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Bank of Baroda Interest Rates on FD, Oct 2017

Last Updated 23rd Oct 2017

Fixed Deposit Interest Rate of Bank of Baroda

Tenure General Rates Senior Citizen Rates
7 days to 45 days 4.50% 4.50%
46 days to 90 days 5.75% 6.25%
91 days to 180 days 6.25% 6.75%
181 days to 270 days 6.30% 6.80%
271 days to 364 days 6.40% 7.10%
1 year 6.60% 7.10%
1 year 1 day to 1 year 1 month 5 days 6.65% 7.15%
1 year 1 month 6 days to 10 years 6.50% 7.00%

The above rates are applicable for deposits of below Rs. 1 crore.

Bank of Baroda FD Maturity Calculator
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Bank of Baroda FD Interest Rates

Bank of Baroda offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of Bank of Baroda have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Bank of Baroda are:

  • 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

Bank of Baroda Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes Bank of Baroda

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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • Resident Indians and hindu undivided family

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

Who is eligible?

  • 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

Who is eligible?

  • Resident Indians and hindu undivided family

Bank of Baroda FD Interest Calculator

Bank of Baroda fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. FD maturity amount that you will get depends on the following four parameters

  • Deposit amount – This is the initial amount deposited by a customer in Bank of Baroda. Bank may offer higher interest rate on larger deposits. Bank of Baroda offers deposit amount in the range of Rs. 10,000 to .
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Bank of Baroda offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits held for a shorter period. Highest interest rate offered by Bank of Baroda is 6.65% for deposit amount below Rs. 1 crore and the lowest interest rate offered by Bank of Baroda is 4.50%
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 4.50% for a 7 Days FD and a rate of 4.50% for a 10 Years Years FD.
  • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 4.50%. In this case, the maturity amount at the end of 7 Days will be Rs. 100,086 and includes the principal and total interest earned on the principal amount during the period at Rs. 86. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

Bank of Baroda calculates interest earned on its fixed deposits on quarterly basis.

FD in Bank of Baroda – Premature Withdrawal

Premature closure of Term Deposit with Bank of Baroda is along with the lower interest rate of 1% for deposits above Rs. 5 lakh than the contracted rate. The penal provisions for premature closure on Bank of Baroda FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Bank of Baroda

Bank of Baroda offers loan up to 95% against its own deposit. Note that Bank of Baroda will not give you loan against FD of any other bank.

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in Bank of Baroda. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 95% against his FD at 10% interest rate. Now, if the borrower draws Rs. 95,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 95,000 availed for 1 month only. The amount he repays after 1 month is Rs. 95,785. So, the interest charged on the loan taken is Rs. 785.

Documents required to open Fixed Deposit Account in Bank of Baroda

    FAQs on Bank of Baroda Fixed Deposit

    What is the highest interest earned on Bank of Baroda fixed deposit?

    You can earn a maximum interest of 6.65% on Bank of Baroda fixed deposit.

    Are there any extra benefits for senior citizens on fixed deposit of Bank of Baroda?

    Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 4.50% to 6.65%. Compared to this, the rate of senior citizens FD are in the range of 4.50% to 7.15%.

    What is the tenure range for Bank of Baroda Fixed Deposit?

    The tenure ranges from 7 days to 10 years.

    Is there any minimum amount that I have to give for opening a Fixed Deposit with Bank of Baroda?

    The minimum deposit amount required to book an FD with Bank of Baroda is Rs. 10,000.

    Can I deposit additional amount in my 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.

    Is it possible to change the tenure of my existing fixed deposit account with Bank of Baroda?

    No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

    What are the implications of opening an FD bank account without having PAN?

    Following are the implications for the customers opening an FD account with Bank of Baroda without their PAN card

    • TDS will be deducted at the rate of 20% as against 10% under section 206AA
    • NO TDS credit from the Income Tax department
    • NO TDS certificate will be issued
    • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply
    Bank Of Baroda Fixed Deposit

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