Headquartered in Gujarat, the Bank of Baroda is one of the leading public sector banks in India. It offers a variety of fixed deposit schemes for its customers, providing preferential interest rates to senior citizens. Scroll through the blog to learn more about Bank of Baroda FD rates senior citizen and other relevant information.
Latest Bank of Bank Senior Citizen FD Rates
The table below showcases the current BOB FD rates for senior citizens applicable to deposits less than ₹2 crores.
| Tenure | Interest Rate |
| 7 to 14 days | 3.50% |
| 15 days to 45 days | 4.00% |
| 46 days to 90 days | 5.50% |
| 91 days to 180 days | 5.50% |
| 181 days to 210 days | 6.00% |
| 211 days to 270 days | 6.50% |
| 271 days to less than 1 year | 6.75% |
| 1 year | 7.25% |
| Above 1 year to 400 days | 7.25% |
| Above 400 days to 2 years | 7.25% |
| Above 2 years to 3 years | 7.75% |
| Above 3 years to 5 years | 7.15% |
| Above 5 years to 10 years | 7.50% |
| Above 10 years (MACT/MACADCourt Order schemes only) | 6.75% |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.65% |
Features & Benefits of Bank of Baroda FD Rates Senior Citizen
Here are the main features and benefits of the Bank of Baroda FD interest rate for senior citizens :
- Senior citizens receive an additional 0.50% interest over the prevailing Bank of Baroda FD interest rate for general citizens, providing higher returns.
- Besides high-yielding interest rates, these FD schemes are designed with flexible investment tenures ranging between 7 days to 10 years.
- Senior citizens can avoid TDS through this FD investment by submitting Form 15H.
- By investing in Bank of Baroda FD schemes, senior citizens can avail loan or overdraft facility of up to 95% of the deposit amount.
How to Book Senior Citizen FD from the Bank of Baroda?
A senior citizen can open an FD account with the Bank of Baroda through either online or offline mode, whichever is preferable.
Online
You can open a Bank of Baroda FD account online through both net banking and the Bank of Baroda Bank App.
1. Net Banking
- You need to follow the below stepwise process to avail Bank of Baroda Senior Citizen FD Rates through the bank’s website.
- Step 1: Visit the official website of the bank.
- Step 2: Log in using your existing credentials.
- Step 3: Select ‘Open a fixed deposit account’.
- Step 4: Provide all the necessary details including the investment amount, tenure, details of the nominee, etc.
- Step 5: Review all the details before confirming.
- Step 6: Pay the deposit amount via net banking.
- After completing the above steps, download the receipt for your future reference.
2. Bank of Baroda Mobile Banking App
- Follow the steps below to open a Bank of Baroda FD account using the mobile application.
- Step 1: Download the Bank of Baroda mobile application and log in.
- Step 2: Navigate to the ‘Open a fixed deposit account’ option on the main page.
- Step 3: Specify all the required FD details including the maturity amount, duration and the rest.
- Step 4: Click on the ‘Proceed’ button. Your invested amount will then be debited from the savings account.
- Step 5: Download the FD receipt from the app for future reference.
Offline
Here is how you can avail an attractive Bank of Baroda senior citizen interest rate for your deposit offline.
- Step 1: Visit your nearest Bank of Baroda branch.
- Step 2: Fill out the FD application form and attach the required documents.
- Step 3: Submit the form.
- Step 4: Deposit the principal amount you want to invest in the Senior Citizen FD scheme via cash or cheque.
- Once you go through all the above steps, the bank will provide you with an FD receipt for the same.
Documents Required to Open Bank of Baroda Senior Citizen FD
Here are the documents you need to present to avail Bank of Baroda Senior Citizen FD Rates.
- Senior Citizen FD account opening application form
- PAN card
- Identity proof of an applicant – Aadhaar Card, Passport, Voter ID Card, Senior Citizen ID, Driving Licence, etc.
- Address proof of an applicant – Post Office ID Card, Bank statement, Telephone Bills, Electricity Bills, etc.
- Birth Certificate or School Passing/Graduation Certificate for age proof
- Passport-size photographs
- Bank statement including account number, IFSC code, and branch name
Eligibility to Open Bank of Baroda Senior Citizen FD
An individual has to meet the following eligibility criteria to avail Bank of Baroda senior citizen FD interest rate:
- You have to be a resident of India to apply for a Bank of Baroda Senior Citizen FD.
- To avail this FD scheme the minimum age of an applicant has to be 60 years.
Conclusion
The Bank of Baroda FD rates senior citizen 2023 provides you with the opportunity to save a portion of your savings or pension safely. Now that you have information about the current FD interest rates offered by the bank to its senior citizen customers, you can select a suitable investment amount and tenure that aligns with your investment requirement. However, remember these rates are subject to change so verify it with a bank representative before making a final decision.
FAQs
Yes, a senior citizen can invest in FDs without opening a bank account.
The minimum deposit amount required to open a Senior Citizen FD account with the Bank of Baroda is ₹10,000.
The interest rate offered to senior citizens upon investing in the Bank of Baroda 1-year FD scheme is 7.25%. This interest rate applies to all deposits amounting less than ₹2 crores.
Yes, the Bank of Baroda provides a premature withdrawal facility to senior citizens on their FDs. However, they charge a penalty of 2% in non-callable deposits and 1% in callable deposits.
The Bank of Baroda Senior Citizen FD Monthly Income Plan is a fixed deposit scheme designed specifically for senior citizens. It offers a guaranteed monthly income in the form of interest payments to help retired individuals meet their monthly expenses.
