Bank Of Baroda FD Rates

 

About Bank of Baroda FD

Bank of Baroda (BoB) was established in 1908 as a privately owned organization. Through a series of mergers and acquisitions, it expanded its operations before being nationalized in 1969. As of September 30th, 2022, the Government of India holds 63.97% of the shares in BoB. The bank has its headquarters in Vadodara. As of March 2022, the Bank of Baroda has 8,168 branch offices across India, 4 overseas offices in 17 countries and 9,845 ATMs. The total deposits as of March 2022 stood at INR 10,45,938.56 crores. Bank of Baroda’s Fixed Deposits has a AAA Credit Rating.

Bank of Baroda FD

3% - 7.25%

FD Rate

3.5% - 7.75%

FD Rate for Seniors

₹ 1000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

AAA

CRISIL Rating

Bank of Baroda Domestic Fixed Deposit Rates (Below Rs.2 crore)

Tenure

Interest Rates for General Citizens (p.a.)

Interest Rates for Senior Citizens (p.a.)

7 days to 14 days

3.00%

3.50%

15 days to 45 days

3.00%

3.50%

46 days to 90 days

4.50%

5.00%

91 days to 180 days

4.50%

5.00%

181 days to 210 days

5.25%

5.75%

211 days to 270 days

5.75%

6.25%

271 days & above and less than 1 year

5.75%

6.25%

1 year

6.75%

7.25%

Above 1 year to 400 days

6.75%

7.25%

Above 400 days and upto 2 Years

6.75%

7.25%

Above 2 Years and upto 3 Years

7.05%

7.55%

Above 3 Years and upto 5 Years

6.50%

7.15%

Above 5 Years and upto 10 Years

6.50%

7.50%

Above 10 years (MACT/MACADCourt Order schemes only)

6.25%

6.75%

399 Days (Baroda Tiranga Plus Deposit Scheme)

7.25%

7.75%

Note: Bank of Baroda can change the interest rates at any given time without prior notice. The above-mentioned interest rates are effective from 12 May 2023.



Bank of Baroda NRI FD Rates

Bank of Baroda NRE FD Rates - Below Rs.2 crore (Callable)

Tenure

Rate of Interest (p.a.)

1 year

6.75%

Above 1 year - 400 days

6.75%

Above 400 days - Up to 2 years

6.75%

Above 2 years - Up to 3 years

7.05%

Above 3 years - Up to 5 years

6.50%

Above 5 years - Up to 10 years

6.50%

399 Days (Baroda Tiranga Plus Deposit Scheme)

7.25%

Note: Bank of Baroda can change the interest rates at any given time without prior notice. The above-mentioned interest rates are effective from 12 May 2023.



Types of Bank of Baroda FD Schemes

Baroda Tax Savings Term Deposit Account

  • The deposit amount of the Tax Savings Fixed Deposit can be used to claim income tax deduction under Section 80C of the Income Tax Act.
  • This term deposit plan comes with three variants – RIRD (for cumulative deposit scheme), MIP (where interest component is paid out each month at discounted rates) and QIP (where the interest component is paid out each quarter).
  • Tenor: 5 – 10 years
  • Minimum Deposit Amount: Rs. 100 (Further deposits to be made in multiples of Rs. 100)
  • Maximum Deposit Amount: Rs. 1.5 Lakh
  • Tax Benefit: Any investment under this scheme is eligible for taxation benefits under section 80C of the Income Tax Act.
  • Interest Rate: In terms of the interest rate, the following groups will get some special benefits:
    • Senior citizens will get an additional interest of 0.50% p.a. for deposits below Rs. 2 Crore.
    • Both the present as well as ex-staff of Bank of Baroda are eligible for an additional interest (the interest rate is decided by the bank) on their deposits.
    • Any ex-staff who is also a senior citizen will get additional interest benefits of both the categories.
  • Interest Payout: The interest earned from the MIP and QIP variants of the scheme will be paid to the depositor.
  • Loan/Overdraft Facility: No loan/overdraft option is available for the Baroda Tax Savings Term Deposit Account.
  • Premature Withdrawal: Premature Withdrawal is allowed on this scheme (at the bank’s discretion) only after completion of 5 years. Some of the conditions related to premature withdrawal are as follows:
    • The interest rate will be 1% lower than the prevailing rate payable on the deposit.
    • Any interest amount paid beforehand will be recovered from the principal amount at the time of premature withdrawal of the deposit.
  • Premature Closure: The premature closure of the account is permitted in case of death of the account holder but only as per the bank norms and procedures.

Baroda Suvidha Flexible Fixed Deposit Scheme

  • This Fixed Deposit (FD) scheme offers the depositor liquidity in terms of flexible withdrawal of their investment along with providing overdraft facilities to its depositors.
  • Tenor: 1 – 5 years
  • Minimum Deposit Amount: The minimum deposit amount for this account is Rs. 5,000 (it is considered as 5 units of Rs. 1,000 each) with further deposits to be made in multiples of Rs. 1,000).
  • Maximum Deposit Amount: There is no upper limit on the maximum deposit amount. The minor accounts opened for individuals above 10 years have a maximum limit of Rs. 1 Lakh.
  • Interest Rate: In terms of the interest rate, the following groups will get some special benefits:
    • Senior citizens will get an additional interest of 0.50% p.a. for deposits below Rs. 2 Crore.
    • Both the present as well as ex-staff of Bank of Baroda are eligible for an additional interest (the interest rate is decided by the bank) on their deposits.
    • Any ex-staff who is also a senior citizen will get additional interest benefits of both the categories.
  • Interest Payout: The interest earned from the scheme will be paid to the depositor on a half-yearly basis.
  • Loan/Overdraft Facility: The loan/overdraft option is available on up to 95% of the balance amount in the account on the date of the loan. No advances are available against deposits for minor accounts (opened in a single name) and Hindu Undivided Families.
  • Premature withdrawal: The premature withdrawal facility is allowed on a minimum amount of Rs. 1,000 (which is considered as a single unit) and thereafter in multiple units. Some of the conditions related to premature withdrawal are as follows:
    • For partial withdrawal, the interest rate for the withdrawn units will be 1% lower than the prevailing rate payable on the deposit. The interest rate payable is computed on a quarterly compounding basis.
    • In the case of complete withdrawal, the interest will be paid after deducting a penalty of 1% from the applicable rate or contracted rate (whichever is lower) for charging a penalty

Monthly Income Plan (MIP)

  • This Fixed Deposit (FD) scheme offers a guaranteed monthly interest payout option along with providing overdraft facilities to its depositors.
  • Tenor: 1 – 10 years
  • Minimum Deposit Amount: The minimum deposit amount for this account is Rs. 1,000 with further deposits to be made in multiples of Rs. 100.
  • Maximum Deposit Amount: There is no upper limit on the maximum deposit amount. The minor accounts opened for individuals above 10 years have a maximum limit of Rs. 1 Lakh.
  • Interest Rate: In terms of the interest rate, the following groups will get some special benefits:
    • Senior citizens will get an additional interest of 0.50% p.a. for deposits below Rs. 2 Crore.
    • Both the present as well as ex-staff of Bank of Baroda are eligible for an additional interest (the interest rate is decided by the bank) on their deposits.
    • Any ex-staff who is also a senior citizen will get additional interest benefits of both the categories.
  • Loan/Overdraft Facility: The loan/overdraft option is available on up to 95% of the balance amount in the account on the date of the loan. No advances are available against deposits for minor accounts (opened in a single name) and Hindu Undivided Families.
  • Security: Deposits under MIP are accepted as security by the government departments.
  • Non-Fund Based Activities: Deposits under this scheme are also accepted as a margin for non-fund based activities like letter of credit, bank guarantee, credit reports, solvency certificates, etc.
  • Premature Withdrawal: Some of the conditions related to premature withdrawal are as follows:
    • There is no penalty on premature withdrawal for deposits of up to Rs. 5 Lakhs if the amount has remained in the account for 1 year.
    • The interest rate applicable for premature withdrawal without the penalty is either the contracted rate or the rate on the day of accepting deposits till the time it has remained in the bank (whichever is lower)
    • For premature withdrawal of deposits more than Rs. 5 Lakhs that have remained less than 1 year, the interest rate for the withdrawn amount will be 1% lower than the rate on the day of accepting deposits till the time it has remained in the bank or the contracted rate (whichever is lower).
    • For premature withdrawal of deposits of Rs. 1 Crore and above, the depositor needs to give an advance notice of 31 days and the penalty on applicable interest rate for such deposits will be 1.5% as per the bank guidelines.

  • Baroda Advantage Fixed Deposits (Non-Callable)

    • This Fixed Deposit (FD) plan helps the customers get differential interest rates over their normal FD rates (deposit amount above Rs. 15 Lakhs) in exchange for foregoing the premature withdrawal option.
    • Tenor: 1 – 10 years
    • Minimum Deposit Amount: The minimum deposit amount for this account is Rs. 15 Lakhs with further deposits to be made in multiples of Rs. 1,000.
    • Maximum Deposit Amount: There is no upper limit on the maximum deposit amount. The minor accounts opened for individuals above 10 years have a maximum limit of Rs. 1 Lakh.
    • Interest Rate: The interest rate will be on a preferential basis as decided by the bank. The following groups will get some special benefits:
      • Senior citizens will get an additional interest of 0.50% p.a. for deposits below Rs. 2 Crore.
      • Both the present as well as ex-staff of Bank of Baroda are eligible for an additional interest (the interest rate is decided by the bank) on their deposits.
      • Any ex-staff who is also a senior citizen will get additional interest benefits of both the categories.
    • Interest Payout: The interest earned from this scheme will be paid out in the following manner:
      • For individuals and non-individuals (other than banks) –
        • Non-Callable FD RIRD – the interest is paid on maturity
        • Non-Callable FD MIP – the interest is paid on monthly basis
        • Non-Callable FD QIP – the interest is paid on quarterly basis
      • For banks –
        • Non-Callable FD RIRD – the interest is paid on maturity
        • Non-Callable FD MIP – the interest is paid on monthly basis
        • Non-Callable FD QIP – the interest is paid on quarterly basis
    • Loan/Overdraft Facility: The loan/overdraft option is available on up to 85% of balance amount in the account on the date of the loan.
    • Security: Deposits under this scheme are accepted as security by the government departments.
    • Non-Fund Based Activities: Deposits under QIP are also accepted as a margin for non-fund based activities like letter of credit, bank guarantee, credit reports, solvency certificates, etc.
    • Premature Closure: The premature closure of the account is permitted in case of death of the account holder but only as per the bank norms and procedures.

Post a Comment