Bank of Baroda Fixed Deposit

Bank of Baroda has today, become the second-largest public sector bank in India after the merger of Dena Bank and Vijaya Bank into its fold from April 2019. Bank of Baroda has the largest number of international branches among all Indian banks. With the merger of the three banks, the overall branch strength of Bank of Baroda has crossed 10,000. It thus has a presence in almost all the cities and towns in India. This extended reach enables the bank to deliver its products across the length and breadth of the country.

Why Bank of Baroda Fixed Deposits?

Bank of Baroda is one of the prime lending institutions in India, as it offers a variety of loans to meet the requirements of every sector. At the same time, the bank has deposit products to suit the needs of its extensive clientele. The merger with Vijaya Bank and Dena Bank has brought all the deposit products of the individual banks under the single umbrella of Bank of Baroda.

Bank of Baroda Fixed Deposits - Features and Benefits

  • Products to suit every requirement
  • Schemes to cater to every section of society
  • Competitive rates of interest
  • Flexible interest payouts available
  • Excellent products for the NRI category
  • Facility to open FD online through internet and mobile banking
  • Loans and Overdrafts available against FDs
  • Early withdrawals allowed subject to BOB rules
  • Premature withdrawals up to 5 Lakhs does not attract any penalty

Bank of Baroda Fixed Deposits - Rate of Interest

Domestic and NRO Term Deposits - Callable Deposits - With effect from 20.07.2019 (ROI in % per annum)

Tenure Below 2 Cr 2 Cr to 10 Cr More than 10 Cr up to 25 Cr More than 25 Cr up to 50 Cr More than 50 Cr up to 100 Cr Above 100 Cr

7 to 14 days

5.25

5.25

5.25

5.25

5.25

5.25

15 to 45 days

4.50

4.50

4.50

4.50

4.50

4.50

46 to 90 days

4.75

4.75

4.75

5.00

5.00

5.00

91 to 180 days

5.50

5.50

5.50

5.60

5.60

5.60

181 to 270 days

6.25

6.15

6.15

6.15

6.15

6.15

271 days to < 1 year

6.25

6.25

6.25

6.25

6.25

6.25

1 year

6.45

6.35

6.35

6.35

6.35

6.35

More than 1 year to 400 days

6.60

 

 

6.35

 

 

6.35

 

 

6.35

 

 

6.35

 

 

6.35

More than 400 days to 2 years

6.55

More than 2 years to 3 years

6.45

6.35

6.35

6.35

6.35

6.35

More than 3 years to 5 years

6.45

6.35

6.35

6.35

6.35

6.35

More than 5 years to 10 years

6.45

6.35

**

**

**

**

  • The Tax Saving Term Deposit rates are the same as mentioned above
  • The same rates apply for Capital Gains Accounts Scheme 1988
  • Senior citizens get an additional 0.50% on Fixed Deposits less than 2 Crores

Rate of interest on Fixed Deposits (Non-Callable) - with effect from 20.07.2019 (% per annum)

Tenure Below 2 Cr 2 Cr to 10 Cr More than 10 Cr up to 25 Cr More than 25 Cr up to 50 Cr More than 50 Cr up to 100 Cr Above 100 Cr

1 year

6.60

6.45

6.45

6.45

6.45

6.45

More than 1 year to 400 days

6.75

 

 

6.45

 

 

6.45

 

 

6.45

 

 

6.45

 

 

6.45

More than 400 days to 2 years

6.70

More than 2 years to 3 years

6.60

6.45

6.45

6.45

6.45

6.45

More than 3 years to 5 years

6.60

6.45

6.45

6.45

6.45

6.45

More than 5 years to 10 years

6.60

6.45

**

**

**

**

Foreign Currency Non-Resident (B) Deposit - with effect from 01.08.2019 (% per annum)

These rates will be effective up to 31.08.2019

Maturity period USD GBP EUR JPY CAD AUD

1 year to < 2 years

2.89

1.48

0.00

0.15

2.60

1.44

2 years to < 3 years

2.71

1.25

0.00

0.12

2.32

1.36

3 years to < 4 years

2.60

1.27

0.00

0.11

2.28

1.37

4 years to < 5 years

2.57

1.29

0.00

0.11

2.27

1.49

5 years

2.58

1.31

0.00

0.11

2.27

1.55

NRE/NRO Fixed Deposit - Non-Callable - with effect from 20.07.2019 (% per annum)

Deposit Tenures 15.01 Lakhs to < 2 Crores

1 year

6.60

More than 1 year to 400 days

6.75

More than 400 days to 2 years

6.70

Above 2 years to 3 years

6.60

More than 3 years to 5 years

6.60

Above 5 years to 10 years

6.60

NRE Term Deposits - Callable - with effect from 20.07.2019 (% per annum)

Deposit Tenure < 2 Cr 2 Cr to 10 Cr More than 10 Cr to 25 Cr More than 25 Cr to 50 Cr Above 50 Cr to 100 Cr Above 100 Cr

1 Year

6.45

6.35

6.35

6.35

6.35

6.35

More than 1 year to 400 days

6.60

6.35

6.35

6.35

**

**

Above 400 days to 2 years

6.55

**

**

Greater than 2 years to 3 years

6.45

6.35

6.35

6.35

**

**

More than 3 years to 5 years

6.45

6.35

**

**

**

**

More than 5 years to 10 years

6.45

6.35

**

**

**

**

Bank of Baroda Fixed Deposits - Types of Deposits

Bank of Baroda offers a fascinating range of short and long term deposits to suit the requirements of an extensive section of society. The recurring deposit products are useful to build up a corpus gradually.

Short Term Deposits

Eligibility

Individuals and non-individuals

Quantum

  • The minimum investment is 1,000 and in multiples of 100
  • There is no upper limit

Deposit tenure

  • The minimum deposit tenure is for seven days
  • The maximum period should not be more than 12 months

Interest payout

Compounded quarterly and payable half-yearly

Premature payment

Allowed

Auto-renewal

Available

Loans or Overdraft

Available up to 95% of the deposit amount

Benefits

  • Senior citizens get 0.50% additional interest up to 1 Crore
  • TDS as per rules
  • Bulk deposits accepted
  • Rate of interest for BOB Bulk deposits is different
Long Term Deposits

Eligibility

Same as Short term deposits

Features

Similar to short term deposits

Deposit tenure

12 to 120 months

Interest payout

  • Compounded Quarterly
  • Monthly payouts available
  • Half-yearly payouts
  • Payable on maturity

Taxation

TDS applicable

Senior citizens

Benefit of additional 0.50% on deposits above 10,000

Baroda Holiday Saving Recurring Deposits

Eligibility

  • Resident individuals
  • Minors above 10 years can open this deposit

Instalment frequency

Monthly

Quantum

The instalment will depend on the package chosen and the number of passengers

Deposit tenure

12 months

Payment

On maturity, the deposit with interest will be paid to Thomas Cook

Senior citizen

Benefit allowed

Premature closure

As per rules

Delayed payment

Penalty of 1 per 100 per month

Loans

No loan or overdraft

Benefits

  • Unique scheme in partnership with Thomas Cook
  • Cost of the package is divided by 13 of which the RD account will account for 12, and Thomas Cook will contribute towards the final instalment
Baroda Samriddhi Deposit

Eligibility

  • Individual, singly or jointly
  • Non-resident Indians
  • Non-individual entities
  • Minors above 14 years of age
  • Children below 14 years can deposit a maximum of 1 Lakh

Quantum of deposit

  • Callable deposits - The minimum deposit is 1,000 and further in multiples of 1,000.
  • Non-callable deposits - The minimum investment is 15.01 Lakhs and in multiples of 1,000.
  • The maximum amount of deposit is 99.99 Lakhs

Tenure

Fixed tenure of 444 days

Rate of interest

  • Callable deposits - 7%
  • Non-callable deposits - 7.15%

Premature withdrawal

  • Callable deposits - As per rules
  • Non-callable deposits - not allowed

Auto-renewal

Renewal for 12 months under regular FD scheme on maturity

Loans

Up to 95% of FD value for callable deposits and up to 90% for non-callable deposits.

Conditions

  • Senior citizens get 0.50% additional interest benefit
  • Nomination available
  • TDS as per norms
  • Bulk deposits at the discretion of the bank
Baroda Advantage Fixed Deposits - Non-Callable

Eligibility

  • Individuals singly or jointly
  • Minors above the age of 14
  • Non-individual entities

Quantum of deposit

The minimum permissible deposit amount is 15.01 Lakhs and further in multiples of 1,000. There is no maximum ceiling.

Tenure

The minimum period is 12 months with the maximum at 120 months

Interest payment

Compounded quarterly and paid half-yearly

Premature withdrawal

As per rules

Auto-renewal

  • Deposits below 1 Crore will be renewed for a minimum of 12 months as callable deposits.
  • Deposits above 1 Crore - Customer's discretion

Loans

Up to 85% of the balance in FD A/c

Benefits

  • Senior citizen benefit on deposits below 1 Crore
  • TDS as per rules
  • Nomination allowed
BOB Suvidha Fixed Deposit Scheme

Product

  • Combination of high returns and liquidity
  • Best of long-term and short-term plans

Eligibility

Resident Individual and non-individuals

Quantum of deposit

  • Minimum - 5,000 and multiples of 1,000
  • No maximum limit

Tenure

12 to 60 months

Interest payment

Quarterly compounding

Premature closure

As per norms

Auto-renewal

Allowed

Loans

Available up to 95% of FD value

Benefits

  • Flexible withdrawal limits
  • Withdraw a minimum of one unit with the balance continuing to earn interest at FD rates.
Regular Income Plan

Eligibility

All individuals and non-individual entities

Quantum of deposit

  • Minimum - 1,000 and multiples of 100
  • No maximum

Tenure

12 to 120 months

Interest payment

Quarterly

Premature payment

Allowed

Loans

Up to 95% of FD value

Auto-renewal

Available

Conditions

Minors more than 10 years of age can open this account subject to a ceiling of 1 Lakh.

Monthly Income Plan

Product

Fixed income every month

Eligibility

All individuals and non-individuals

Quantum

  • Minimum - 1,000 and multiples of 100
  • No maximum

Tenure

12 months to 120 months

Interest payment

Monthly at discounted rates

Premature payment

Allowed

Auto-renewal

Available

Loans

Available up to 95% of FD value

Conditions

Minors aged 10 and above can open this FD subject to a maximum investment of 1 Lakh.

Regular Income cum Recurring Deposit

Eligibility

All individuals and non-individual entities

Quantum

  • Minimum - 1,000 and subsequently in multiples of 100
  • Maximum - No upper ceiling

Tenure

12 months to 120 months

Interest payment

Compounder quarterly and paid half-yearly

Premature closure

Permitted

Auto-renewal

Minimum 12 months

Loans

Up to 95% of outstanding FD balance

TDS

As applicable

Term Deposits

Eligibility

All individuals and non-individuals

Quantum

  • Minimum - 1,000 and in multiples of 100
  • No upper limit

Tenure

12 to 120 months

Interest payment

Half-yearly

TDS

As applicable

Benefits

  • Senior citizen gets 0.50% additional interest regardless of the amount of investment.
  • Loans available up to 95% of the deposit amount

Premature payment

Permitted

Baroda Tax Savings Term Deposit

Eligibility

Individuals and HUF

Quantum

Minimum of 1,000 and in multiples of 100 with a maximum investment of 1.50 Lakhs.

Tenure

  • The minimum is a lock-in tenure of 60 months
  • The maximum tenure can extend up to 120 months

Interest payment

Quarterly compounding

Premature closure

Not permitted during the lock-in period

Auto-renewal

Available but not as a Tax Saving deposit

Loans

No available

Benefits

  • Tax savings under Sec 80C of IT Act
  • Senior citizens get the benefit of an additional 0.50% interest
  • TDS as applicable
Motor Accident Claims Annuity Deposit

Product

Annuity product

Acceptable

Awards issued by Court or Tribunal under Motor Accident Claims

Eligibility

  • Individuals including minors represented by guardians
  • No joint accounts

Quantum

Depends on court order but the minimum annuity should be 1,000 per month.

Duration

36 to 120 months

Loans

Not allowed

Premature payment

  • Only with the permission of the court
  • No penalty chargeable

Conditions

  • No issuance of FD receipt
  • Passbook delivered to the beneficiary
  • Senior citizen benefit available
  • Compulsory to open MACT Savings account to receive annuity
Recurring Deposit

Eligibility

All individuals and non-individual entities

Quantum of deposit

  • Rural/Semi-urban branch - Minimum 50 and in multiples of 50.
  • Urban/Metro branch - Minimum of 100 and in multiples of 100.

Tenure

6 months to a maximum tenure of 120 months

Frequency of instalment

Monthly

Interest payment

Compounded quarterly and payable at maturity

Premature closure

Allowed

Loans

Available up to 95% of the deposit amount

Maturity

One month after receipt of last instalment or Due date whichever falls later.

Penalty for delayed instalments

1 per 100 per month

Conditions

  • TDS as applicable
  • Senior citizen benefit available
  • Loans against this deposit are valid for 90 days only
Flexi Deposit Schemes

Product

Ideal for corporate entities

Target

High-value customers

Quantum of deposit

The minimum deposit is 5 Crores in multiples of 1 Crore

Flexibility

Allows deposits or withdrawals without any restriction

Tenure

Seven days to one year

Premature withdrawal

Permitted but the balance should not fall below 5 Crores

Notice period

One day notice for processing withdrawals

Capital Gain Account Scheme - 1988

Product

Two types of deposit schemes:

A - Savings account

B - Fixed Deposit account

Purpose

To avail the benefit of capital gains

Eligibility

Individuals and non-individuals

Condition

  • No joint accounts permissible
  • No benefits to senior citizens
  • Multiple nominations allowed
  • No auto-renewal

Quantum

The minimum amount is 1,000 and in multiples of 100

Tenure

12 to 120 months

Closure

Apply on Form G that should be duly approved by IT assessing officer

Non-Resident Indian Deposits

Foreign Currency Linked Rupee Deposit Scheme

Product

The dual advantage of NRE and FCNR Deposits

Eligibility

Non-Resident Indians

Minimum deposit

USD 10,000 or its equivalent

Source of funds

  • Foreign DD
  • Remittance from abroad
  • Foreign currency
  • Transfer from NRE/FCNR deposit

Tenure

12 months

Premature payment

Allowed but no interest is payable on deposits closed before 12 months

Foreign Currency Non-Resident (B) Term Deposit

Eligibility

Non-resident Indians

Currency

USD, GBP, EUR, JPY, AUD, and CAD

Source of funds

  • Transfer from existing NRE/FCNR account
  • Remittance from abroad
  • DD or TT
  • Foreign currency

Tenure

12 months to five years

Premature payment

Allowed but no interest payable if the period is less than 12 months

Repatriable

Principal and interest repatriable

Taxation

No TDS

NRO Fixed Deposit

Eligibility

Only NRIs are allowed to open this account

Product

Similar to that of resident Fixed Deposits

TDS

Rate of TDS is 30.90% where DTAA is not applicable

Repatriable

Principal and interest repatriable subject to RBI and FEMA guidelines

Interest payment

Quarterly

Resident Foreign Currency - for NRIs returning to India

Target

NRIs returning to India for settlement

Eligibility

NRIs alone

Currency

USD and GBP

Tenure

12 months and up to five years

Tax deduction

No TDS for RNOR category

Repatriable

Principal and interest repatriable on becoming NRI again

NRE Fixed Deposits

Eligibility

NRIs

Currency of deposit

Indian Rupees

Source of funds

  • Remittance from abroad
  • Transfer from NRE/FCNR
  • Foreign cheques/DD/Currency/TCs

Quantum

Similar to that of FD for resident Indians

Tenure

  • A minimum of 12 months
  • Maximum - 120 months

Taxation

No TDS on interest

Repatriable

Principal and interest repatriable

Rupee Linked Foreign Currency Deposit Scheme for NRIs

Eligibility

NRIs

Tenure

12 months fixed tenure

Rate of interest

As applicable to FCNR deposit

Premature payment

Allowed but no interest is payable

Quantum of deposit

The minimum investment is USD 10,000 or its equivalent

Currency of deposit

Same as that of FCNR

Source of funds

Fresh remittance or transfer from existing NRE/FCNR account

Baroda Advantage Fixed Deposits - Non Callable Deposits

Eligibility

NRI or PIO

Joint accounts

Allowed

Quantum of deposit

  • The minimum investment is 15.01 Lakhs in increments of 1,000
  • Maximum amount - Below 2 Crores

Tenure

12 to 120 months

Type of deposit

Monthly, Quarterly, or Reinvestment type

Premature withdrawal

Allowed after the lock-in period

Taxation

  • NRE Term deposits are exempt from tax
  • NRO term deposit interest is taxable as per IT rules

Documents Required for Opening Bank of Baroda Fixed Deposits

Documents Anyone of the following

KYC ID Proof

  • Passport
  • Driving Licence
  • Voter ID card
  • PAN Card
  • Government ID Card
  • Letter from recognised public authority verifying the photo identity of the customer
  • Confirmation letter from employer
  • Any other photo identification acceptable to the bank

KYC Address proof

  • Passport
  • Driving Licence
  • Voter ID Card
  • Bank account statement
  • Latest utility bill
  • Letter from employer
  • Any other documentary evidence acceptable to the bank
  • In the case of a married woman, the address proof of spouse would suffice

Additional documents to be obtained from non-individuals

Constitution Documents

Sole Proprietorship

Sole Proprietorship letter

POA if any

Partnership firm

Letter of partnership

Registration certificate

POA if any

HUF

HUF letter signed by all the male adult co-parceners

Karta declaration

Photo identification of Karta

Limited Company

Certificate of Incorporation

Certificate of commencement of business

Memorandum and Articles of Association

Board Resolution

List of directors

POA, if any

Cooperative societies, associations, clubs

Certificate of registration

Copy of Bye-laws

Resolution of Management committee

List of members of Management committee

Charitable or Public trusts

Certificate of Registration, if available

Trust deed copy

POA, if any

Resolution copy

Names and addresses of trustees

Certificate from Charity Commissioner in case of registered trusts

Procedure to Open Bank of Baroda Fixed Deposits

  • Bank of Baroda offers the facility to open FD online through its internet banking module
  • Approach the nearest branch of Bank of Baroda to open a Fixed Deposit

How do you open Bank of Baroda Fixed Deposit online?

It is possible to open FD online through internet banking facility offered by Bank of Baroda. Customers need logging into the internet banking website of the bank and follow the simple instructions of opening FD online.  

Maturity Value Calculator

The maturity value calculator is not available on the official website of Bank of Baroda. However, customers can use alternate calculators available on the internet to determine the maturity value of their Fixed Deposits with Bank of Baroda.

Tax Deduction at Source on Fixed Deposit Interest

  • Interest income is taxable in India
  • Bank of Baroda deducts TDS on interest income if it exceeds 40,000 in the entire financial year. Senior citizens get a concession of 10,000.
  • The TDS rate is 10%
  • There is no such concession available to NRO account holders. The TDS rate on interest earned from NRO FDs is 30.90%.
  • Interest on NRE and FCNR accounts are free from tax

Premature Withdrawal - Bank of Baroda Fixed Deposits

  • No early withdrawal facility in Tax Saving Deposit Scheme before completion of the lock-in 5-year period.
  • Premature payment is permissible only in the case of death of the customer
  • No penalty for early withdrawal on deposits up to 5 Lakhs if it remained with the bank for at least 12 months.
  • On premature withdrawals more than 5 Lakhs and less than 1 Crore, a penalty of 1% is applicable.
  • For premature withdrawal of 1 Crore and above, the following rules apply:
  • The requirement of 31 days prior notice
  • The penalty of 1.50% on the applicable rate for the period the deposit remained with the Bank

Bank of Baroda Fixed Deposits - Frequently Asked Questions

What is the importance of nomination in an FD account?

Nomination in an FD account ensures the smooth transition of funds from the account of the deceased depositor to the nominee's account. Otherwise, the claimants have to complete various documentation formalities to access the money.

Does nomination give the right of ownership to the nominee?

No, the nominee does not have the right of ownership of the money belonging to the deceased account holder. He/she holds the money in trust for the legal heirs. The nomination simplifies the transfer of funds to the legal heirs.

What is the advantage of nomination for a bank?

The bank is discharged by delivering the funds lying in the account of the deceased account holder to the nominee. However, it has to exercise due diligence in identifying the nominee correctly.

Can a nominee seek early closure of the FD amount?

Yes, the nominee can seek pre-closure of the FD. This rule applies to tax-saving deposit schemes, as well.

Can a minor be a nominee?

Yes, a minor can be a nominee. However, the depositor should identify another person (a major) to receive the amount on behalf of the minor nominee.

Should the bank verify the details of the nominee at the time of opening the account?

No, the bank doesn't need to do so. However, it should exercise care when the nominee exercises the claim. The bank has to follow the procedure laid down in law.

How many nominees can be there for a single account?

As per the law, there can be only one nominee for one account. However, FDs opened under the Capital Gains Tax Scheme can have multiple nominees.

Who can be a nominee?

It is advisable to name a responsible family member as the nominee in your FD account.

Is it compulsory for an FD account to have a nominee at the time of opening the account?

No, it is not compulsory to name the nominee at the time of opening the account. A depositor can name the nominee any time during the tenure of the deposit.

What will happen in case of a joint FD with the nomination, if one of the account holders expires?

The bank obtains operating instructions at the time of opening the account. In the case of 'Either/Survivor' and 'Former/Survivor,' the bank can allow the surviving account holder to access the funds. 

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