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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	6.35	6.35	6.35	6.35	6.35
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	6.45	6.45	6.45	6.45	6.45
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	6.35	6.35	6.35	**	**
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.�

Bank of Baroda Fixed Deposit

Why Bank of Baroda Fixed Deposits?

Bank of Baroda Fixed Deposits - Features and Benefits

Bank of Baroda Fixed Deposits - Rate of Interest

Bank of Baroda Fixed Deposits - Types of Deposits

Documents Required for Opening Bank of Baroda Fixed Deposits

Procedure to Open Bank of Baroda Fixed Deposits

How do you open Bank of Baroda Fixed Deposit online?

Maturity Value Calculator

Tax Deduction at Source on Fixed Deposit Interest

Premature Withdrawal - Bank of Baroda Fixed Deposits

Bank of Baroda Fixed Deposits - Frequently Asked Questions

What is the importance of nomination in an FD account?

Does nomination give the right of ownership to the nominee?

What is the advantage of nomination for a bank?

Can a nominee seek early closure of the FD amount?

Can a minor be a nominee?

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

How many nominees can be there for a single account?

Who can be a nominee?

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

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

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