• Vijaya Bank Tax Savings Scheme

    Vijaya Bank has merged since with Bank of Baroda since 2019. 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.

    Vijaya Bank Tax Savings Term Deposit

    Tenors Deposit [Per Annum] less than Rs 2 Cr. Sr. Citizen
    For 5 years 5.25 5.75
    Above 5 years to up to 10 years 5.25 6.25

    Features of Vijaya Bank Tax Saver FD

    Account Type Term Deposit Account
    Deposit Amount
    • The minimum amount that can be deposited into this account is Rs.100 and in multiples thereof.
    • Customers who wish to avail tax benefits can deposit a maximum of Rs.1,50,000 per financial year.
    Rate of Interest
    • For 5 Years
    • General Public - 5.25% p.a
    • Senior Citizen - 5.75% p.a
    • Above 5 years to up to 10 years
    • General Public - 5.25% p.a
    • Senior Citizen - 6.25% p.a
    • Interest is calculated on quarterly rest basis. Interest on the deposit is liable to tax / TDS.
    Period The minimum tenure of the deposit is five years and the maximum is ten years
    TDS
    • Tax benefits provided under section 80C of Income Tax Act, 1961, subject to a maximum deposit of Rs.1,50,000.
    • TDS will be deducted if interest income is more than Rs.10,000 in a financial year
    • For senior citizens, TDS will be applicable if the interest earned is more than Rs.50,000 in a given financial year
    Loan against the scheme Not Available
    Nomination facility Available
    Premature
    • Customers cannot withdraw any deposits made under the scheme until five years of the term have lapsed.
    • The only exception for premature withdrawals is the death of the depositor.

    *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 20 July 2021.

    Eligibility Criteria to Open Vijaya Bank 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 term 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 Vijaya Bank Tax Savings Scheme

    1. Are there any special benefits available for senior citizens under the Vijaya Bank Tax Savings scheme?

      Yes, senior citizens will get an additional interest rate of 0.50% more than the general public under the Vijaya Bank Tax Savings scheme. This option is available for investments of less than Rs.1 crore.

    2. Are there any tax benefits provided under the Vijaya Bank Tax Savings scheme?

      Yes, tax benefit is provided under the Vijaya Bank Tax Savings scheme as per Section 80C of the Income Tax Act,1961. Tax benefits are eligible on a maximum deposit of Rs.1,50,000.

    3. Can I take a loan against the deposit under the Vijaya Bank Tax Savings scheme?

      No, you cannot take a loan against the deposits made under the Vijaya Bank Savings scheme.

    4. Can I transfer my account under the Vijaya Bank Tax Savings Scheme from one branch to another?

      Yes, you can transfer your account under the Vijaya Bank Tax Savings scheme from one branch to another. This can be accomplished by sending a written request to the bank where the customer's tax-saving FD is held.

    5. Can an account be opened under a minor’s name under the Vijaya Bank Tax Savings Scheme?

      Yes, an account can be opened under a minor’s name under the Vijaya Bank Tax Savings scheme.

    6. Can I prematurely close my account under the Vijaya Bank Tax Savings scheme?

      Yes, you can prematurely close your account under the Vijaya Bank Tax Savings scheme. The bank will not charge any penalty for premature withdrawal of deposits up to Rs.15 lakhs if it has remained with the bank for at least 12 months.

    7. What are the conditions to prematurely withdraw a deposit of Rs.1 crore under the Vijaya Bank Tax Savings scheme?

      To prematurely withdraw a deposit of Rs.1 crore, the customer should give written notice to the bank 31 days before the withdrawal. The bank will also charge a penalty of 1.50% on the applicable rate of interest for the time the deposit was held at the bank.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Vijaya Bank Tax Savings Scheme Reviews

    • Vijaya Bank
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a fixed deposit with the Vijaya Bank. I deposited 2 Lacs, the interest rate is 7.6 %, the tenure of the FD is 2 years. Comparatively the interest ate is low. I never faced any issues with their services.
      Was this review helpful? 12
      , ahmedabad
      Reviewed on Jul 28, 2018
    • Vijaya Bank
      Vijaya Bank
      "Happy service"
      0.5 4.0/5 "Great!"
      My fixed deposit account was maintained with Vijaya Bank. Its a one time investment of 3L. The branch is near to my place and they send the statements to my email address. They have guided me on online facilities, they were really helpful to me.
      Was this review helpful? 4
      , chennai
      Reviewed on Jan 02, 2018
    • Vijaya Bank
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with the Vijaya bank and the interest rate is around 6.5% and the customer service is good one , also they are nearby my locality and also the access is really friendly. Online services are good one with the Vijaya bank.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 09, 2017
    • Vijaya Bank
      "Better returns"
      0.5 4.0/5 "Great!"
      I have a Fixed deposit with Vijaya Bank. Their interest rates are good since its a nationalised bank. They gave me an interest rate of 9% before tax deductions and it is a one year scheme. Its highly recommendable being secure and yielding good returns.
      Was this review helpful? 4
      , secunderabad
      Reviewed on Mar 17, 2016
    • Vijaya Bank
      "Good Rate "
      0.5 3.0/5 "Satisfactory"
      Interest rate offer by viajay bank for the fixed deposit is 8.86% for the minimum lock in period of 12 months. In case the tenure is increased the interest rate will also increase. There is no activation charges. In case we break the tenure in between then interest will not be calculated. . Online facility is available.
      Was this review helpful? 14
      , mumbai
      Reviewed on Dec 31, 2015
    • Vijaya Bank
      "It is good"
      0.5 4.0/5 "Great!"
      Vijaya bank is the best one to have the fixed deposit because of the service like they used to listen customers properly. Rate of interest got reduced up to 8% as around, which is low. The minimum lock in period is around 24 months of time. Rather than rate of interest they are good.
      Was this review helpful? 8
      , lucknow
      Reviewed on Nov 04, 2015
    • Vijaya Bank
      "Good"
      0.5 4.0/5 "Great!"
      I have a Fixed deposit with Vijaya Bank and the rate of interest has been excellent. The services are always good. Prompt response I get in regards to this account as I have this account with them for the last 31 years.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 16, 2015
    • Vijaya Bank
      "Overall friendly services"
      0.5 4.0/5 "Great!"
      Vijaya bank services is good in terms of fixed deposit. I did approach this bank for my flexibility as the branch is nearby. For a year, the interest rate is 9.50% which is a compound interest rate. Through branch, i do the deposit and the returns are quite good. Overall it is a friendly services.
      Was this review helpful? 6
      , hubli
      Reviewed on Sep 06, 2014
    • Vijaya Bank
      "Fully Satisfied with Service"
      0.5 4.0/5 "Great!"
      Vijaya Bank Fixed Deposit i am using from past 10 years, best part is interest rate is good, i got my fixed deposit slip on time, i am having break up facility, customer service was very polite, they have good facilities, everything is fine with in 2 days i opened my fixed deposit account, there was no extra charges for opening fixed deposit.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 05, 2014
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.