.

Bank of Baroda FD Interest Rates 2024

Tenure	Interest Rates (PA)	For Seniors (PA)
7 - 14 days	4.3%	4.8%
15 days - 1m 15d	4.5%	5%
1m 16d - 2m 29d	5.5%	6%
3m - 5m 27d	5.6%	6.1%
5m 28d - 6m 27d	5.75%	6.25%
6m 28d - 8m 26d	6.15%	6.65%
8m 27d - 11m 25d	6.25%	6.75%
11m 26d - 11m 26d	7.1%	7.6%
11m 27d - 11m 30d	6.25%	6.75%
1y - 1y 1m 3d	6.85%	7.35%
1y 1m 4d - 1y 1m 4d	7.15%	7.65%
1y 1m 5d - 2y	6.85%	7.35%

Types of Bank of Baroda FD Schemes

Baroda Tax Savings Term Deposit Account:

• Investment Benefits: Offers tax deductions under Section 80C.
• Options: RIRD (cumulative), MIP (monthly), QIP (quarterly).
• Duration: Ranges from 5 to 10 years.
• Deposit Limits: Minimum Rs. 100, maximum Rs. 1.5 lakh annually.
• Interest: Extra 0.50% p.a. for seniors; benefits for staff.
• Withdrawals: Allowed after 5 years at reduced rates.

Baroda Suvidha Flexible Fixed Deposit Scheme:

• Duration: 1 to 5 years.
• Limits: Minimum Rs. 5,000; no maximum; minors up to Rs. 1 lakh.
• Interest: Additional benefits for seniors and staff.
• Flexibility: Overdraft facilities available.
• Premature Withdrawal: Conditions apply.

Monthly Income Plan (MIP):

• Duration: 1 to 10 years.
• Limits: Min Rs. 1,000, no cap; minors up to Rs. 1 lakh.
• Interest: Additional payouts for seniors and staff.
• Income: Assures monthly payouts.
• Security: Acceptable for government securities.

Quarterly Income Plan (QIP):

• Duration: 1 to 10 years.
• Limits: Minimum Rs. 1,000, no maximum.
• Income: Guaranteed quarterly returns.
• Flexibility: Overdraft facility up to 95% of balance.
• Early Closure: Subject to conditions and penalties.

Motor Accident Claims Annuity Deposit (MACAD):

• Tenure: 3 years to over 10 years, determined by court.
• Limits: Depends on annuity, no maximum.
• Purpose: Facilitates court-awarded motor claim settlements.
• Early Closure: Penalty-free, based on criteria.

Capital Gain Account Scheme (CGAS), 1988:

• Purpose: Deposit long-term gains for tax deferral.
• Accounts: Type A (saving/current), Type B (TDR/STDR).
• Tenure: Depends on gain type.
• Limits: Min Rs. 1,000, no maximum.
• Rates: Determined by the bank, non-preferential.
• Premature Exit: No penalty options available.

Baroda Advantage Fixed Deposits (Non-Callable):

• Target: Higher interest for deposits of Rs. 15 lakhs+, no premature withdrawal.
• Duration: 1 to 10 years.
• Limits: Minimum Rs. 15 lakhs, no maximum; minors Rs. 1 lakh.
• Interest: Preferential rates; 0.50% p.a. more for seniors.
• Payout Options: RIRD, MIP, QIP.
• Loan/Overdraft: Up to 85% of the deposit balance.
• Early Termination: Allowed in case of depositor's death.

NRO Non-Callable FD:

For NRO accounts with similar benefits and restrictions as non-callable FDs.

NRE Rupee Fixed Deposits:

• Purpose: For NRIs to convert foreign earnings to INR.
• Duration: 1 to 10 years.
• Interest: Cumulative deposits with quarterly payout.
• Early Closure: Permitted after 1 year, with penalties.

NRO Rupee Fixed Deposits:

• Tax: 30.90% withholding tax, surcharges applicable.
• Loan/Overdraft: Facilities available.
• Interest: Paid quarterly.

Resident Foreign Currency Accounts:

• Purpose: For returning NRIs to retain foreign currency deposits.
• Duration: 1 to 5 years.
• Rates: Comparable to FCNR rates.
• Early Withdrawal: No interest if withdrawn before 1 year.

Rupee Linked Foreign Currency Deposit Scheme:

• Tenure: 1, 2, or 3 years.
• Limits: Minimum USD 10,000 or equivalent.
• Payout: Upon maturity including principal; forward contracts available.
• Early Termination: May annul forward contracts causing losses.

Foreign Currency Linked Rupee Deposits (FCLRD) Scheme:

Combines NRE and FCNR advantages with minimized currency exchange risk.

Foreign Currency Non-Resident B Term Deposit Scheme:

• Benefit: Maturity proceeds in foreign currency, tax-exempt.
• Tenure: 1 to 5 years.
• Payout: Half-yearly; no interest if closed before year one.

This comprehensive array of FD schemes from Bank of Baroda addresses a wide range of depositor requirements, offering tax benefits, income opportunities, and flexibility for both residents and NRIs.

Steps to Open a Fixed Deposit Account at Bank of Baroda

Accounts can be established through the Bank of Baroda Mobile App, Internet Banking, or by visiting a branch in person.

1) Internet Banking:

• Log in to your BOB NetBanking account.
• Select ‘Open Fixed Deposit’.
• Complete the required fields and submit.

2) Mobile App - Bank of Baroda App:

• Download and log into the mobile app.
• Select ‘Open Fixed Deposit’.
• Enter the necessary details and confirm.

3) Offline - Branch Visit:

• Visit the nearest branch.
• Submit the filled FD application form along with the necessary documents and deposit amount.
• Receive the FD receipt upon processing.

Eligibility Criteria for Fixed Deposits at Bank of Baroda

• Individuals, minors, HUFs, trusts, clubs, and more can start an FD with a minimum of Rs 5000 and no upper limit.

Required Documents for Bank of Baroda FDs

• Identity Proof: PAN, Driving License, Passport, etc.
• Address Proof: Utility bills, Passport, Bank statement, etc.

Policy for Premature Withdrawal

FDs, except tax-saving variants, allow early withdrawal. No penalty applies for amounts <= Rs. 5 lakhs if retained for over 12 months, while larger deposits may incur penalties.