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Bank of Baroda FD - Scheme, Eligibility, Documents

Bank of Baroda Fixed Deposit Highlights

Last Updated 16th Jul 2021

Bank of Baroda fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.80% to 5.25%
Minimum Tenure 12 months
Maximum Tenure 10 years
Deposit Amount Rs. 10,000
Maximum Deposit
    Earn upto 6.95% on FD APPLY NOW

    Bank of Baroda FD

    Bank of Baroda is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 12 months to 10 years. Apart from that, Bank of Baroda FD offers regular returns on fixed deposits ranging between 2.80% to 5.25%. For senior citizens, the interest rates on fixed deposits range between 3.30% to 5.75%. In addition to that, Bank of Baroda fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Bank of Baroda Fixed Deposit Schemes

    Different type of Bank of Baroda term deposit products offered to the investors are listed as follows:

    Short Deposit

    Description:

    • A fixed deposit scheme to earn high return on your savings for a short period of less than 1 year.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Deposit is accepted as a security by government department
    • Accepted as a margin for non fund based facilities
    • Interest rate on the borrowed amount is 1.5 per cent over the deposit

    Eligibility:

    • Resident Indians and hindu undivided family
    Baroda Double Dhamaka Deposit Scheme

    Description:

    • This scheme allows you to earn double returns on your original investment made into your fixed deposit.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Interest on deposit is paid only at the time of the maturity
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961

    Eligibility:

    • General public and senior citizens
    Baroda Advantage fixed deposits Non Callable

    Description:

    • It is a type of domestic term deposit product where the depositor can enjoy differential interest rates over normal?fixed deposit rates for a deposit amount of Rs. 15.01 lakh and a maximum amount of Rs. 10 crore for foregoing premature or partial withdrawal option.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Availability of auto renewal facility on the deposit
    • Deposit is accepted as a security by government department

    Eligibility:

    • Resident Indian and hindu undivided family
    Fast Access Deposit

    Description:

    • A deposit scheme that allows you to invest for a particular tenure and get assured returns on your savings. The scheme comes with range of benefits such as security, liquidity and higher returns on your investments.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • No requirement of additional documentation for availing overdraft facility on your deposit
    • Opening of a current account is mandatory to avail benefits under this scheme

    Eligibility:

    • Resident Indians and hindu undivided family
    BOB Suvidha Fixed Deposit Scheme

    Description:

    • This deposit scheme offers a combination of competitive interest along with easy liquidity. A convenient way of utilizing your deposits giving you the best of both, long term as well as short term deposit plans.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Extra interest of 0.50 per cent payable to the senior citizens
    • Unlike a fixed deposit, this scheme offers flexible fixed deposit option with no lock in period
    • Offers dual advantage of attractive rate of interest as well as flexible withdrawal limit

    Eligibility:

    • Resident Indians and hindu undivided family
    Regular Income Plan

    Description:

    • A ready made plan for those individuals who regularly need money to supplement their income each month. Interest earned on your deposit becomes another source of income.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Interest on your deposit will be credited on a quarterly basis
    • Interest payments are subject to TDS
    • Extra interest of 0.50 per cent payable to the senior citizens

    Eligibility:

    • Resident Indians and hindu undivided family
    Monthly Income Plan

    Description:

    • A tailor made deposit plan which promises regular income either monthly, quarterly or on half yearly basis.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Interest will be paid on monthly basis at discounted rate
    • Interest payments are subject to TDS
    • Extra interest of 0.50 per cent payable to the senior citizens

    Eligibility:

    • Resident Indians and hindu undivided family
    Bank of Baroda Tax Savings Term Deposit

    Description:

    • The scheme has been designed to help the resident individuals and HUFs to save their money on tax and derive effective yields and returns on their fixed deposit.
    • Interest will be compounded on a quarterly basis
    • Nomination facility available
    • Interest on the deposit is liable to tax /TDS
    • Availability of auto renewal facility

    Eligibility:

    • Resident Indians and hindu undivided family
    Money Multiplier Deposit

    Description:

    • Money multiplier deposit allows the depositor to link fixed deposit account to their savings account giving you the higher rate of interest.
    • Loan facility upto 95 per cent is available on the deposit
    • Nomination facility available
    • Interest on deposit is paid only at the time of the maturity
    • Tax benefits on deposit under section 80C of Income Tax Act, 1961

    Eligibility:

    • Resident Indians and hindu undivided family

    Benefits of Bank of Baroda FD

    Bank of Baroda fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Bank of Baroda FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Bank of Baroda offers FD rates up to 5.25%. The interest rates offered on Bank of Baroda FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Bank of Baroda term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Bank of Baroda fixed deposit allows one to borrow a secured loan against Bank of Baroda FD. Benefits of Loan Against FD of Bank of Baroda are as follow:
      • Loan against FD of Bank of Baroda offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Bank of Barodas flexible repayment options.
      • The processing fee of Loan Against FD in the Bank of Baroda is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Bank of Baroda FD offers the investors the flexibility to choose the investment tenure as per their convenience. Bank of Baroda offers fixed deposit for a minimum tenure of 12 months up to a maximum tenure of 10 years. Bank of Baroda offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Bank of Baroda fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 10,000. Apart from that, one can invest in the Bank of Baroda FD up to a maximum of .

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Bank of Baroda means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Bank of Baroda will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Bank of Baroda fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Bank of Baroda FD

    Bank of Baroda FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Bank of Baroda FD

    Bank of Baroda fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Bank of Baroda FD

    Credit Cards againstBank of Baroda FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Bank of Baroda FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Bank of Baroda?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Bank of Baroda offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Bank of Baroda?

    Bank of Baroda Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 10,000.

    What is the minimum amount for a fixed deposit in Bank of Baroda?

    The minimum amount required for a fixed deposit investment in Bank of Baroda fixed deposit is Rs. 10,000.

    What is the current interest rate on FD in Bank of Baroda?

    Currently, Bank of Baroda offers an interest rate ranging between 2.80% to 5.25% on its fixed deposits.

    What is the penalty for early withdrawal in Bank of Baroda?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Bank of Baroda?

    Bank of Baroda fixed deposit can be opened with a minimum tenure of 12 months. The tenure of the Bank of Baroda fixed deposits ranges from 12 months to 10 years.

    Can I deposit additional amount in my Bank of Baroda FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Bank of Baroda?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Bank of Baroda?

    The documents required to open an FD account in Bank of Baroda includes KYC documents and Passport size photos.

    In how many years FD doubled in the Bank of Baroda?

    The time Bank of Baroda fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Bank of Baroda FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Bank of Baroda fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Bank of Baroda schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Bank of Baroda safe for FD?

    Yes, the Bank of Baroda is one of the safest avenues for any investments. Bank of Baroda is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Bank of Baroda?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Bank of Baroda are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Bank of Baroda News - Jul 2021
    • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
      Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
    • 2021-06-30 : Bank of Baroda has extended senior citizens special FD scheme till September 2021
      Amid the Covid pandemic last year, SBI, HDFC, ICICI and Bank of Baroda had introduced special FD schemes for senior citizens for the tenure of 5 years and more. These special fixed deposit (FD) schemes for senior citizens have been extended till 30 September 2021.
    • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
      Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
    • 2020-10-07 : Bank of Baroda changed its FD rates
      With effect from 3 October 2020, Bank of Baroda has revised its interest rates. As per the revised rates, the rate of interest for a tenure of 7 days to 45 days, the rate is 2.90%; the rate for 46 days to 180 days stands at 3.90% and for 181 days to less than a year, the revised rate is 4.40%. The revised rates for a longer tenure, above 1 year one day to 3 years is 5.10%, and for above 5 years to 10 years, the rate of interest is 5.30%.
    • 2020-03-18 : New FD rate for Bank of Baroda
      Bank of Baroda revised its FD rates. The FD rate for 7 to 14 days is 4.25%, it is 4.50% for 15 to 45 days and it stands at 5% for 46 to 180 days. The Fixed deposit rate for 181 to less than one year is 5.50%, it is 5.90% for one year and for above one year to 400 days it is 6%. Further, for the above two years to three years is 5.90%, for above three years to 5 years is 6.15% and above five years to 10 years it is 5.90%. The revised rates have been in effect from 17 March 2020.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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