Baroda Tax Saving Term Deposit
Bank of Baroda offers the Baroda Tax Saving term Deposit that gives a tax benefit under Section 80C of the Income Tax Act in India. A deduction of up to Rs.1.5 lakh can be claimed for investing money in this type of Fixed Deposit (FD). BOB FD rates are revised and updated from time to time.
Features of BOB Tax Saver FD
Account Type | Term Deposit Account |
Deposit Amount |
|
Rate of Interest |
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Period | The minimum tenure of the deposit is five years and the maximum is ten years |
TDS |
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Loan against the scheme | Not Available |
Nomination facility | Available |
Premature |
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*Note: The interest rates of BOB Tax Saver Fixed Deposits are subject to change at the discretion of the bank. The rates mentioned here are valid as of 30 October 2023.
Eligibility Criteria to Open Baroda Tax Savings Term Deposit
Bank of Baroda has laid down certain criteria that customers are expected to meet if they want to qualify for the tax savings term deposit account. Following are the criteria that must be matched to take out a tax savings term deposit:
- All individuals and Hindu Undivided Families qualify for a tax savings fixed deposit account.
- The most suitable candidates for the product are income tax payers such as retired persons, middle- and high income groups and salaried individuals.
- The deposit into this account can either be made in an individual's name for themselves, or in the Karta's name of a Hindu Undivided Family or in joint name.
- If a joint account is opened, the same must bear the name of a maximum of two adults, or it can be registered jointly in the name of an adult and a minor.
- The present guidelines set by the government dictate that if it is a joint holding of deposit / joint account, income tax benefits can only be claimed by the first holder of the deposit.
- Corporates, clubs, trusts, firms, institutions, societies and companies cannot invest in this product.
FAQs on BOB Tax Saver FD
- What is the maximum tenure for this type of FD?
The maximum number of years is usually 10 years. If you want to extend the tenure, you will have to renew the deposit for 5 years or 10 years.
- What is the maximum limit for a tax saver deposit?
It is Rs.1.5 lakh.
- Can a Baroda tax saver deposit be opened online?
If you are an existing Bank of Baroda (BOB) customer and have an active internet banking account, you will be able to open the tax saver term deposit online by following a set of simple instructions.
- Can you close a tax saver deposit online?
All tax saver deposit can be opened online but when it comes to closing, these term deposits cannot be closed before a minimum period of 5 years is completed.
- Is nomination and joint account facility available?
Yes.
- Is it possible to increase the deposit amount after opening the FD?
No. Unfortunately, this will not be possible.
- What is the minimum deposit amount?
You can open a fixed deposit under this scheme by depositing only Rs.100 on a monthly basis.
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