Baroda Fast Access Deposit Scheme
Bank of Baroda's Fast Access Deposit is a fixed deposit scheme that allows you to invest for a particular tenure and get assured returns on your savings. You can enjoy a host of benefits such as security, liquidity and higher returns on your investments. You can open a Baroda's Fast Access.
Deposit by investing a minimum of Rs. 10,000. Having a current account with Bank of Baroda is mandatory to open this deposit and avail the benefits.
Eligibility Criteria for Applying for Bank of Baroda Fast Access Deposit Scheme
- An individual should be able to invest Rs. 10,000 to open this deposit.
- He/she should have a current account with Bank of Baroda.
Features of Bank of Baroda Fast Access Deposit
Account Type | N/A |
Amount | Minimum: Rs. 10,000/-.Maximum: Succeeding deposits can be done in multiples of Rs. 1000. |
Rate of Interest | Minimum : 4.50%Maximum: 7.50%( Applicable for all Bank of Baroda term deposits) |
Period | Minimum: 7 days.Maximum: up to 10 years. |
TDS | TDS is applicable on the amount received as interest payment on your deposit. |
Loan against Bank of Baroda Fast Access Deposit Scheme | Yes. You can take loan against your Bank of Baroda Fast Access Deposit scheme. |
Nomination (if any) | Nomination facility is available |
Auto Renewals | N/A |
Bank of Baroda Fast Access Deposit Scheme Interest Rates
The Baroda Fast Access Deposit Scheme calculates interest at compounded rate on quarterly basis based on your age and the deposit tenure. The schemes offers an additional amount of 0.05% for senior citizens.
FAQs on Bank of Baroda Fast Access Deposit Scheme
- What are the document required for opening a Bank of Baroda Fast Access Deposit?
The following documents are required to open Bank of Baroda Fast Access Deposit scheme:
- A Passport size photograph.
- Residence proof.
- Is overdraft facility available under Baroda Fast Access Deposit Scheme?
Yes, the overdraft facility is available under Baroda Fast Access Deposit Scheme. You can get loan up to p 95% of the total deposited amount. This facility is applicable from the day one of opening the deposit.
- Do I need to submit any additional documents to avail the overdraft facility?
No. You don’t have to submit any additional documents to avail this facility.
- Does Bank of Baroda Fast Access Deposit Scheme offer additional benefits for senior citizens?
Yes, the Bank of Baroda Fast Access Deposit Scheme offers an additional amount of 0.50% interest for senior citizens.
- Is nomination facility is available under Bank of Baroda Fast Access Deposit Scheme?
Yes, nomination facility is available under Bank of Baroda Fast Access Deposit Scheme.
- If I want to open a Bank of Baroda Fast Access Deposit, what is the minimum amount I need to invest?
You need to invest a minimum of Rs.10, 000 for opening a Bank of Baroda Fast Access Deposit.
- Do I need to pay penalty fees, if I withdraw my investments in Bank of Baroda Fast Access Deposit?
Bank Baroda does not charge any penalty fees, if your deposit amount is Rs. 5 lakhs or above and you have kept this amount with the bank for a minimum period of 12 years.
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