Overview of Bank Of Baroda Fixed Deposit

Bank of Baroda (BOB) offers Fixed Deposits or Term Deposits at attractive interest rates.

Types of Bank of Baroda (BOB) Fixed Deposits

  • Capital Gain Account scheme, 1988
  • Short Term Deposit scheme
  • Long Term Deposit scheme
    • Baroda Advantage FD (Non-Callable)
    • Baroda Maha Utsav FD scheme
    • Fast Access Term Deposit
    • BOB Suvidha FD scheme
    • Regular Income Plan
    • Monthly Income Plan
    • Term Deposit scheme
    • Baroda Tax Savings FD scheme

Features of Short Deposit Scheme

  • Maturity Period: 7 days to 1 year
  • Minimum deposit amount: Rs.1,000
  • Range of FD rates: 3.30% p.a. to 5.55% p.a.
  • Half-yearly interest payout
  • Deposits have auto-renewal facility
  • Loans can be availed against the deposit for up to 95% of the deposit value
  • Loans will be offered at a rate which is 1.50% more than the FD rate
  • Overdraft facility is available on the deposit
  • Senior citizens get a rate which is 0.50% higher than the regular FD rates.
  • Nomination facility on the scheme
  • Tax Deducted at Source (TDS) applicable on the interest income
  • Minors who are above 10 years of age can open an FD account for a maximum deposit amount of Rs.1 lakh

Features of Baroda Advantage Term Deposit (Non-Callable)

  • FD account can be maintained jointly
  • Minors above 14 years of age can open this account
  • Minimum value for deposit: Rs.15,01,000
  • Range of maturity period: 1 year to 10 years
  • Interest rates: 5.60% p.a. to 5.70% p.a.
  • Half-yearly interest payout (every 6 months)
  • No premature withdrawals allowed
  • FDs under Rs.1 crore will be renewed automatically after 1 year
  • An account holder would have to give instructions to the bank in order to renew deposits above Rs.1 crore
  • Overdraft facility and loan facility available against the deposit for up to 85% of the deposit value
  • Senior citizens get a 0.50% increase in rates for FDs under Rs.1 crore
  • Interest income will be taxed as per Tax Deducted at Source (TDS)

Features of Fast Access Term Deposit

  • Minimum investment: Rs.10,000
  • Tenure period: 1 year to 10 years
  • Nomination facility can be availed
  • Overdraft facility for up to 95% of the deposit value
  • Overdraft limited to Rs.10,000 for a minor account holder
  • Loans can be availed against the FD
  • Interest income given at half-yearly intervals
  • Premature withdrawals allowed
  • Auto-renewal after at least 1 year
  • Interest treated with TDS

Features of BOB Suvidha FD Scheme

  • Easy liquidity of funds
  • Minimum value of investment: Rs.5,000
  • Range of maturity period: 1 year to 5 years
  • Payment of interest: Half-yearly
  • Premature closure permitted
  • Deposits renewed automatically after 1 year minimum
  • Overdraft facility and loans can be applied for against the deposit
  • 0.50% higher interest rate to senior citizens
  • Account can avail nomination facility
  • Interest income will be under taxation based on TDS

Features of Regular Income Plan

  • Lower limit of deposit: Rs.1,000
  • Tenure range: 1 year to 10 years
  • Quarterly interest payout
  • FD has auto-renewal for at least 12 months
  • One can apply for the overdraft facility against the Term Deposit
  • A depositor can appoint a nominee as a beneficiary
  • As per the Income Tax Act, 1961, the interest will be subject to taxation under TDS
  • The FD rates for Senior Citizens are 0.50% higher than standard rates (deposits to Rs.1 crore)

Features of Monthly Income Plan

  • Minimum funds required: Rs.1,000
  • Time period: 1 year to 10 years
  • Monthly interest payout
  • One can make premature withdrawals
  • Term Deposits renewed automatically for a minimum of 1 year
  • An investor can apply for loans against the FD
  • After at least 1 year, the FD is automatically renewed
  • The Term Deposit comes with facilities such as nomination and overdraft
  • BOB lets one avail loans against the FD
  • BOB gives 0.50% hike on interest rates to Senior Citizens
  • The interest earned on Monthly Income Plan is taxed based on TDS

Features Of Baroda Tax Savings Fd Scheme

  • Minimum amount for investment: Rs.100
  • Maximum deposit amount: Rs.1.50 lakh
  • Maturity period range: 5 years to 10 years
  • Quarterly compounding of interest
  • Premature withdrawal allowed after 5 years only
  • For deposits under Rs.1 crore, senior citizens get a higher rate of 0.50%
  • Interest income is taxed under TDS

Penalty For Premature Withdrawal For Bob Term Deposits

  • If the depositor wishes to prematurely withdraw from a deposit under Rs.5 lakh, no penalty is charged for the same.
  • The deposit must have been held by the bank for at least 1 year.
  • Premature withdrawals of deposits of Rs.5 lakh to less than Rs.1 crore is charged with a penalty of 1%.
  • This is applicable for deposits which have been held by the bank for less than 1 year.

BOB Fixed Deposit rates: Under Rs.1 crore

Tenure bracket Regular FD rates (per annum) Senior Citizens FD rates (per annum)
7 days to 15 days 3.30% 3.80%
15 days to 46 days 3.30% 3.80%
46 days to 3 months 4.30% 4.80%
Above 3 months to 6 months 4.30% 4.80%
Above 6 months to less than 12 months 4.85% 5.35%
12 months 5.55% 6.05%
Above 12 months to 400 days 5.55% 6.05%
401 days to 24 months 5.55% 6.05%
Above 3 years to less than 5 years 5.70% 6.20%
Above 5 years to less than 10 years 5.60% 6.60%

*The BOB FD rates are subject to change as per the discretion of the bank. The current rates are valid as of 15 May 2020.

Eligibility Criteria For Individuals BOB Fixed Deposits

  • Resident of India
  • Karta of Hindu Undivided Family

Documents Needed For Individuals

  • An introduction of the applicant according to BOB’s guidelines
  • Recent color passport-size photograph of the applicant
  • Valid identity proof and address proof
  • Permanent Account Number (PAN) card/ Form 60

Faqs About Bob Term Deposit Scheme

  1. How can I get tax exemption from TDS?

    You can get an exemption after submitting Form 15G/15H to the bank.

  2. What is the maturity period for Tax Saving Fixed Deposit?

    The BOB Tax Saving FD comes with a tenure of 5 years.

  3. What is the minimum amount of deposit required to open a BOB Term Deposit account?

    The minimum amount to be invested is Rs.1,000.

  4. Can I make premature withdrawals from a Tax Saving Deposit before 5 years?

    No, the Tax Saving FD has a lock-in period of 5 years.

  5. What is the highest BOB Fixed Deposit rate?

    The highest BOB FD rate is 5.70% p.a. for a maturity period between 3 years and 5 years.

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