Bank of Baroda Tax Saving FD

Out of all the different types of fixed deposit schemes offered by Bank of Baroda, the Tax saving FD scheme is a popular one. By investing in the Bank of Baroda Tax Saving FD, you can opt for tax benefits of up to ₹1.5 lakhs within a financial year as per Section 80C of the Income Tax Act of 1961.

This scheme comes in a total of three different varieties. One is Baroda Tax Saving – RIRD, which is a cumulative deposit scheme. And the second one is Baroda Tax Saving – MIP for receiving interest monthly. Lastly, there is Baroda Tax Saving – QIP, for which you will receive your interest quarterly. 

Keep reading to find out more information about Bank of Baroda Tax Saving FD.

Account TypeBaroda Tax Saving Fixed Deposit Account
AmountMinimum:  ₹100 (thereafter in multiples of hundred)Maximum: ₹1.5 lakh (in a financial year)
TenureMinimum: 5 years
Maximum: 10 years
Interest RateSenior Citizen: 7.15% to 7.50%General Public: 6.50%
Loan FacilityNot available

BOB Tax Saving Fixed Deposit Interest Rate

If you are someone who wishes to get the dual benefit of earning competitive interest income and saving some of your hard-earned money from being taxed, then this is the scheme for you. Senior citizens can earn an additional interest income of 0.50% on top of what the general public receives by investing in this scheme. 

The staff, as well as ex-staffs, get an additional rate of interest of 1% on top of the basic applicable rates. While ex-staffs who are senior citizens get the benefit of both the staff and senior citizen rates. Here is a table to get a better understanding of BOB Tax Saver FD interest rate for the general public, senior citizens etc:

TenureGeneral PublicSenior Citizen
Up to 5 years6.50%7.15%
Above 5 years to 10 years6.50%7.50%

How to Apply for a BOB Tax Saving Fixed Deposit?

Bank of Baroda offers its customers the freedom to invest in their Tax Saver Fixed Deposit both from the comfort of their home or by visiting any branch of the bank. Let us understand how you can proceed to invest in this scheme via both methods in further detail:


Via the online method, you can either opt to open an FD account through net banking or by using the bank’s mobile app. Check out how to go ahead with both the techniques:

1. Net Banking

Here are the steps as to how you can invest in Tax Saver FD Bank of Baroda scheme using their net banking facility:

Step 1: Visit the official website of the Bank of Baroda.

Step 2: Log in to the net banking account with your existing credentials or register with a new ID if you are a new user.

Step 3: Choose the option ‘Open a fixed deposit account’.

Step 4: Specify the type of FD (in this case, Baroda Tax Saving Fixed Deposit Account).

Step 5: Enter other necessary details like the amount you want to invest, tenure, frequency of interest payout, etc.

Step 6: After double-checking all the details, click on ‘Submit’. Also, download the FD receipt for future reference.

2. BOB World App

Here are the steps for opening a tax saving FD at the Bank of Baroda using their mobile banking app:

Step 1: Download the mobile banking app.

Step 2: Log in using your credentials.

Step 3: Select the ‘Open Fixed Deposit’ option.

Step 4: Enter all the necessary information like deposit amount, maturity period etc.

Step 5: Now click on the ‘Proceed’ button, and your FD account will be booked.

Step 6: Finally, download the FD receipt for future reference.


Following are the steps that you can check out if you wish to book Baroda Tax Saver FD offline:

Step 1: Visit the nearest branch of the Bank of Baroda.

Step 2: Ask for the FD application form from any bank representative.

Step 3: Fill up the form with all the requisite details and submit it along with all the supporting documents.

Step 4: Provide the deposit amount in cash or cheque while submitting the form and documents.

Step 5: After this, your application will be processed, your documents will be verified, and your Tax Saver FD account will be created.

Bank of Baroda Tax Saver FD Eligibility Criteria

Following is a list of people who are eligible to invest in the Bank of Baroda Tax Saving FD scheme:

  • Individual residents
  • Joint account holders where both can be adults or one adult and one minor.
  • Hindu Undivided Family

Documents Required for BOB Tax Saver FD

Here is a list of all the supporting documents that you need to present while booking a Bank of Baroda Tax Saving FD account:

  • FD application form
  • Proof of Identity: PAN card, voter ID, Aadhaar card, driver’s license, passport and any other documents as per KYC norms.
  • Proof of Address: Aadhaar card, utility bills, voter ID and any other documents as per KYC norms.
  • Passport-size photographs.
  • Any other document that might be asked from the bank.

Terms and Conditions of the Scheme

Following is a list of terms and conditions that are applicable to Bank of Baroda Tax Saving FD scheme:

  • Firms, trusts, companies, clubs, societies, corporates, institutions etc., are not permitted to invest in this scheme.
  • Hindu Undivided Families are permitted to invest only under the name of their Karta.
  • A nomination facility is available under this scheme.
  • No loan against the FD facility is available for this scheme.
  • After maturity, your deposit will be auto-renewed for a period of 12 months.
  • Premature withdrawal facility is not available if you invest in Bank of Baroda Tax Saver FD.

It is wise to go through all the terms and conditions related to a scheme before investing in it. The same is applicable if you want to invest in the Bank of Baroda Tax Saving FD scheme. By doing so, you can make an informed decision and reduce the chances of getting any unfavourable surprises down the line.


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