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.
|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|
|Account Type||Term Deposit Account|
|Rate of Interest||
|Period||The minimum tenure of the deposit is five years and the maximum is ten years|
|Loan against the scheme||Not Available|
*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.
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:
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.
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.
No, you cannot take a loan against the deposits made under the Vijaya Bank Savings scheme.
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.
Yes, an account can be opened under a minor’s name 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.
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.
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