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 |
|
Deposit tenure |
|
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 |
|
Long Term Deposits | |
Eligibility |
Same as Short term deposits |
Features |
Similar to short term deposits |
Deposit tenure |
12 to 120 months |
Interest payout |
|
Taxation |
TDS applicable |
Senior citizens |
Benefit of additional 0.50% on deposits above 10,000 |
Baroda Holiday Saving Recurring Deposits | |
Eligibility |
|
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 |
|
Baroda Samriddhi Deposit | |
Eligibility |
|
Quantum of deposit |
|
Tenure |
Fixed tenure of 444 days |
Rate of interest |
|
Premature withdrawal |
|
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 |
|
Baroda Advantage Fixed Deposits - Non-Callable | |
Eligibility |
|
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 |
|
Loans |
Up to 85% of the balance in FD A/c |
Benefits |
|
BOB Suvidha Fixed Deposit Scheme | |
Product |
|
Eligibility |
Resident Individual and non-individuals |
Quantum of deposit |
|
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 |
|
Regular Income Plan | |
Eligibility |
All individuals and non-individual entities |
Quantum of deposit |
|
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 |
|
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 |
|
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 |
|
Tenure |
12 to 120 months |
Interest payment |
Half-yearly |
TDS |
As applicable |
Benefits |
|
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 |
|
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 |
|
Motor Accident Claims Annuity Deposit | |
Product |
Annuity product |
Acceptable |
Awards issued by Court or Tribunal under Motor Accident Claims |
Eligibility |
|
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 |
|
Conditions |
|
Recurring Deposit | |
Eligibility |
All individuals and non-individual entities |
Quantum of deposit |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Quantum |
Similar to that of FD for resident Indians |
Tenure |
|
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 |
|
Tenure |
12 to 120 months |
Type of deposit |
Monthly, Quarterly, or Reinvestment type |
Premature withdrawal |
Allowed after the lock-in period |
Taxation |
|
Documents Required for Opening Bank of Baroda Fixed Deposits
Documents | Anyone of the following |
KYC ID Proof |
|
KYC Address proof |
|
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.