Bank of Baroda (BOB) is a well-established Indian nationalized bank offering a wide range of banking and financial services, including fixed deposits (FDs).

Bank of Baroda's fixed deposits are highly popular among customers looking to secure a portion of their savings for a set period.

Depositors need to invest a lump sum at the account opening, and the interest rates provided are based on the chosen tenure.

Opening an FD with the Bank of Baroda offers several advantages, notably higher interest rates compared to regular savings accounts.

Key Features and Advantages of Bank of Baroda Fixed Deposits

Enhanced Interest for Seniors: Senior citizens receive an additional interest rate of 0.50% p.a. above the standard rates.

Minimum Deposit Requirement: The minimum amount required to open an FD with Bank of Baroda is Rs 10,000.

Nomination Facility: The bank offers a nomination facility to secure the interests of beneficiaries.

Loan Against Deposit: Depositors can avail loans up to 90% of their fixed deposit amount.

Interest Disbursement: Interest is paid out at the time of maturity.

Variety of Deposit Schemes: Bank of Baroda offers several fixed deposit schemes including Short Deposit, Baroda Double Dhamaka Deposit Scheme, Baroda Advantage Fixed Deposits Non-Callable, Fast Access Deposit, BOB Suvidha Fixed Deposit Scheme, Regular Income Plan, Monthly Income Plan, Baroda Tax Savings Term Deposit, and Money Multiplier Deposit.

Bank of Baroda FD Interest Rates 2024

Types of Bank of Baroda FD Schemes

Baroda Tax Savings Term Deposit Account:

• Investment Benefits: Eligible for income tax deductions under Section 80C.

• Variants: RIRD (cumulative), MIP (monthly interest payout at discounted rates), and QIP (quarterly interest payout).

• Tenure: 5 – 10 years.

• Deposit Limits: Minimum Rs. 100 (further in multiples of Rs. 100), maximum Rs. 1.5 lakh annually.

• Interest Benefits: Senior citizens get an additional 0.50% p.a.; benefits also for bank staff and senior ex-staff.

• Withdrawals: Premature closure allowed post 5 years under specific conditions, including reduced interest rates.

Baroda Suvidha Flexible Fixed Deposit Scheme:

• Tenure: 1 – 5 years.

• Deposit Limits: Minimum Rs. 5,000, no maximum limit; minors above 10 years capped at Rs. 1 lakh.

• Interest Benefits: Additional rates for seniors and bank staff.

• Flexibility: Overdraft facility available, allowing flexible withdrawals.

• Premature Withdrawal: Conditions apply, including potential interest rate reductions.

Monthly Income Plan (MIP):

• Tenure: 1 – 10 years.

• Deposit Limits: Minimum Rs. 1,000, no maximum limit; minors capped at Rs. 1 lakh.

• Interest Benefits: Additional interest for seniors and bank staff.

• Income Option: Guaranteed monthly interest payouts, overdraft facilities.

• Security: Accepted as security by government departments.

Quarterly Income Plan (QIP):

• Tenure: 1 – 10 years.

• Deposit Limits: Minimum Rs. 1,000, no maximum limit.

• Income Option: Fixed quarterly income.

• Flexibility: Overdraft facility up to 95% of the balance.

• Premature Closure: Possible under conditions, with reduced interest penalties.

Motor Accident Claims Annuity Deposit (MACAD):

• Tenure: 3 – 10+ years, based on court directives.

• Deposit Limits: Based on monthly annuity needs; no upper limit.

• Specific Use: Facilitates court-ordered motor accident claims.

• Premature Closure: No penalties, conditions apply.

Capital Gain Account Scheme (CGAS), 1988:

• Purpose: For depositing long-term capital gains for tax benefits.

• Accounts: Type A (savings or current), Type B (TDR/STDR).

• Tenure: Depends on the specific capital gains section.

• Deposit Limits: Minimum Rs. 1,000, no maximum.

• Interest Rate: Determined by the bank, no special rates for seniors or staff.

• Premature Withdrawal: Penalty-free under conditions.

These diverse FD schemes from Bank of Baroda cater to various needs, offering tax benefits, income options, and flexibility for different types of depositors.

Baroda Advantage Fixed Deposits (Non-Callable):

• Purpose: Offers higher interest rates in exchange for no premature withdrawal on deposits above Rs. 15 Lakhs.

• Tenure: 1 – 10 years.

• Deposit Limits: Minimum Rs. 15 Lakhs; no upper limit, minors capped at Rs. 1 Lakh.

• Interest Benefits: Preferential rates, extra 0.50% p.a. for senior citizens and additional benefits for bank staff.

• Interest Payout Options: Maturity (RIRD), monthly (MIP), and quarterly (QIP).

• Loan/Overdraft: Up to 85% of the deposit balance.

• Premature Closure: Allowed in cases like the depositor's death.

NRO Non-Callable FD:

• Purpose: For NRO account holders, similar benefits and restrictions as non-callable FDs.

• Tenure: 1 – 10 years.

• Deposit Limits: Minimum Rs. 15 Lakhs, maximum Rs. 2 Crores.

• Interest Payout: Similar to standard term deposits.

NRE Rupee Fixed Deposits:

• Purpose: Enables NRE account holders to deposit foreign earnings converted to INR.

• Tenure: 1 – 10 years.

• Deposit Limits: Minimum Rs. 15 Lakhs, maximum Rs. 2 Crores.

• Interest Rate: Paid quarterly for cumulative deposits.

• Premature Closure: Allowed after 1 year with an interest penalty.

NRO Rupee Fixed Deposits:

• Taxation: Subject to a 30.90% withholding tax, surcharges may apply.

• Loan/Overdraft: Available, supporting flexible financial needs.

• Interest Payout: Quarterly.

Resident Foreign Currency Accounts:

• Purpose: For NRIs returning to India, maintaining deposits in foreign currencies.

• Tenure: 1 – 5 years.

• Interest Rates: Comparable to FCNR deposits.

• Premature Withdrawal: No interest if withdrawn before 1 year.

Rupee Linked Foreign Currency Deposit Scheme:

• Purpose: Allows NRIs to deposit foreign currencies converted to INR.

• Tenure: 1, 2, and 3 years.

• Deposit Limits: Minimum USD 10,000 or equivalent.

• Interest Payout: At maturity, including principal; forward contract options available.

• Premature Withdrawal: Includes cancellation of forward contracts, with potential losses.

Foreign Currency Linked Rupee Deposits (FCLRD) Scheme:

• Purpose: Combines benefits of NRE and FCNR deposits, minimizing exchange rate risk.

• Tenure: 1 year.

• Deposit Limits: Minimum USD 10,000 or equivalent.

• Interest Payout: At maturity, no interest if withdrawn before 1 year.

Foreign Currency Non-Resident B Term Deposit Scheme:

• Purpose: Ensures repatriation of maturity proceeds in foreign currency, tax-free.

• Tenure: 1 – 5 years.

• Interest Payout: Half-yearly; no interest for early withdrawal within the first year.

This summary condenses the extensive range of FD products offered by Bank of Baroda, each tailored to different depositor needs, from NRIs to residents seeking higher returns or specific tax advantages.

How to Open a Fixed Deposit Account with Bank Of Baroda

You can open a fixed deposit (FD) account with Bank of Baroda through various methods such as Mobile App, Internet Banking, or offline at a branch.

1) Internet Banking:

• Log into your Bank of Baroda NetBanking account.

• Select the ‘Open Fixed Deposit’ option.

• Complete all required fields, including nominee details and maturity instructions.

• Once the information is successfully submitted, your FD account will be booked.

2) Mobile App - Bank of Baroda Bank App:

• Download and sign into the Bank of Baroda Bank App.

• Navigate to the ‘Open Fixed Deposit’ option.

• Enter all necessary details, nominee information, and set maturity instructions.

• After submitting all the information, your FD account will be activated.

3) Offline - Bank of Baroda Branch:

• Visit your nearest Bank of Baroda branch.

• Fill out the Bank of Baroda FD application form and submit it along with the necessary documents and the deposit amount.

• Upon successful processing of your application, you will receive an FD receipt from the bank.

Qualifications for Opening a Fixed Deposit Account at Bank Of Baroda

Bank of Baroda allows fixed deposit investments starting from as low as Rs. 5000, with no maximum limit on these investments.

The following individuals and entities are eligible to open a fixed deposit account at Bank of Baroda:

• Individuals

• Partnership firms

• Minors

• Visually-challenged individuals

• Illiterate persons

• Sole proprietorships

• Religious, charitable, and educational institutions

• Hindu Undivided Families (HUFs)

• Trusts

• Clubs, societies, and associations

• Joint account holders (two or more members)

• Panchayats and municipalities

• Limited companies

Necessary Documents to Open a Fixed Deposit Account at Bank Of Baroda

Proof of Identity:

• PAN card

• Driving license

• Passport

• Senior Citizen ID card

• Voter ID card

• Photo ration card

• Government-issued ID card

Proof of Address:

• Telephone bill

• Passport

• Bank statement with a cheque

• Electricity bill

• ID card issued by the Post Office

Early Withdrawal of Bank Of Baroda Fixed Deposit

Bank of Baroda allows premature withdrawal on all fixed deposits, except for tax-saving fixed deposits. For deposits under Rs. 5 lakhs that have been held for at least 12 months, no penalty is charged for early withdrawal.

However, deposits exceeding Rs. 5 lakhs are subject to premature withdrawal penalties.