Overview of Barclays Bank Fixed Deposit

Headquartered in London, Barclays Bank is a British international banking and financial services company. The bank has over 300 years of expertise in the banking sector. The bank has been present in India since 1990. In fact, Barclays Bank is one of the most popular foreign banks in India helping its Indian clients with its state of the art financial services. Barclays Bank offers a wide range of financial products like Credit Cards, Debit Cards and Loans. The major areas of its focus in India include Corporate Banking and Investment Banking. The bank also provides NRI banking in India. The bank has invested over $800 million in India to widen up its presence in the country, which is indeed the biggest commitment made by any foreign bank in India. The clients of Barclays Bank, India include individuals, public sector companies, multinational companies and the SMEs.

Barclays Bank offers attractive Fixed Deposit schemes for different tenures at different interest rates. As its banking customer, you can enjoy a relatively higher Barclays Bank Fixed Deposits interest rate.

Benefits & Features of Barclays Bank Fixed Deposit:

  • Get fixed rate of return on your principal amount for deposits over a period of 3 to 12 months.
  • You can open joint fixed deposit accounts.
  • Choose among a variety of currencies like SCR, GBP, EUR and USD.
  • Minimum premature withdrawal charge.
  • A current or savings account with Barclays Bank is mandatory to open an FD account with the bank.
  • Enjoy auto-renewal of your FDs on maturity.
  • A minimum of ₹ 10,00,000 is required to open a Term Deposit/Fixed Deposit with Barclays Bank.
  • The bank offers NRE, NRO and FCNR Terms Deposits for the NRIs.
  • Senior Citizens can also open their FD account with Barclays Bank.
  • Third parties are allowed to operate your Fixed Deposit Account on your behalf provided you nominate one person as authorized signatory.

Barclays Bank FD Interest Rates:

The bank offers competitive interest rates on its Fixed Deposits. You can get your interest credited to your savings account on a quarterly basis, or get it re-invested into your Fixed Deposit account. Although fixed for the term of the deposit, the bank’s interest rates are subject to change without prior notification, based on the market conditions and its internal liquidity requirements. So on renewal the new interest rates will apply. Depositors have to maintain FD accounts with the bank for at least 7 days to be eligible to earn interest.

For domestic Term Deposits/ Fixed Deposits, the highest interest rate offered by Barclays Bank is 3.50% p.a. on a deposit of less than Rs. 2 crore. The lowest interest rate for the same is 1.25%.

Barclays Bank FDs for Senior Citizens:

Senior citizens can also apply for Barclays Bank’s Fixed Deposits. But they don’t get any special interest rate. Interest is calculated on quarterly basis if the Fixed Deposits is for 181 days and above. There is no special interest rate for the staff members of the bank.

Barclays Bank FD Eligibility:

Indian residents, NRIs and Senior citizens are eligible to open their FD accounts with Barclays Bank.

Barclays Bank FDs for NRIs

The bank offers fixed/term deposits for non-resident Indians. Barclays Bank offers NRE, NRO and FCNR term deposits to NRIs through its NRI Banking services. You can open a Barclays Bank NRE account by investing a minimum of Rs. 10,00,000. The deposit can be opened for a minimum period of 1 year and a maximum period of 7 years. The bank offers attractive rates of interest for its NRE deposits and charges no penalty fee for premature withdrawal. The interest earned from NRE deposits is not taxable India. The NRO term deposits offered by Barclay Bank can be opened for a minimum period of 7 days and a maximum period of 7 years. Minimum amount required to open this term deposit is Rs. 10, 00,000. The FCNR term deposits offered by the bank can be maintained in three foreign currencies including GBP, EUR and USD. The deposit can be opened for a minimum period of 1 year and a maximum period of 5 years. You don’t have to pay tax for the interest earned from this deposit in India.

Loans Provided Against FDs at Barclays Bank:

Barclays Bank provides loans to its customers against their Fixed Deposits accounts. However, the bank provides it for a short period. You can borrow money for up to one year against your FDs. Any individual aged between 21 to 60 years is eligible to get personal loans against their FDs with Barclays Bank.

Barclays Bank FDs FAQ's

  1. What is the Minimum/Maximum Amount Required to Open an FD account with Barclays Bank?

    A minimum amount of rupees Rs.10,00,000 is required to open a fixed deposit account with Barclays Bank. The bank accepts deposits in two categories i.e. up to ₹ 1 crore and Rs.1 crore and above. However, to deposit an amount of Rs.1 crore and above, the customers need to contact its branch.

  2. What is the Minimum/Maximum Deposit Tenures of Barclays Bank FDs?

    One can open a Fixed Deposit account with Barclays Bank for a minimum period of 7 days, and a maximum period of 2555 days (7 years). This tenure is applicable for domestic Term Deposits and NRO term deposits.

  3. Does Barclays Bank Charge any Premature Withdrawal Fee for FDs?

    The bank does not charge any premature withdrawal fee for its NRE term deposits. However, for the domestic Fixed Deposits, the bank charges an amount of 1 % as penalty fee.

  4. Does Barclays Bank Allow Premature Renewal of FDs?

    The bank allows premature renewal of Fixed Deposits provided the depositor renews it for a longer period than the balance period of the original deposit. The bank will provide renewal at the rate applicable on the renewal date.

  5. Is Tax deducted on FDs at Barclays Bank?

    Barclays Bank is legally authorized to deduct tax at source if the total interest earned on all fixed deposits opened by you exceeds the amount specified under the Income Tax Act. The bank will provide a TDS Certificate for the amount of tax deducted. However, if you can provide your tax exemption certificate for you each of your deposits at the starting of the financial year, then the bank will not deduct tax at source.

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