You can now apply for a Bank of Baroda fixed deposit online as well as offline. With the Covid-19 pandemic still being active, social distancing is the need of the hour. Contactless digital payments and KYC procedures have become the norm, so too has online applications and the opening of Bank of Baroda FD. Not only do you save on time, commute, and paperwork, you also get to stay healthy and safe from pandemic. Here's how you can apply for a Bank of Baroda FD online.
Follow the steps given below:
Before you apply to open an FD with Bank of Baroda, make sure you have the following:
It is beneficial to understand exactly how much your FD amount will be on maturity. This can be easily done using an online FD calculator which is free and easy to use. All you have to do is enter your desired FD amount, tenure, and the rate of interest for that particular tenure. Your FD amount on maturity will be instantly displayed on the screen. Doing this will also help you understand which tenure or bank will generate the best returns for your hard-earned money if you use the FD calculator to compare different tenures and banks.
Let's say you have Rs.5 lakh to invest in an FD. You are interested to know how much interest this will fetch you if you open a fixed deposit for one year. Currently, the interest rate for a one-year FD with the bank is 4.40% p.a. So using the calculator, you will see that the amount on maturity for this will be Rs.5.2 lakh, which means you will earn an interest of Rs.20,000.
However, if you use the FD calculator to do a comparison and check out how much you will earn if you invest Rs.5 lakh for 3 years instead, you will see that the interest for a 3-year FD with the bank is currently 5.10% p.a. With this interest, your FD amount on maturity will be Rs.5.8 lakh, which means your interest amount will be Rs.80,000 if you invest for 3 years instead of 2 years.
This way, using an FD calculator can help you make the right decision regarding your FD tenure to help you get the maximum returns out of your investment.
There are numerous benefits to opening an FD account online and not just in a pandemic. Some of these are:
You can apply for a Bank of Baroda FD with a minimum amount of Rs.1000 with a tenure ranging from 7 days up to 10 years. Nomination facility is available. An overdraft or loan facility can also be availed. There is no penalty for premature closure if the deposit is more than Rs.5 lakh and has been invested in an FD with the bank for more than one year. There is also an auto-renewal facility in case instructions have not been given to the bank on maturity of the FD. This will ensure that interest continues to accumulate on the FD. FDs can also be opened offline by visiting the nearest branch of the Bank of Baroda.
The Bank of Baroda FD can help you both safeguard your money as well as make it grow safely.
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