The Bank of Baroda (BOB) is a reputable Indian nationalized bank offering diverse banking and financial services, with Fixed Deposits (FDs) being a favored option among customers wanting to safeguard their savings for specific durations. Investors can enjoy a variety of schemes and attractive interest rates, often superior to those of conventional savings accounts, by depositing a lump sum at account initiation. The rates are tenure-dependent.

Highlights and Benefits of Bank of Baroda Fixed Deposits

• Senior Citizen Bonuses: Additional 0.50% p.a. interest for seniors.
• Minimum Investment: Open an FD with a minimum of Rs 10,000.
• Nomination Option: Ensures beneficiary interests.
• Loan Facilities: Borrow up to 90% of your FD value.
• Interest Payment: Paid at maturity.
• Diverse Schemes: Includes Baroda Double Dhamaka, Suvidha, Tax Savings, and more.

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%

Varieties of Bank of Baroda FD Schemes

Baroda Tax Savings Term Deposit Account:

• Investment Benefits: Tax deductions per Section 80C.
• Choices: RIRD (cumulative), MIP (monthly), QIP (quarterly).
• Duration: 5 – 10 years.
• Deposit Limits: Min Rs. 100, max Rs. 1.5 lakh annually.
• Interest: Senior bonus of 0.50% p.a.; perks for staff.
• Withdrawals: Post 5 years with reduced rates.

Baroda Suvidha Flexible Fixed Deposit Scheme:

• Duration: 1 – 5 years.
• Limits: Min Rs. 5,000; no max; minors up to Rs. 1 lakh.
• Interest: Additional for seniors and staff.
• Flexibility: Overdraft available.
• Premature Withdrawal: Terms apply.

Monthly Income Plan (MIP):

• Duration: 1 – 10 years.
• Limits: Min Rs. 1,000, no max; minors up to Rs. 1 lakh.
• Interest: Seniors and staff earn extra.
• Income: Guaranteed monthly payouts.
• Security: Acceptable for government securities.

Quarterly Income Plan (QIP):

• Duration: 1 – 10 years.
• Limits: Min Rs. 1,000, no cap.
• Income: Fixed quarterly returns.
• Flexibility: Overdraft up to 95% of balance.
• Early Closure: Conditions apply with penalties.

Motor Accident Claims Annuity Deposit (MACAD):

• Tenure: 3 – over 10 years, court-directed.
• Limits: Depend on annuity, no max.
• Use: Court-awarded motor claim facilitations.
• Early Closure: Penalty-free, criteria-based.

Capital Gain Account Scheme (CGAS), 1988:

• Purpose: Deposit long-term gains for tax relief.
• Accounts: Type A (sav/current), Type B (TDR/STDR).
• Tenure: Varies with gain type.
• Limits: Min Rs. 1,000, no max.
• Rates: Bank-determined, non-preferential.
• Premature Exit: No-penalty options.

Baroda Advantage Fixed Deposits (Non-Callable):

• For: Enhanced rates on Rs. 15 lakhs+, no early exit.
• Duration: 1 – 10 years.
• Limits: Minimum Rs. 15 lakhs, no max; minors Rs. 1 lakh.
• Interest: Preferential; seniors gain 0.50% p.a. more.
• Payout Options: RIRD, MIP, QIP.
• Loan/Overdraft: Up to 85% of balance.
• Early Termination: Permitted in mortality cases.

NRO Non-Callable FD:

• For NRO accounts, parallel benefits/restrictions as non-callable FDs.

NRE Rupee Fixed Deposits:

• Purpose: For NREs converting foreign earnings to INR.
• Tenure: 1 – 10 years.
• Interest: Quarterly pay for cumulative deposits.
• Early Closure: After 1 year, with penalties.

NRO Rupee Fixed Deposits:

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

Resident Foreign Currency Accounts:

• Purpose: For NRIs returning, to maintain foreign currency deposits.
• Tenure: 1 – 5 years.
• Rates: FCNR comparable.
• Early Withdrawal: Interest-free if before 1 year.

Rupee Linked Foreign Currency Deposit Scheme:

• Tenure: 1, 2, 3 years.
• Limits: Min USD 10,000 or equivalent.
• Payout: Maturity, includes principal; forward contract available.
• Early Termination: Forward contract nullification can incur losses.

Foreign Currency Linked Rupee Deposits (FCLRD) Scheme:

• Integrates NRE and FCNR benefits with minimized exchange risk.

Foreign Currency Non-Resident B Term Deposit Scheme:

• Benefit: Maturity proceeds in foreign currency, tax-exempt.
• Tenure: 1 – 5 years.
• Payout: Half-yearly; no early interest within the first year.

This extensive suite of FD schemes from Bank of Baroda caters to diverse depositor needs, offering tax reliefs, income options, and adaptability for resident and NRI clients.

Opening a Fixed Deposit Account at Bank Of Baroda

Accounts can be opened via Mobile App, Internet Banking, or in person at branches.

1) Internet Banking:

• Login to your BOB NetBanking.
• Select ‘Open Fixed Deposit.’
• Fill out required fields and submit.

2) Mobile App - Bank of Baroda Bank App:

• Download and sign into the app.
• Choose ‘Open Fixed Deposit.’
• Enter details and confirm.

3) Offline - Branch Visit:

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

Eligibility for Fixed Deposit at Bank Of Baroda

• Individuals, minors, HUFs, trusts, clubs, etc., can start an FD with Rs. 5000 and no upper limit.

Required Documents for FD at Bank Of Baroda

Identity Proof: PAN, Driving License, Passport, etc.

Address Proof: Utility bills, Passport, Bank statement, etc.

Premature Withdrawal Policy

Early withdrawal is allowed on FDs, barring tax-saving ones, with no penalty on amounts <= Rs. 5 lakhs retained over 12 months. Larger deposits incur penalties.