Bank of Baroda FD Interest Rates 2024

Bank of Baroda (BOB) is an emerging Indian banking and financial services company, headquartered in Baroda, Gujrat. BOB is the second-largest public-sector bank in India. BOB has offices in New York, London, Dubai, Hong Kong, Brussels, and Singapore as well. The Bank of Baroda was nationalized in 1969 and offers a wide range of bundles of banking products and services to its customers including savings and current accounts, fixed and recurring deposits, loans, credit cards, insurance, etc. The basic aim is to provide a safe option that can be utilized to save money for a fixed tenure and give interest earnings to the customers. There is a wide range of benefits provided by opening an account with the Bank of Baroda, as they provide an easy loan facility, auto-renewal of FD and RD, and many other things. 

Ownership	Public Sector Bank
CEO	Debadutta Chand
Headquartered In	Baroda, Gujrat
Founded In	1908
Customer Support Number	1800 5700

Geeky Takeaways

• Bank of Baroda is the second-largest public-sector bank in India founded on 20th July 1908.
• Bank of Baroda is a global entity and has 100 of overseas offices in New York, London, Dubai, Hong Kong, etc.
• Like any other financial institution, Bank of Baroda also offers a wide range of financial services including savings and current accounts, fixed and recurring deposits, loans, credit cards, and many more.
• World witness 9,693 Branches and approx 10,033+ ATMs of BOB.
• Bank of Baroda motivates the public to save and invest through FD and RD accounts.

Bank of Baroda FD Rates 2024

I. Bank of Baroda FD Interest Rates on Domestic/NRO Deposits (Less than ₹2 crore)

Tenure of the FD	Rate of Interest for General Citizens (Below 60 Years of Age)	Rate of Interest for Senior Citizens (Above 60 Years of Age)
7-14 days	4.25	4.75
15-45 days	4.50	5.00
46-90 days	5.50	6.00
91-180 days	5.60	6.10
181-210 days	5.75	6.25
211- 270 days	6.15	6.65
271- less than 1 year	6.25	6.75
1 year	6.85	7.35
1 year 1 day- 400 days	6.85	7.35
2 years 1 day- 3 years	7.25	7.75
3 years 1 day- 5 years	6.50	7.15
5 years 1 day – 10 years	6.50	7.50

II. Bank of Baroda FD Interest Rates on Domestic/NRO Deposits (More than ₹2 crore)

Tenure of the FD	Rate of Interest for General Citizens (Below 60 Years of Age)	Rate of Interest for Senior Citizens (Above 60 Years of Age)
7-14 days	5.00	5.00
15-45 days	5.50	5.50
46-90 days	5.75	5.75
91-180 days	5.75	5.75
181-210 days	6.50	6.50
211-270 days	6.75	6.75
271- less than 1 year	6.75	6.75
1 year	7.45	7.45
1 year – 15 months0	6.85	6.85
15 months 1 day- 2 years	6.85	6.85
2 years 1 day- 3 years	6.50	6.50
3 years 1 day- 5 years	6.00	6.00
5 years 1 day – 10 years	5.00	5.00

III. Bank of Baroda NRE FD Interest Rates on deposits (Less than ₹2 Crore)

Tenure	Rate of Interest (%)
1 year	6.85
Above 1 Years to 400 days	6.85
Above 400 days and upto 2 Years	6.85
Above 2 Years and upto 3 Years	7.25
Above 3 Years and upto 5 Years	6.50
Above 5 Years and upto 10 Years	6.50
399 Days (Baroda Tiranga Plus Deposit Scheme)	7.15

Features and Benefits of Bank of Baroda Fixed Deposit Scheme

1. Simple Investment with Liquidity and Flexibility: The Bank of Baroda Fixed Deposit is a secure investment option available for investors that provides guaranteed returns on investment. Fixed deposit returns are unaffected by any external circumstances, and the investor will get sure-shot returns on FD.

2. Flexible Tenure: Bank of Baroda provides a wide range of tenure options; customers can choose from a variety of terms ranging from 7 days to 10 years with a Bank of Baroda Fixed Deposit. This allows customers flexibility, as they can choose the tenure as per their investment horizon.

3. Premature/Partial Withdrawal: Bank of Baroda Fixed Deposits are a very liquid investment option for customers. The bank gives the customer the option to make withdrawals in times of emergency. Customers can close their deposits partially or fully before the date of maturity and have funds easily disbursed to the customer’s account for emergency use.

4. Additional Interest: The Bank of Baroda offers an extra 0.50% interest rate to senior citizens on top of the regular fixed deposit interest rate. This allows senior citizens to invest their savings at higher returns and manage their retirement funds more efficiently.

5. Overdraft Against FD: The Bank of Baroda also offers overdrafts against fixed deposits. This gives customers the advantage of getting instant funds without breaking the terms of a fixed deposit.

6. Automatic Renewal Facility: Bank of Baroda allows customers to open an FD that will automatically renew. This ensures that your FD is automatically renewed for the same term on the maturity date, which results in no loss of interest and manages the customer’s fund better.

Types of FD Schemes of Bank of Baroda

I. Bank of Baroda Tax Savings Term Deposit

Purpose	Aims for tax saving purpose
Tenure	60 months – 120 months
Minimum Amount	₹100/- and in multiple of ₹1000/-
Maximum Amount	₹1,50,000/-
Nomination Facility	Available
Tax Exemption	Under section 80C up to ₹1,50,000/-Auto-renewal

II. Bank of Baroda Fast Access Deposit

Purpose	Assured returns on savings. (Mandatory to open a current account to take benefit of this scheme)
Tenure	7 days- 120 months
Minimum Amount	₹10,000/-
Nomination Facility	Available Auto-renewal

III. Bank of Baroda Suvidha Fixed Deposit Scheme

Purpose	A dual advantage of an attractive interest rate and flexible withdrawal facility.
Tenure	12 months- 60 months
Minimum Amount	₹5,000/-
Nomination Facility	AvailableAuto-renewal

IV. Monthly Income Plan (MIP)

Purpose	Provides guaranteed monthly interest payout options along it overdraft facility.
Tenure	1- 10 years
Minimum Amount	₹1000 and further deposit in multiples of ₹100/-
Maximum Amount	No limit on maximum deposit, except ₹1,00,000/- for minor accounts
Loan Facility	Available

V. Quarterly Income Plan (QIP)

Purpose	Provides a fixed income for the investors on a quarterly basis.
Tenure	1- 10 years
Minimum Amount	₹1000 and further deposit in multiples of ₹100/-
Maximum Amount	No limit on maximum deposit, except ₹1,00,000/- for minor accounts
Loan Facility	Available

VI. Baroda Advantage Fixed Deposits (Non-Callable)

Purpose	This FD scheme helps the customers get differential interest rates over their normal FD rates only, in case the deposit is more than ₹15 lakhs, but the customer had to forgone the premature withdrawal option.
Tenure	1- 10 years
Minimum amount	₹15 lakhs, and further deposit in multiples of ₹100/-
Maximum amount	No limit othe n maximum deposit.
Loan facility	Available, Up to 85%

How to Invest in Bank of Baroda FD?

1. Using the Internet Banking Facility

• The user is required to sign in to the Bank of Baroda NetBanking account with his valid credentials.
• Next, the user has to choose the ‘Open Fixed Deposit’ option.
• Now, users have to fill out all the necessary details required by the portal, along with providing the maturity instructions and nominee information to be furnished.
• Once submitted, a confirmation notification will be displayed.
• On successful FD creation, the user will be notified via his registered email and phone number registered the with Bank of Baroda.

2. Using the Mobile Application

• First, users must download the BOB mobile application from the Play Store or Apple App Store.
• Once the user has successfully signed in to the application, select the ‘open fixed deposit’ option.
• Now, users have to fill out all the necessary details required by the portal, along with providing the maturity instructions and nominee information to be furnished.
• Once submitted, a confirmation notification will be displayed.
• On successful FD creation, the user will be notified via his registered email and phone number registered the with Bank of Baroda.

3. Using the Offline Bank Branch

• The user can also visit the nearest Bank of Baroda branch and ask for the FD application form.
• The user will have to fill out the FD form, select the tenure of the BOB FD along with all the necessary information, and fulfill all the document requirements along with the nominee details.
• On successfully validating the information, the bank will issue the FD certificate.

Eligibility to Open a Bank of Baroda FD Account

Consumers should first determine whether they are eligible to invest in the Bank of Baroda FD scheme. The following are the prerequisites for investing in a Bank of Baroda fixed deposit:

1. Individuals

2. Hindu Undivided Family (HUF)

3. Sole proprietorships and joint ventures

4. Private or public limited companies

5. One-person company

6. Trust, society, and association

7. Partnership firms, including Limited Liability Partnerships (LLP)

8. Any government establishment

Documents Required to Open Bank of Baroda FD Account

The following documents are required to open a fixed deposit at the Bank of Baroda:

1. Proof of Identity

• Pan card
• Voter ID
• Aadhaar card
• Ration card, including a photograph
• Driving license
• Senior citizen ID
• Passport

2. Proof of Address

• Electricity bill
• Telephone bill
• Bank statement with cheque
• Passport

Customers also need to provide their two passport-sized photographs at the time of opening the deposit accouCustomers must furnishnish identity proof and address proof. Minors and senior citizens are also required to follow the same.

Tax on Bank of Baroda Fixed Deposit

Any investment made under the Bank of Baroda Tax Savings FD entitles the investor to a tax saving of up to ₹1,50,000 per annum. No other Bank of Baroda FDs are eligible for tax savings under Section 80C of the Income Tax Act.

It is to be noted that all interest income from the Bank of Baroda Fixed Deposit is taxable according to the slab rates of the customer. A TDS of 10% shall be chargeable if the income from Bank of Baroda FD exceeds ₹40,000. The same limit shall increase to ₹ 50,000 per annum in the case of senior citizens. Furthermore, if, in any case, the investor fails to furnish PAN Card details to the bank, the TDS rate will be deducted at 20%.

Loan Against Bank of Baroda FD

The Bank of Baroda offers loans against its fixed deposits. Customers can receive up to 95% of the deposit as a loan against a fixed deposit. The rate of interest charged on a loan is between 1.5% and 1.7%. It is worth noting that for senior citizens, the interest rates charged by BOB are around 1.25% above the FD rate.

Premature Closure of Bank of Baroda Fixed Deposit

All fixed deposits at the Bank of Baroda can be withdrawn prematurely. However, tax-saving fixed deposits do not possess this feature. Also, no penalty is levied for deposits by BOB below ₹5 lakhs if kept for 12 months. However, premature withdrawal will attract penalties if the deposit amount is higher than ₹5 lakhs.

Frequently Asked Questions (FAQs)

What is the maximum and minimum limit of deposit under the Bank of Baroda FD scheme?

The minimum investment under Bank of Baroda FD scheme is ₹1,000 and there is no maximum cap

Can an investor make a premature withdrawal from the Bank of Baroda FD scheme?

Yes, Bank of Baroda allows investors to make a premature withdrawal. No penalty is levied for deposits by BOB below ₹5 lakhs if kept for 12 months. However, premature withdrawal will attract penalties if the deposit amount is higher than ₹5 lakhs.

Are Bank of Baroda FD rates higher than its savings account rates?

When compared to a savings account, investors always get higher returns while investing in an FD. Thus, Bank of Baroda FD rates are higher than savings account rates.

What benefit does a senior citizen get by investing in Bank of Baroda FD?

The Senior citizens are given following benefits:

• The senior citizens are eligible for 0.50% higher interest rates on FD as compared to regular FD rates.
• No penal charges will be levied on BOB FD premature withdrawal by a senior citizen.

Is Bank of Baroda safe?

As a government-owned bank, Bank of Baroda is considered safe and reliable. It is regulated by the Reserve Bank of India (RBI), which ensures compliance with banking regulations and safeguards depositor interests.