Bank of Baroda Fixed Deposit Interest Rate

The Bank of Baroda fixed deposit interest rates help you to earn extra income by offering attractive returns on your deposits. With interest rates ranging from 4.25% to 7.75%, these deposits offer a secure way to work towards your financial goals. BOB fixed deposits offer better returns compared to savings accounts, with tenures ranging from 7 days to 10 years. Continue reading to explore more about the interest rates of this bank. 

Bank of Baroda Fixed Deposit Interest Rates for General and Senior Citizens:

Bank of Baroda provides attractive FD interest rates, making it a smart option for both regular and senior citizens. It provides senior citizens with an additional 0.50% per annum on fixed deposit interest rates. Currently, Bank of Baroda offers fixed deposit interest rates between 4.25% and 7.25% for regular investors. Senior citizens can enjoy higher rates, reaching up to 7.75%.

Term Wise Bank of Baroda Fixed Deposit Interest Rates 

The following shows the term-wise BOB fixed deposit interest rate:

• Short-Term: These term deposits have a tenure of 7 days to 1 year. BOB offers an interest rate ranging between 4.25% to 6.85% for general citizens and 4.75% to 7.35% for senior citizens on short-term fixed deposits. For instance, you want to invest ₹50,000 in an FD for 1 year with 6.85% interest. You will earn an interest of ₹3,514 and the total maturity amount will be ₹53,514. 
• Medium Term: Medium-term FDs have tenures exceeding 1 year but less than 5 years. The bank offers an interest rate of 6.85% to 7.15% for general citizens and 7.35% to 7.75% for senior citizens. Suppose a senior citizen wants to invest ₹50,000 in an FD for 2 years at 7.50%. They will earn an interest of ₹7,782 and the total maturity amount will be ₹57,782.
• Long-Term Deposits: Long-term BOB deposits have tenures ranging from 5 to 10 years or more. The interest rate of such deposits ranges from 6.25% to 6.50% for general citizens and 6.75% to 7.50% for senior citizens. If you invest ₹50,000 for 5 years, you will earn an interest of ₹19,021 and your total maturity amount will be ₹69,021.

Benefits of Bank of Baroda Fixed Deposit Interest Rates

Here are some benefits of the Bank of Baroda Fixed Deposit interest rate:

• The highest interest rate that this bank provides is 7.25% for general citizens and 7.75%  for senior citizens.
• BOB FD provides the advantage of quarterly compounding, allowing your savings to increase more quickly. 
• You can opt for the auto-renewal facility to ensure hassle-free reinvestment of your interest income.

Eligibility to Avail Bank of Baroda Fixed Deposit Interest Rates

The following is a list of individuals and entities who can open and enjoy the competitive Bank of Baroda fixed deposit interest rate:

• Individuals
• Hindu Undivided Families (HUFs)
• Illiterate individuals
• Visually-impaired individuals
• Sole proprietorships
• Partnership firms
• Minors
• Clubs, societies, and associations
• Trusts
• Limited companies
• Religious, charitable, and educational institutions
• Panchayats and municipalities

Documents Required to Avail Bank of Baroda Fixed Deposit Interest Rates

Here are some certain documents that you need to submit mandatorily at the time of booking any Bank of Baroda fixed deposit plans:

• Proof of identity: Aadhaar card, PAN card, voter ID card, driving licence, etc.
• Proof of address: Passport, electricity bill, telephone bill, etc.
• For partnerships, provide the partnership deed, ID proofs, signatures of authorised signatories and the incorporation certificate.
• For Hindu Undivided Families (HUFs), submit a self-attested PAN Card, HUF declaration and a bank statement.
• Two recent passport-size photographs

Premature Withdrawal of Bank of Baroda Fixed Deposit

If you have a fixed deposit with the Bank of Baroda and face an emergency, you may need to withdraw it before maturity. In such cases, the bank deducts a penalty from the interest you earn on FD. 

For domestic term deposits between ₹5 lakh and ₹1 crore, the bank charges a 1% penalty on premature withdrawal. However, if your fixed deposit is less than ₹5 lakh and you withdraw it after holding it for more than 12 months, no penalty is applied. Furthermore, for non-callable deposits, the bank charges a 2% penalty for early withdrawals. 

Tax on Bank of Baroda Fixed Deposit

Investing in the Bank of Baroda Tax Saving FD allows you to claim tax benefits of up to ₹1,50,000 per annum under Section 80C of the Income Tax Act. However, other Bank of Baroda FD schemes do not offer tax-saving benefits under this section. You must keep in mind that the income earned from Bank of Baroda fixed deposit interest rates is taxable depending upon your income tax slab. 

Additionally, a TDS of 10% is deducted if the interest income from your FD exceeds ₹40,000 per annum and ₹50,000 per annum for senior citizens. Moreover, if you fail to provide your PAN details to the bank, the TDS rate increases to 20%. To avoid TDS deductions, you can submit Form 15G or Form 15H to the bank, as applicable.

Why Should You Choose Stable Money to Book a Fixed Deposit?

Stable Money partners with leading small finance banks and NBFCs to offer fixed deposit interest rates as high as 9.50%. By opening an FD through the Stable Money App, you can enjoy these attractive rates and receive an FD certificate upon booking.

These fixed deposits are insured up to ₹5 lakh under the guidelines of DICGC (Deposit Insurance Credit Guarantee Corporation), a subsidiary of the Reserve Bank of India (RBI). Our round-the-clock customer support ensures you can book multiple FDs conveniently from anywhere, anytime.

Get the Stable Money App now and start booking your high-interest FD with ease!