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Bank of Baroda FD Interest Rates

Bank of Baroda FD Rates 2020

Last Updated 12th Sep 2020

Bank of Baroda is one of most reliable FD providers amongst a number of FD providers in the market. Bank of Baroda FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Bank of Baroda FD is 5.30%. Latest Bank of Baroda FD interest rate for senior citizens, on the other hand ranges between 3.40% to 5.80%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.90% 3.40%
15 days to 45 days 2.90% 3.40%
46 days to 90 days 3.90% 4.40%
91 days to 180 days 3.90% 4.40%
181 days to 270 days 4.40% 4.90%

Bank of Baroda Fixed Deposit (FD)

Bank of Baroda FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Bank of Baroda FD are:

  • Deposit Amount: Bank of Baroda FD can be opened with an amount as a low ₹ 10,000 to up to .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.90% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate: 3.40% to 5.80% p.a.
  • Highest Interest Rate: As per today’s rate, Bank of Baroda’s highest interest rate on FD is 5.30% offered for a tenure of 10 years.
  • Safety of Bank of Baroda Deposits: Bank of Baroda deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Bank of Baroda provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Short Deposit, Baroda Double Dhamaka Deposit Scheme, Baroda Advantage fixed deposits Non Callable, Fast Access Deposit, BOB Suvidha Fixed Deposit Scheme, Regular Income Plan, Monthly Income Plan, Bank of Baroda Tax Savings Term Deposit, Money Multiplier Deposit

Bank of Baroda Best FD Plan

We need to compare tenure wise latest FD rate of Bank of Baroda to choose the tenure at which it provides the highest interest rate. Bank of Baroda FD rates are best for the deposits with a tenure of 3 years 1 day to 10 years, wherein the current FD rate of interest is 5.30% p.a

If one is looking to invest in short term deposits with Bank of Baroda, FD interest rates range from 2.90% p.a. to 4.40% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Bank of Baroda FD rates for senior citizens range from 3.40% to 4.90% p.a.

If one is looking to invest in long term deposits, Bank of Baroda FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.30%. Senior citizens are offered special rates from bank with highest deposit rates of 5.80% p.a. on long term FDs.

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:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Bank of Baroda

  • Proof of identity and residence such as Aadhar card, PAN card or driving license.
  • Passport size photographs

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. Bank of Baroda offers Loan against FD at the rate of 3.9% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 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 ₹ 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 ₹ 95,000 availed for 1 month only. The amount he repays after 1 month is ₹ 95,785. So, the interest charged on the loan taken is ₹ 785.

FD Account Opening Process at Bank of Baroda

To open a Fixed Deposit account in Bank of Baroda, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Bank of Baroda FD after reading the terms and conditions.

Nomination Facility on Bank of Baroda FD

Bank of Baroda offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Bank of Baroda fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Bank of Baroda Fixed Deposit Scheme

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
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

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

FAQs

What is the highest FD rate for Bank of Baroda?

You can earn a maximum interest of 5.30% on Bank of Baroda fixed deposit.

Are there any special rates for senior citizens FD 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 2.90% to 5.30%. Compared to this, the rate of senior citizens FD are in the range of 3.40% to 5.80%.

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 ₹ 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.

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 Proof of identity and residence such as Aadhar card, PAN card or driving license., Passport size photographs.

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

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

Current interest for FD in Bank of Baroda ranges between 2.90% - 5.30%.

Can a customer open a FD account online in Bank of Baroda?

Yes, you can submit your application for opening a FD account on the website of Bank of Baroda. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Bank of Baroda?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.30%. For Bank of Baroda FD the number of years in which your FD will get doubled is; 72/5.30 = 14


Bank of Baroda News - Sep 2020
  • 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.
  • 2020-02-13 : Bank of Baroda revises its FD rates for this month
    For deposits below Rs. 2 Crore, Bank of Baroda has revised its interest rates. The rates are applicable with effect from Feb 10, 2020. As per the revised rates, the rate of interest for a tenure of 7 days to 14 days is 4.20, for 15-45 days, the rate is 4.50%; the rate for 46 days to 180 days stands at 5.00% and for 181 days to less than a year, the revised rate is 5.50%. The revised rates for a longer tenure, above 2 years to 3 years is 6.00%. For tenure above 3 years and up to 5 years, the interest rate is 6.25%, and for above 5 years to 10 years, the rate of interest is 6.00%.
  • 2020-02-11 : Bank of Baroda revised FD rates.
    Bank of Baroda revised its FD rates. Fixed deposit rates for 7 to 45 days is 4.50% and 46 days to less than one year is 5%. Fixed deposit rates for long tenors of one year to 3 years is 6%, for above 3 years to 5 years it is 6.25% and above 5 years to 10 years is 6%. The revised rates are in effect from 10 February 2020.
  • 2020-01-13 : Bank of Baroda revised Fixed deposit interest rate
    With effect from 10 January 2020. Bank of Baroda revised its Fixed deposit interest rate. FD rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 4.75% and for 91 to 180 days it is 5.50%. Further, Fixed deposit rate for 181 days for one year is 5.90% and one year to ten years it is 6.25%.
  • 2019-11-04 : Bank of Baroda revised FD rates
    With effect from November 1, 2019, Bank of Baroda revised its interest charged on fixed deposits. The revised charges on a period of 7-45 days is 4.50%; for 46-90 days, the rate is 4.75%, the rate for 91-180 days is 5.50%, it is 5.95% for 181 days to less than a year, and for one year the rate is 6.40%. In addition to that, for more than one year to up to three years, the revised FD rate is 6.40%, and from 3 to 10 years the rate is 6.25%.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More