Vijaya Bank has now merged with Bank of Baroda and offers fixed deposit schemes with attractive interest rates and short-term to long-term tenures. There are no processing fees charged. Loan and overdraft facility is also available. Interest rates range from 2.90% p.a. to 5.30% p.a. for deposits up to Rs.2 crore. Senior citizens are offered an additional interest of 0.50% p.a.
The term deposits of Vijaya Bank have the following features:
Vijaya Bank offers Short Deposits, Long Deposits, and Capital Gain Account Scheme 1988 under the fixed deposit category.
Under Long Deposits, for a tenure ranging from 1 year to 10 years, the following schemes are available:
Fixed deposits held in Vijaya Bank offer many features to the customers like:
Any individual who is a resident of India can open an FD account with Vijaya Bank. Certain institutions are also allowed to invest in FD schemes with Vijaya Bank.
The interest rates offered by Vijaya Bank depend on the duration of the fixed deposit and can range from 2.90% per annum to 5.30% per annum. Apart from this they also provide special interest rates for senior citizens which is 0.50% above the prescribed rates.
The minimum amount that can be deposited in an FD with Vijaya Bank depends on the scheme the depositor opts for but the minimum is Rs.1,000.
There is no prescribed upper limit to how much can be deposited in an FD with Vijaya Bank.
The minimum period for which funds can be held in an FD with the bank is 7 days and the maximum is 10 years.
Yes, the bank does offer tax saver fixed deposits. Deposits made under this scheme are eligible for tax benefits under section 80C of the Income Tax Act.
Yes, interest earned on FDs held with the bank may incur tax deductions based on the prevailing IT rules. In case you are exempt from paying taxes, you can provide the appropriate supporting documents.
Yes, Vijaya Bank does offer loans against term deposits held with the bank. These loans can be provided in the form of overdrafts also.
Yes, the bank offers senior citizens an extra interest rate of 0.50% above the applicable rates.
Yes. The bank does offer credit cards against term deposits but the issuance of the card may depend on the type of term deposit you hold.
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