Attractive Interest Rates

Bank of Baroda Fixed Deposits offer lucrative interest rates. This allows you to earn greater returns on your savings. Our present Rate of Interest are available at our website https://www.bankofbaroda.in/interest-rate-and-service-charges/deposits-interest-rates or can be obtained from our Branches also.

Flexible Tenure Options

Bank of Baroda Fixed Deposits provide a range of tenure options from 7 days to 10 years. You can select a tenure that matches your financial plans. Interest rates can vary across different periods, catering to both short-term and long-term goals.

Premature Withdrawal Facility

Bank of Baroda allows premature withdrawals. Note that this option may come with a penalty, but it ensures liquidity in case of emergencies. Bank of Baroda even provide Term Deposits with Part payment facility also where Customer need to close the entire FDR while requesting for Part Payment to enable them to earn contracted Interest on Remaining amount of FDR.

Benefits for Senior Citizens & Super Senior Citizens

Senior citizens & Super Senior Citizens enjoy special benefits from Bank of Baroda Fixed Deposits. Individuals above 60 years of age are treated as Senior Citizens and Individuals above 80 years of age are treated as Super Senior Citizens who get higher interest rates. Our present Rate of Interest are available at our website https://www.bankofbaroda.in/interest-rate-and-service-charges/deposits-interest-rates or can be obtained from our Branches also.

Customizable Interest Payout

Choose the interest payout frequency that best suits your financial needs. Bank of Baroda offers flexibility with monthly, quarterly annual or cumulative interest payout options.

Autorenewal Facility

Bank of Baroda offers an autorenewal facility for bank Fixed Deposits. Your FD can be automatically renewed under the same terms if having a Tenor period of less than 12 months. Your FD can be automatically renewed under the 12 Months term if having a Tenor period of equal or more than 12 months. You can also provide specific renewal instructions to suit your needs, all at the prevailing interest rates.

Nomination Facility

Secure your investment by appointing a nominee for your Fixed Deposit. You can do this at any time during its tenure. Bank of Baroda allows you to update or change nominee details as needed.

Loan or Overdraft Against FD

In times of financial need, you can use your Fixed Deposit as collateral to secure a loan from Bank of Baroda. This way, you can address emergencies without breaking your FD and losing out on the benefits. In Overdraft against FD, only the amount withdrawn from Account will subject to Interest.

Key Factors to Consider for Fixed Deposits

Interest Rates

Compare the rates offered by different banks to find the most suitable option. Higher interest rates mean better returns on your investment.

Tenure

Fixed Deposits come with varying tenures. Choose a tenure that aligns with your financial goals and liquidity needs.

Reinvestment Options

FD accounts offer the option to reinvest the interest earned, which can help in compounding your returns. Consider whether you want the interest to be paid out periodically (monthly, quarterly, annually) or reinvested until maturity.

Premature / Part Withdrawal

Life is unpredictable, you may need access to your funds before the FD matures. Check the terms and conditions for premature / part withdrawal, including any penalties or loss of interest.

Special Schemes and Offers

Banks often roll out special schemes and promotional offers for Fixed Deposits, such as higher interest rates for senior citizens, Super Senior Citizens, Non-Callable or tax-saving FDs. Explore these options to see if you qualify for any special benefits.

Additional Features

Look for additional features that FD accounts might offer. For example, Loan against FD, Part or Premature Payment withdrawal, nomination facilities and online account management.

Customer Service

Good customer service can enhance your overall experience with the bank. Choose a bank that is known for its efficient customer service, both online and offline.

Interest rates on Fixed Deposits vary based on the deposit amount, tenure and type. Additionally, non-withdrawable Fixed Deposits with amounts starting from ₹1 crore usually offer enhanced rates, reflecting their long-term, less liquid nature. Rates are set to reward larger and longer-term investments with better returns.

Options to Save Tax

1. Invest in Tax-Saving FDs

Choose tax-saving Fixed Deposits under Section 80C of the Income Tax Act to claim a deduction up to ₹1.5 lakh. These FDs have a five-year lock-in period.

2. Plan Investments Across Years

Spread your FD investments to keep annual interest below the TDS threshold of ₹40,000 (₹50,000 for senior citizens) to avoid TDS.

3. Utilise Senior Citizen / Super Senior Benefits

Senior / Super Senior citizens benefit from higher TDS exemptions and additional interest rates, enhancing returns and reducing taxes.

Open a Fixed Deposit with Bank of Baroda

Opening a Fixed Deposit with Bank of Baroda is convenient through multiple channels. You can use Bank of Baroda’s bobWorld Internet Banking platform, Mobile Banking app “bobWorld” to create your FD account. Simply log in, navigate to the Fixed Deposit section and follow the prompts to complete your application.

For Non-Bank of Baroda Customers

Non-Bank of Baroda customers can open a Direct FD with us.

1. Access the digital booking portal – click here.
2. Select the tenure and amount that suits you best.
3. Fill in the required information digitally.
4. Ensure you successfully complete video KYC for identity verification.
5. Confirm your booking and watch your savings grow.

A Fixed Deposit (FD) is a financial instrument where you deposit a lump sum of money with a bank for a fixed period at a predetermined interest rate.

The minimum deposit amount is ₹1,000. There is no specific maximum limit for an FD.

Interest earned on FDs is taxable. Tax Deducted at Source (TDS) is applicable if the interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.

Investing in bank Fixed Deposits offers assured returns and capital protection with minimal risk. It provides a stable and predictable way to grow your savings. FDs offer flexible tenure options and competitive interest rates.

You can add a nominee when opening the FD account or update it later through online channels such as Internet banking and Mobile Banking app bobWorld, visiting a branch or contacting customer service.

The Sweep-in facility links Select Savings or Current account with the Flexi FDs. It enables the automatic transfer of funds from FD to account when the balance falls below a certain threshold. For More details, Please contact your base branch.

Investing in an FD may be relatively safe because the returns are assured and know at the time of booking. Additionally, bank deposits are insured up to ₹5 Lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

You can withdraw your FD before maturity (except for Non-Callable Deposits). However, a premature withdrawal penalty may apply. Please contact your Branch or check Online channels such as Internet Banking and ‘bobWorld app” in case you need to make premature withdrawals.

You can open multiple FDs with Bank of Baroda, as there is no limitation on the maximum number of FDs you can open.

Bank of Baroda offers loans or Overdraft against your FD. You can borrow up to 95% of the deposit amount without breaking the FD.

Interest can be received monthly, quarterly or at maturity, based on your preference.

Term deposit or fixed deposits are deposits, where the depositor makes a lump sum deposit at our time for a fixed term and receives payment thereof on maturity. Bank of Baroda provides term deposits for 7 days to 120 months.

The bank categorises term deposits as less than 12 months (short term deposits), more than 12 months (long term deposits) and recurring deposits. The bank offers a choice of term deposits for you to choose from. Visit https://www.bankofbaroda.in/personal-banking/accounts/deposits to apply to the most suitable.

While term deposits come with attractive returns, they have low risks and higher term interests than saving accounts, and if you are a senior citizen, your returns are higher. Bank of Baroda offers a choice of deposits with high returns in short periods. The choice of term deposits depends on your capacity to invest and the term of investment you choose. Read each scheme carefully to decide which scheme suits your investment portfolio.

Interest rates varies depending on the tenure for which the Term deposit is opened.

For more insight click: https://www.bankofbaroda.in/interest-rate-and-service-charges/deposits-interest-rates

Interest payment is subject to Tax Deducted at source (TDS) as per prevailing Income Tax ACT. However, TDS on deposits that earn interest more than the maximum cap in a financial year as per income tax guidelines.

The Bank on request from the depositor, at its discretion may allow withdrawal of Term deposit before completion of the period of the Deposit agreed upon at the time of placing the deposit. The Bank shall declare their penal interest rates, policy for premature withdrawal of Term Deposit from time to time. Penalty will be deducted as per Bank’s extant guidelines.

Fixed deposits are profitable as they generate better returns over regular savings account Therefore, in terms of interest rates, a term deposit will multiply your principal fund at a healthy rate. You can access the Savings Account at whatever time you require. It is a good practice to maintain a Savings Account, and at the same time, invest in term deposits according to your saving capacity.

The Bank on request from the depositor, at its discretion may allow withdrawal of Term deposit before completion of the period of the Deposit agreed upon at the time of placing the deposit. The Bank shall declare their penal interest rates, policy for premature withdrawal of Term Deposit from time to time. Penalty will be deducted as per Bank’s extant guidelines.