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    Overview of Bank Of Baroda Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4.5% - 7.5% Quarterly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    Bank of Baroda Fixed Deposit

    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.

    Who all can open a Fixed Deposit with Bank of Baroda?

    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.

    What are the different Fixed Deposit schemes offered by Bank of Baroda?

    Bank of Baroda offers quite a few Fixed Deposit schemes, some of the major ones are:

    For Deposits up to 12 months:
    • Short Deposits
    For Deposits above 12 months of maturity period:
    • Baroda Maha Utsav Deposit Scheme
    • Baroda Double Dhamaka Fixed Deposit
    • Fast Access Deposit Scheme
    • BOB Suvidha Fixed Deposit Scheme
    • Regular Income Plan
    • Monthly Income Plan
    • Regular Income Cum Recurring Deposit
    • Capital Gain Account Scheme, 1988
    • Term Deposits
    • Baroda Tax Savings Term Deposit

    What is the minimum amount that can be used to open a Fixed Deposit with Bank of Baroda?

    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.

    What is the maximum amount that can be fixed in the Fixed Deposit scheme of Bank of Baroda?

    The maximum amount is ₹ 25 crore. However, deposits higher than a certain amount are subject to certain regulatory checks from the bank.

    What is the minimum and maximum deposit period available for Fixed Deposits of Bank of Baroda?

    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.

    What is the process of opening a Fixed Deposit account with Bank of Baroda?

    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.

    What are the rates of interest offered on Bank of Baroda Fixed Deposits?

    The rates of interest on Bank of Baroda Fixed Deposits vary with the deposit tenure. The maximum rate of 9% is offered to Senior Citizens for a specific deposit time period of 7 years, 9 months and 16 days. For deposits between 7 days to 45 days, the rate offered is 4.5%. 6.5% is offered for deposits between 46 to 90 days. A rate of 7.25% is applicable on deposits made for a period of 91 to 180 days. All deposits made for greater than 1 year and within 4 years have 8.5% as the applicable interest rate. These rates are subject to fluctuation based on the RBI guidelines and hence it is advised to check the latest rates with the bank while applying for a Fixed Deposit scheme with Bank of Baroda.

    Are tax-saver Fixed Deposits offered by Bank of Baroda?

    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.

    Are Fixed Deposits of Bank of Baroda, taxable?

    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.

    What are the main highlights of Bank of Baroda Fixed Deposits?

    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.

    Can I avail a loan from Bank of Baroda against a Fixed Deposit scheme of the bank?

    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.

    Are special rates offered to senior citizens on Bank of Baroda Fixed Deposits?

    Yes. Special and higher rates of interest are offered to senior citizens who hold a fixed deposit with Bank of Baroda.

    Does Bank of Baroda offer credit cards against a Fixed Deposit held by a customer with the bank?

    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.

    Does Bank of Baroda offer NRI Fixed Deposits?

    Yes, Bank of Baroda Offers a Non-Resident External (Rupee) Fixed Deposit account for NRIs.

    How can the NRE Fixed Deposit be opened and what are the features it offers?

    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.

    Are premature withdrawals of NRE Fixed Deposits allowed?

    Yes, accountholders who wish to make premature withdrawals of their NRE Fixed Deposit can do so without hassle.

    Are there any charges levied on premature withdrawals?

    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.

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