Bank of Baroda Fixed Deposit Interest Rates 2024

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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)

Table of Contents

Updated Bank of Baroda FD Interest Rates 2024

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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.

FAQs

What is the minimum and maximum tenure of BOB FD?

The minimum tenure for a BOB fixed deposit is 7 days, and the maximum tenure is 10 years. However, it may change according to the FD scheme you choose to invest in.

What is the highest interest rate on the Bank of Baroda 1-year FD scheme?

The highest interest for a 1-year BOB FD scheme is 7.45% for both general and senior citizens for a deposit of more than ₹2 crores but less than ₹10 crores. For investments below ₹2 crores, the highest interest rate is 6.75% and 7.25% for general and senior citizens.

What is the highest interest rate on the Bank of Baroda 3-year FD scheme?

The highest interest for a 3-year BOB FD scheme is 6.00% for both general and senior citizens for a deposit of more than ₹2 crores but less than ₹10 crores. For investments below ₹2 crores, the highest interest rate is 7.05% and 7.55% for general and senior citizens.

What is the penalty for premature withdrawal of Bank of Baroda FD?

A premature withdrawal facility is available for BOB FDs, except for tax-saving FDs. However, there is a penalty of 1% on callable deposits and 2% on non-callable deposits.

What are the factors that can affect the Bank of Baroda Fixed Deposit interest rate?

Here are the factors that affect the Bank of Baroda’s Fixed Deposit interest rates:
1. Duration/tenure of your FD.
2. Age of the depositor
3. Economic policies and conditions that affect FD interest rates.
4. Deposit amount.

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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.