This is a term deposit scheme offered by Bank of Baroda. Baroda Double Dhamaka Fixed Deposit, as the name implies, provides double reruns on your investments. A term/fixed deposit is a financial instrument by investing in which you can get assured returns on your investments. What you have to do is to invest for a particular period at a fixed rate of interest. The bank of Baroda Double Dhamaka Fixed Deposit scheme is open for general public and senior citizens.
Eligibility Criteria for applying for Baroda Double Dhamaka Fixed Deposit
The eligibility criteria for applying for Baroda Double Dhamaka Fixed Deposit include:
Single individual.
It can be opened jointly.
Minors below the age 10 years and above.
Clubs, educational Institutions associations, partnerships and joint stock companies can also apply for this.
Both general public and senior citizens can invest in this fixed deposit scheme.
Features of Baroda Double Dhamaka Fixed Deposit Scheme
Listed below are the key features of Baroda Double Dhamaka Fixed Deposit:
Account Type
Both Single and Joint.
Amount
Minimum amount: Rs. 5,000
Maximum amount: Less than Rs. 1.00 crore.
Rate of Interest
Minimum : 7.50%
Maximum : 8.00%
Period
Minimum: 8 Years, 9 months and 03 days for senior citizens.
Maximum: 9 Years 04 months and 00 days for general public.
TDS
TDS will be deducted on interest amount.
Loan against Baroda Double Dhamaka Fixed Deposit Scheme
Available. It is permitted up to 95% of outstanding balance at interest rate 1.5%.
Nomination (if any)
Yes, nomination facility is available under this policy.
The interest rates of Baroda Double Dhamaka Fixed Deposit Scheme vary based on the tenure of your deposit and age. Currently, the following interest rates are applicable on this scheme:
Maturity range
Interest rate
For General Public:
7.50%
For Senior Citizens:
8.00%
The above mentioned rates are applicable as on 1/12/2015. However, the above-mentioned fixed deposit interest rates are subject to change from time to time without giving you any prior notification by the bank.
Baroda Double Dhamaka Fixed Deposit Scheme FAQs
Where are Baroda Double Dhamaka Fixed Deposits available?
The Bank of Baroda Double Dhamaka Fixed Deposits are available at all CBS branches.
What is the minimum deposit required for investing in a Bank of Baroda Double Dhamaka Fixed Deposit?
The minimum deposit required for investing in a Bank of Baroda Double Dhamaka Fixed Deposit is Rs.5000.
Does the bank allow premature withdrawal?
Yes, the bank allows premature withdrawal.
Is TDS applicable on Bank of Baroda Double Dhamaka Fixed Deposit?
Yes, TDS is applicable on the interest payment of Bank of Baroda Double Dhamaka Fixed Deposit.
Can I nominate someone against my Baroda Double Dhamaka Fixed Deposit?
Yes, you can. The Baroda Double Dhamaka Fixed Deposit accepts nomination.
Can I take a loan against my Baroda Double Dhamaka Fixed Deposit?
Yes, you can take loans against your Baroda Double Dhamaka Fixed Deposit. You can get loan up to 95% of your total deposit.
Is a minor eligible for opening a Baroda Double Dhamaka Fixed Deposit?
Yes, a minor is also eligible for opening a Baroda Double Dhamaka Fixed Deposit.
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It is a very simple process to open a fixed deposit account with Bank of Baroda. The lock in period is for five years. They provide a very good interest on my savings. The process at the bank is also good. There are no hassles in the overall experience.
I have done one time investment fixed investment in Bank of Baroda, it has five year of locking period. The interest is nominal for the FD, I believe BOB give the interest around 8% , however there was no proper information regarding the interest. My father have taken this FD on my name, every year I deposit the amount.
I have a fixed deposit account with Bank of Baroda and the process to get this account done was easy. The customer services are good and the interest rate is also to my satisfaction. I have taken a loan recently on this account. It just took half an hour for the process for the loan.
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7
BISHWAJEET KUMAR
, dhanbad
Reviewed on Oct 14, 2017
I had Fixed Deposit account with Bank of Baroda about quite long back. The tenure period is six years and the fixed amount is four to five lakhs. The percentage of interest rate is quite good and they returned the money back with the promised interest amount.
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4
DUMPALA SRINIVAS
, hyderabad
Reviewed on May 09, 2017
I had opened my Fixed deposit with saving account in BOB. With hassle free opening through netbanking it was more comfortable. I could view the current interest and period of time was transparent in the website. They used to provide interest on quarterly bases. I paid bulk amount single time with good interest credits.
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11
RAGHVENDRA SINGH INDA
, jaipur
Reviewed on Nov 14, 2016
My parents were actually guiding me and its based on their advise, I decided to invest in Bank Of Baroda for FD. BOB has offered a very good rate and it is very much reliable. The tenure of the deposit is 5 years and this FD was taken before 3 years.
I was provided the highest interest rate and reminder of matured term deposit has been informed to me on the very next day which saved the interest loss to me . It seems to be very simple to renew the MTD (matured term deposit) at the latest updated interest rate.
Bank of Baroda is offering 7% interest rate currently for the Fixed deposit plan with the tenure of five year. Initially they were offering 8% but now it has been reduced. The minimum amount to start the plan is rs.1000 there is no activation charges. I visited the bank to avail the facility and within five to ten minute the plan was activated.
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11
VISHNU MAHENDAR K
, chennai
Reviewed on May 17, 2016
Its really easy to open a fixed deposit with Bank of Baroda and they do offer a good interest rate based on the market price for this account.The customer service provided was good and I have been using this account for few months and waiting for the benefits.Its after 7years I will be getting double the amount through this fixed deposit. Customer Responsiveness is good.
I hold a fixed deposit with Bank of Baroda. It has been a satisfactory experience with them for the eight years I am banking. There is always a response from the bank. The services are good too. The rate of interest is good. No charges taken for any kind of facilities.
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9
SASHI BHOOSHAN
, thrissur
Reviewed on Feb 19, 2016
The services was excellent by BANK OF BARODA for the Fixed Deposit product. I will get one 1% above than the normal rate because I am working for this bank. I can easily monitor the details being as a employee. They should have the attractive schemes like double one double offer which will be really attract the customers.
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11
KARTHIKEYAN SELLASAMY
, chennai
Reviewed on Nov 27, 2015
This is second year running for me and particularly I opened the fixed deposit for my daughter. With Bank of Baroda I have an account as since last five years and so I went with them. 8.3% is the rate for deposit and this is for year. And this is compounding rate. Over draft is also present.
Recently I opened an Fixed Deposit account with BANK OF BARODA for the purpose of tax deductions. This is the only reason I invested some money with them. I personally opened this account with them. The interest rates were nominal when compared with other banks. Customer service is also good. And nice servicse
Mainly I opened an Fixed Deposit account with BANK OF BARODA for the purpose of tax deductions. This is the only reason I invested some money with them. I personally opened this account with them. The interest rates were nominal when compared with other banks.
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3
SUJIT KUMAR VISHWAKARMA
, bhopal
Reviewed on Sep 15, 2015
I hold a Fixed Deposit Account with BANK OF BARODA for more than eight years. I opened this account under the Double Amount Scheme. It is the only bank which offers 94 months time period for making payments. Under this scheme what are the amount I am making it will get doubled at the end. When compared with other banks BOB is the best bank to hold an F D account.
Rate of interest on fixed deposit is much higher in Bank of Baroda than other nationalized banks. More than that it is compounding and it accumulates yearly once. Penalty charge is of 1%, suppose customers want to break the policy in middle of the availed tenure period.
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4
NAVDEEP NARULI
, chandigarh
Reviewed on Sep 12, 2015
Interest rate offered by Bank of Baroda for the fixed deposit plan is 10% and the minimum lock in period is for 3 months . There is no any activation charges and also no penalty in case we break the plan in between the tenure. The only thing is that we cant do any bargain in terms of the interest rate were as we can do with other banks. After the maturity the amount will be credited to the account automatically.
My experience with BANK OF BARODA is good.Customers service of this bank is excellent and is satisfactory.
The branch is keep updating us about maturity and the new plans through SMS and E-mails. currently i have 3 FDR with bank and i m very happy with the return.
Its the Best investment i have ever done.
My experience with bank of baroda is good.bank of baroda interest rate is average and it's some high compared to other some bank. Customers service of this bank is excellent and is satisfactory as well as charges for this is high. My experience is good with thos bank
In bank of Baroda i have an fixed deposit plan. Through which i am getting 9.75 % interest rate for my deposit amount.I renew the tenure of the FD every year. In case if we plan to take the money in between the we will be charged the penalty. The customer service is good in the particular branch which i used to visit.
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18
HARDIK SORATHIYA
, mumbai
Reviewed on Jun 16, 2015
Fixed Deposit
