Dear Readers welcome to FinanceDiary.in. In this article we will provide the information related to the Bank of Baroda FD Rates.
Bank of Baroda Limited is a bank that provides many different banking products and services to people, government departments, and businesses in India and around the world.
The bank is divided into different parts, like Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. Lets try to understand about Bank of Baroda FD Interest Rates.
BANK OF BARODA FD RATES
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Bank of Baroda (BoB) gives different interest rates on fixed deposits (FDs) to people depending on their age and how long they want to keep their money in the bank.
For regular customers, the interest rates range from 4.25% to 7.25% per year, and for senior citizens, it’s from 4.75% to 7.75% per year.
If you want to save on taxes, Bank of Baroda has special FDs where you can get an interest rate of 6.50% per year for regular customers and from 7.15% to 7.50% per year for senior citizens.
For people living outside India, Bank of Baroda also offers fixed deposit options like NRO, NRE, and FCNR deposits. These are available in different currencies like US Dollars, British Pounds, Euros, Australian Dollars, and Canadian Dollars.
BANK OF BARODA FD RATES GENEARL PUBLIC
| Tenors | Residents / General Public |
| 7 days to 14 days | 4.25 |
| 15 days to 45 days | 4.50 |
| 46 days to 90 days | 5.50 |
| 91 days to 180 days | 5.60 |
| 181 days to 210 days | 5.75 |
| 211 days to 270 days | 6.15 |
| 271 days & above and less than 1 year | 6.25 |
| 360D (bob360) | 7.10 |
| 1 year | 6.85 |
| Above 1 year 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 |
| Above 10 years (MACT/MACAD Court Order schemes only) |
6.25 |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.15 |
(* incl. additional ROI 0.50%, # incl. additional
ROI of 0.50+0.15, *** incl. additional ROI of 0.50%+0.50%)
BANK OF BARODA FD RATES SENIOR CITIZEN
| Tenors | Resident Indian Sr. Citizen |
| 7 days to 14 days | 4.75* |
| 15 days to 45 days | 5.00* |
| 46 days to 90 days | 6.00* |
| 91 days to 180 days | 6.10* |
| 181 days to 210 days | 6.25* |
| 211 days to 270 days | 6.65* |
| 271 days & above and less than 1 year | 6.75* |
| 360D (bob360) | 7.60* |
| 1 year | 7.35* |
| Above 1 year to 400 days | 7.35* |
| Above 400 days and upto 2 Years | 7.35* |
| Above 2 Years and upto 3 Years | 7.75* |
| Above 3 Years and upto 5 Years | 7.15Â # |
| Above 5 Years and upto 10 Years | 7.50*** |
| Above 10 years (MACT/MACAD Court Order schemes only) |
6.75* |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.65* |
ABOUT BANK OF BARODA
Bank of Baroda offer various types of accounts, including savings and current accounts, and also different kinds of deposits like fixed deposits and recurring deposits.
They have special deposit options for non-resident Indians (NRIs) too.
The bank also gives out loans for different purposes such as buying a home, getting an education, purchasing a vehicle, or starting a business.
They offer a wide range of loans, including personal loans and loans against assets like gold or securities.
Bank of Baroda also provides services like debit cards, prepaid cards, and credit cards. They offer insurance products like life insurance, general insurance, and health insurance.
Additionally, they have investment services, treasury services, and facilities like ATM banking, mobile banking, and internet banking. The bank has been around since 1908 and has its main office in Vadodara, India.
FEATURES AND BENEFITS OF BANK OF BARODA FD
Additional Interest for Senior Citizens:
Senior citizens enjoy an extra interest rate of 0.50% per annum compared to regular rates. This is a special benefit aimed at providing higher returns to elderly depositors.
Low Minimum Deposit Requirement
Bank of Baroda allows customers to open an FD account with a minimum deposit of just Rs 10,000. This makes it accessible for a wide range of individuals, including those with smaller savings.
Nomination Facility:
The bank offers a nomination facility, enabling depositors to nominate a beneficiary for their FD.
This ensures that in the event of the depositor’s demise, the nominated individual can easily claim the proceeds of the FD without any hassles.
Loan Against Deposit
Customers can avail a loan against their FD deposit, with the bank allowing loans of up to 90% of the deposit amount.
This feature provides liquidity to depositors in case of urgent financial needs without having to break the FD prematurely.
Interest Payment at Maturity
Interest on Bank of Baroda FDs is paid out only at the time of maturity.
This means that depositors can maximize their returns as the interest continues to accrue on the principal amount throughout the tenure of the deposit.
Diverse Deposit Schemes
Bank of Baroda offers a range of deposit schemes to cater to different financial goals and preferences. These include:
   Short Deposit
   Baroda Double Dhamaka Deposit Scheme
   Baroda Advantage Fixed Deposits NonCallable
   Fast Access Deposit
   BOB Suvidha Fixed Deposit Scheme
   Regular Income Plan
   Monthly Income Plan
   Baroda Tax Savings Term Deposit
   Money Multiplier Deposit
Each scheme is designed with specific features and benefits, allowing customers to choose the one that best suits their requirements and financial objectives.
HOW TO OPEN BANK OF BARODA FD
Offline Bank of Baroda FD Opening
If you prefer a face to face interaction or are more comfortable with traditional banking methods, you can visit your nearest Bank of Baroda branch to open an FD account. Here’s what you need to do:
Locate the nearest Bank of Baroda branch in your area and visit during banking hours.
Request an FD application form from the bank representative or at the customer service desk.
Fill out the application form with all the required details, including your personal information, deposit amount, and preferred tenure.
Make sure to provide accurate information and sign the form where necessary.
Submit the completed form along with the required documents, such as proof of identity, address, and income.
Once the bank processes your application and verifies the documents, they will issue you an FD receipt as confirmation of the account opening.
BOB FD OPENING THROUGH INTERNET BANKING
Opening a Bank of Baroda FD through internet banking provides a convenient and hassle free way to manage your finances. Here’s how you can do it:
Log in to your Bank of Baroda Net Banking account using your username and password. If you haven’t registered for Net Banking yet, you’ll need to do so first.
Once logged in, navigate to the option that allows you to open a fixed deposit account. This option is usually found under the “Fixed Deposits” or “Deposits” section.
Click on the “Open Fixed Deposit” option, which will take you to a form where you’ll need to fill in details such as the amount you want to deposit, the tenure of the FD, and any additional instructions.
Make sure to provide accurate information, including details about your nominee, who will receive the funds in case of your absence.
After reviewing the information you’ve entered, submit the form. The bank will then process your request, and once approved, your FD account will be successfully opened.
MOBILE APPÂ BANK OF BARODA BANK APP
Bank of Baroda offers a user friendly mobile app that allows you to perform various banking transactions, including opening an FD account. Here’s how you can do it:
Download the Bank of Baroda Bank App from the App Store (for iOS users) or Google Play Store (for Android users) and install it on your smartphone.
Log in to the app using your credentials, such as your username and password. If you’re a new user, you’ll need to register for mobile banking first.
Once logged in, navigate to the option that lets you open a fixed deposit account. This option is typically located under the “Deposits” or “Services” section of the app.
Select the “Open Fixed Deposit” option and proceed to fill in the required details, including the deposit amount, tenure, and nominee information.
Doublecheck all the information you’ve entered to ensure its accuracy, then submit the form.
Upon successful submission, your FD account will be created, and you’ll receive a confirmation message or email from the bank.
TAX ON BANK OF BARODA FIXED DEPOSITS
Investing in a Bank of Baroda Tax Saving FD can help you save taxes up to Rs. 1,50,000 per year. However, other Bank of Baroda FDs don’t offer tax benefits under Section 80C of the Income Tax Act.
It’s important to know that the interest earned from Bank of Baroda Fixed Deposits is taxable based on your income slab rates.
Additionally, if your income from Bank of Baroda FDs goes beyond Rs. 40,000 per year, a TDS (Tax Deducted at Source) of 10% will be applied.
For senior citizens, this limit is higher, at Rs. 50,000 per year. Remember, if you don’t provide your PAN Card details to the bank, the TDS rate will be higher at 20%.