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Bank of Baroda is one of the most significant banks of the nation and is the second largest nationalized bank of India. The bank was founded in the year 1908 and has its headquarters in Vadodara, Gujarat. In the year 1969, the bank was awarded the ‘Nationalized’ status. The bank has a huge network of branches throughout the rural as well as urban areas of the country and has its corporate headquarters in Mumbai. Bank of Baroda has merged and taken over a few smaller Indian banks too.
Currently, Bank of Baroda has total assets of over ₹ 3.58 trillion, along with a network of 4913 domestic branches and over 2000 ATMs across the country. Fixed deposits, whether long-term or short-term are quite popular a financial product with the bank. These Fixed Deposits come with the assurance of government back-up and hence the long-term deposits with Bank of Baroda are a preferable choice among customers.
One can also download the fixed deposit account opening form online and submit it to the nearest branch.
All individuals and HUFs are eligible to apply for a Fixed Deposit from Bank of Baroda. All time-deposits require proper introduction. For all other deposits, an application-cum-deposit slip is to be filled.
Bank of Baroda offers quite a few Fixed Deposit schemes, some of the major ones are:For Deposits up to 12 months:
The minimum amount required to open a short-term Fixed Deposit with Bank of Baroda is ₹ 1000 for a period of 15 days and above. For a minimum period of 7 days, the applicable deposit amount is Rs100/-lacs.
The maximum amount is ₹ 25 crore. However, deposits higher than a certain amount are subject to certain regulatory checks from the bank.
Bank of Baroda Fixed Deposits come with a maximum deposit period of 120 months. However, in case of institutions, companies, government bodies and in case where interests of a minor are involved, deposits for a period of over 10 years may be accepted. The deposit period, however, in no case can exceed 20 years.
Fixed Deposit accounts with Bank of Baroda can be opened online from the comforts of your home or directly by visiting any of the bank branches. An online form needs to be filled for online application while a physical application form needs to be filled in case you visit the bank branch. Either form 401 or form 401A is filled before opening a Fixed Deposit account; while the former is for individuals, the latter form is meant for non-individual entities.
Yes. Fixed Deposits with a locking period of 5 years or more are subject to waived-off income tax under section 80C of the Income Tax Act.
Yes. Bank of Baroda Fixed Deposits are taxable and are basically split up into two categories. First is those for which the deposit holder has furnished the PAN number while the other is for which the deposit holder has not furnished the PAN number. In case the interest on the FD is equal to or more than ₹ 10000 in a year, income tax at 10% is deducted. However, if the interest received in a year is more than ₹ 10000 and the PAN number has not been provided then a tax of 20% on the interest received is levied.
Bank of Baroda offers a wide variety of FD schemes based upon different deposit tenures and rates of interest. The bank also offers deposit schemes for NRIs as well as FCNR deposits. Bank of Baroda also offers deposits that are flexible with respect to withdrawal.
Yes. Loans can be sought from Bank of Baroda on deposits that are held with the bank. However, it depends solely on the discretion of the bank.
Yes. Special and higher rates of interest are offered to senior citizens who hold a fixed deposit with Bank of Baroda.
No. Currently, credit cards from Bank of Baroda are offered to housing loan customers but not to customers who have a running Fixed Deposit with the bank.
Yes, Bank of Baroda Offers a Non-Resident External (Rupee) Fixed Deposit account for NRIs.
The NRE account can be opened either by Demand Drafts, Telegraphic Transfers, Telex or Mail transfers. This account ensures there is high level of confidentiality and offers a host of services like automatic renewal on due date, reinvestment plans for cumulative interest and quarterly interest plans. Individuals can choose to make payments in the currency of their choice. Accountholders get attractive interest rates on their investments and there is no income tax liability on these investments. Loans and overdrafts could be availed if need be by pledging the deposit receipts.
Yes, accountholders who wish to make premature withdrawals of their NRE Fixed Deposit can do so without hassle.
If accountholders choose to make premature withdrawals for renewal at better interest rate they can do it without a penalty component. In case of premature withdrawals where the face value of deposit is less than Rs 5 lakh and it has been with the bank for a minimum period of 12 months no penalty is charged. In case of all other premature withdrawals the interest will be released after a penalty of 1% is deducted from the original contracted rate or the applicable rate.