Bank of Baroda (BoB) 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. The bank recently revised interest rates with effect from January 1, 2018, for tax saver FDs.
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:
|Account Type||Term Deposit Account|
|Rate of Interest||
|Loan against the scheme||
1. 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.
2. 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.
3. 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.
4. Is nomination and joint account facility available?
5. What is the maximum limit for a tax saver deposit?
It is Rs.1.5 lakh.
6. Is it possible to increase the deposit amount after opening the FD?
No. Unfortunately, this will not be possible.
Useful Information on BOB Fixed Deposit