Headquartered in Vadodara, Gujarat, Bank of Baroda is a nationalised bank with 13.1 crore customers spread across 21 countries. The bank has around 8,168 branch offices across India, 4 overseas offices in 17 countries and 9,845 ATMs.
The bank offers multiple FD schemes featuring varying tenures and interest rates. The following guide highlights various Bank of Baroda FD rates 2024.
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3% – 7.75% (including rates for senior citizens) |
| Lock-in Period | NA (5-year for tax saving deposits) |
| Senior Citizen | 3.5% – 7.75% (for deposits below ₹2 crores)* 4% – 7.55% (for deposits above ₹2 crores) |
| General Citizen | 3% – 7.25% (for deposits below ₹2 crore)* 4% – 7.55% (for deposits above ₹2 crores) |
Updated Bank of Baroda FD Interest Rates 2024
| Tenure | General Citizen FD Rates | Senior Citizen FD Rates |
|---|
Features and Benefits of Bank of Baroda FD
Here are the main features and benefits of Bank of Baroda fixed deposit schemes:
- Senior citizens are provided with an additional 0.50% above the applicable BOB FD interest rates, ensuring higher returns.
- Return on investments is compounded periodically, i.e., monthly, quarterly, or annually.
- The bank does not deduct taxes on any interest until it crosses a certain range as per IT guidelines, providing comfort to small depositors.
- Availability of automatic renewal and nomination facility for Bank of Baroda FDs, providing seamless continuity.
- Avail loan or overdraft facility of up to 95% of the deposit amount.
- A flexible investment period is available for the depositors.
How to Open Bank of Baroda FD?
You can open a Bank of Baroda FD account online and offline, whichever is preferable. Follow the steps discussed below:
How to Open BOB FD Online?
You can open a Bank of Baroda FD account online via both net banking and the Bank of Baroda Bank App.
1. Net Banking
- Step 1: Visit the Bank of Baroda’s official website.
- Step 2: Under ‘Personal Accounts,’ click on ‘Fixed Deposits’.
- Step 3: Choose the Fixed Deposit scheme according to your investment needs.
- Step 4: Click on the ‘Apply Now’ option.
- Step 5: Provide the necessary details, including your full name, phone number, city, etc.
- Step 6: Click the ‘Submit’ button to verify your details and fill up the FD application form
- Step 7: After the payment and submission of the form, your FD account will be created.
- Step 8: Download the receipt for your future reference.
2. Bank of Baroda Bank App
- Step 1: Download the Bank of Baroda mobile app.
- Step 2: Sign in by using your credentials.
- Step 3: Look for an option that says ‘Open Fixed Deposit’ tab.
- Step 4: Fill in all the required information, including the investment amount and tenure.
- Step 5: Click the ‘Proceed’ button. The app will deduct the invested amount from your savings account and instantly create an FD account for you.
- Step 6: Make sure to download the receipt from the app for future reference.
How to Open BOB FD Offline?
In order to open a Bank of Baroda FD offline, follow the steps mentioned below:
- Step 1: Visit your nearest Bank of Baroda branch.
- Step 2: Obtain the FD application form from the bank’s website or directly from the branch.
- Step 3: Complete the application form by mentioning the investment amount and the desired tenure for your FD.
- Step 4: Submit the necessary documents along with the application form to the bank.
- Step 5: Provide the required cash or cheque amount for the FD investment.
- Step 6: The bank will process your application, and your Bank of Baroda FD account will be opened accordingly.
- Step 7: After completion of verification, the bank will issue an FD certificate against your account.
Documents Required to Book Bank of Baroda FD
To open a Bank of Baroda FD account, you need to submit the following documents:
- Fill out a Bandhan Bank account opening form.
- PAN card
- Identity proof – Aadhaar card, Voter ID, driving licence, passport etc.
- Address proof – Voter ID card, PAN card, Aadhaar card, passport, utility bills, etc.
- Age proof – birth certificate, school passing/graduation certificate.
- Passport-size photographs.
- Bank Savings account details – account number, IFSC code, and branch name.
Eligibility to Open Bank of Baroda FD
The eligibility criteria for opening a Bank of Baroda FD interest rate account vary based on the type of account. Here are the eligibility criteria for opening this account.
- Applicant type: Individuals (including minors), partnership firms, limited companies, trusts, Hindu Undivided Families (HUFs), joint account holders, panchayats and municipalities
- Age (in case of individual applicants): 18 and above (minors are eligible to open an FD under the supervision of their guardians)
Types of Bank of Baroda FD Schemes
The following are the Bank of Baroda FD schemes that you can currently avail at this bank:
1. Baroda Suvidha Flexible Fixed Deposit Scheme
You can enjoy the advantage of withdrawing your money whenever you choose with the Suvidha Fixed Deposit Scheme. This product blends the convenience of easy liquidity found in a savings bank deposit with the higher interest rate offered by a fixed deposit.
- Minimum Deposit: ₹5,000
- Maximum Deposit: No upper limit
- Tenure: 1 to 5 years
- Interest Rate: 6.5% to 7.55% (including senior citizens)
- Eligibility: Indian residents
2. Baroda Tax Saving Fixed Deposit Account
The savings scheme is designed to help you save taxes. As a result, it enables resident individuals to reduce their tax liabilities and achieve optimal returns from their fixed deposits. It offers you three types of tax-saving term deposits – RIRD, MIP, and QIP – all with five years or more durations. These products come with an income tax deduction as per Section 80C of the Income Tax Act.
- Minimum Deposit: ₹100 and multiples of ₹100 thereafter
- Maximum Deposit: ₹1.5 lakhs within a financial year.
- Tenure: 5 to 10 years
- Interest Rate: 6.5% for general citizens to 7.5% for senior citizens
- Eligibility: Indian residents
3. Monthly Income Plan (MIP)
For retired senior citizens, the Bank of Baroda offers a Monthly Income Plan FD scheme tailored to your needs. This fixed deposit scheme ensures monthly interest payouts, offering you a stable monthly income to cover your expenses. You can invest unused funds into a regular monthly income plan, assuring a consistent income level every month.
- Minimum Deposit: ₹1,000 and multiples of ₹100 thereafter
- Maximum Deposit: No upper limit
- Tenure: 1 to 10 years
- Interest Rate: 7.15% to 7.55%
- Eligibility: Indian resident
4. Quarterly Income Plan (QIP)
This Bank of Baroda FD scheme caters to investors needing a regular quarterly income boost. In this arrangement, the interest on your deposit is paid at intervals. Each quarter, the interest earned from your deposit gets added to your income, offering a fresh income stream.
- Minimum Deposit: ₹1,000 and multiples of ₹100 thereafter
- Maximum Deposit: No upper limit
- Tenure: 1 to 10 years
- Interest Rate: 6.5% to 7.55% (including senior citizens)
- Eligibility: Indian resident
5. Baroda Short-Term Deposits
Opting for short-term fixed deposits yields attractive returns, and their durations span as briefly as a few months. These deposits are extremely beneficial if you aim for short-term savings goals. They assure you of a definite interest amount, encouraging you to save effectively. The deposit periods encompass anywhere from seven days to under a year, while the interest rates depend on various other factors.
- Minimum Deposit: ₹1,000 and multiples of ₹100 thereafter
- Maximum Deposit: No upper limit
- Tenure: 7 days to 1 year
- Interest Rate: 3% to 7.25% (including senior citizens)
- Eligibility: Indian residents (including minors)
6. Baroda Advantage Fixed Deposits (Non-Callable)
If you deposit ₹15.01 lakhs or more, you will be eligible for a special interest rate. This rate is higher than the regular fixed deposit rate, but in return, you would not have the choice to withdraw your funds prematurely. All branches of the bank offer these non-callable fixed deposits.
- Minimum Deposit: ₹15.01 lakhs and further in multiple of ₹1,000
- Maximum Deposit: No maximum limit (for NRE Deposits – below ₹2 crore)
- Tenure: 1 year to 10 years
- Interest Rate: 6.25% to 7.55% (including senior citizens)
- Eligibility: Indian residents and NRIs.
7. Baroda Tiranga Plus Deposit Scheme
The BOB fixed deposit interest rate with this scheme is valid for 399 days and offers a high interest rate. It can be opened as a single or joint account.
- Minimum Deposit: ₹1,000 and multiples of ₹1 thereafter (for callable deposits) and ₹15.01 lakh (for non-callable deposits).
- Maximum Deposit: No upper limit
- Tenure: 399 Days
- Interest Rate: 7.25% to 7.5% (for callable deposits) and 7.40% to 7.90% (for non-callable deposits).
- Eligibility: Indian residents and NRIs.
With the Bank of Baroda, you can save a certain part of your income in suitable FD schemes. However, remember that each scheme has different criteria associated with it. Therefore, you must read the terms and conditions thoroughly so that you do not end up with a sudden penalty charge on your deposit amount.
Now that you are aware of the current Bank of Baroda FD interest rates in 2024, you can opt for a scheme that suits your investment criteria. It offers high-interest rates and ensures safety to achieve your financial goals.
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Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
