- 1 Bank of Baroda Fixed-Term Rates
- 2 Features and Advantages of Fixed Deposits from Bank of Baroda
- 3 Eligibility Requirements
- 4 Documents Required:
- 5 Features of the Baroda Tax Saving Fixed Deposit Account
- 6 Account Types
- 7 Interest Rates
- 8 Interest Payment & Tax Owed
- 9 Types of Fixed Deposits with the Bank of Baroda (BOB)
- 10 Characteristics of a Short Deposit Scheme
- 11 Advantage Term Deposit by Baroda features (Non-Callable)
- 12 Specifications of a Regular Income Plan
- 13 A monthly income plan’s characteristics
- 14 Baroda’s Tax Savings FD Program’s Features
- 15 BoB Term Deposits Premature Withdrawal Penalty
- 16 Individual BOB Fixed Deposit Eligibility Requirements
- 17 Required Documents for Individuals
- 18 FAQs
- 18.1 How do I obtain tax relief from TDS?
- 18.2 What is the length of time until the Tax Saving Fixed Deposit matures?
- 18.3 How much money must be deposited as a minimum to start a BOB Term Deposit account?
- 18.4 Can I prematurely take funds from a tax savings account before five years have passed?
- 18.5 What is the BOB Fixed Deposit rate that is highest?
- 18.6 Can I create an online Bank of Baroda FD account?
- 18.7 Do you have access to a premature withdrawal facility through Bank of Baroda?
Bank of Baroda Fixed-Term Rates
With a duration ranging from seven days to ten years, Bank of Baroda’s Fixed Deposit (FD) scheme offers competitive interest rates. Short-term, long-term, and 1988 Capital Gain Account Scheme FDs are the three types of FDs that the bank offers. On the FD program, senior citizens receive an additional interest rate.
Invest for a long time to earn more interest on our term deposit. Baroda Tax Savings Term Deposit Account will protect your return from changes in interest rates.
Features and Advantages of Fixed Deposits from Bank of Baroda
The following is a list of the key characteristics and advantages of the Bank of Baroda’s FD program:
• The program’s duration extends from seven to ten years.
• There are affordable interest rates available.
• There is a nomination facility.
There are safe deposit boxes available.
• Loans may be obtained in relation to the account’s available balance.
• Convenient choices for withdrawal.
• Collections of outstation checks.
The following people and organizations may open an FD account with Bank of Baroda:
• Limited corporations
• Clubs, societies, and associations
Hindu Undivided Families (HUFs), Trusts, Charitable Organizations, and Religious Organizations, and Sole Proprietorships
Non-Resident Individuals (NRIs), Partnership Firms, Minors, and Resident Citizens
· Voter identification
· A passport
· A driver’s license
· A Permanent Account Number (PAN) card as proof of identity and proof of address
Fixed Deposit Programs Available from Bank of Baroda
The three main FD program types that Bank of Baroda offers are listed below:
Long-term and short-term deposits are both options.
• The 1988 Capital Gain Account Scheme
Features of the Baroda Tax Saving Fixed Deposit Account
RIRD and MIP are two ways to save on taxes when driving a car.
• BROADWAY TAX SAVINGS – QIP
The product is aimed at clients who want to invest money in the form of a term deposit for a minimum of five years in order to qualify for an income tax credit under Section 80C.
Tax-saving RIRD TD131
TD132: Tax Saving MIP: Interest on Deposit is paid on a monthly basis under this program.
TD133: Tax Saving QIP: Interest on Deposit is paid on a quarterly basis under this program.
Investments in the product are open to both individuals and HUF. It is most suited for income tax payers, including those who are employed, in the higher and intermediate income brackets, retired individuals, etc.
Firms, corporations, trusts, societies, clubs, institutions, and other business entities are not permitted to invest in the product.
Minimum and Maximum Deposit Amounts
The minimum deposit amount is 100 rupees, and amounts can be deposited in multiples of 100 after that, as long as the total amount deposited throughout a fiscal year does not exceed 1,50,000 rupees in order to receive tax benefits.
Time Frame of Deposit
The term deposit needs to be for at least five years. However, the deposit’s maximum duration will not exceed ten years.
- Term deposits may be issued in single or joint names
- Single name deposits must be made in the name of the individual or in the capacity of the Karta of the Hindu Undivided family
- Joint accounts may be made in the names of up to two adults or jointly to an adult and a minor.
- As of right now, only the first deposit holder will be eligible for income tax relief in cases of joint accounts or joint holdings of deposits, according to government guidelines.
Current interest rate for fixed deposits.
• Senior Citizen: An extra interest charge of 0.50% is due.
• Employees/Ex-employees: In accordance with Bank policies as updated from time to time (at this time, an extra 1% in interest is due).
• Senior citizens who are ex-employees are entitled to both the staff rate and the senior citizen interest rate.
Interest Payment & Tax Owed
- Interest will be calculated on a quarterly rest basis, much like our standard fixed deposit program.
- Deposits can be accepted under our RIRD/MIP/QIP schemes. At the customer’s request, prepayment is only permitted after five years have passed, and the bank will pay interest at a rate that is 1% lower than the rate in effect on the deposit date for the time that the deposit has actually been held by the bank. The excess interest paid, if any, should be deducted from the principal amount at the time of prepayment of the deposit if the branch has paid any interest on the deposit.
- The deposit’s interest is tax deductible. According to the current rules that the government from time to time issues, tax on interest payable on deposits is to be deducted at source.
Facility for Nomination
There will be a facility for nominations.
Tax Deduction at Source
Tax Deducted at Source (TDS) is deducted from interest payments in accordance with the applicable Income Tax ACT.
No loan or other sort of credit arrangement may be considered using the deposit as collateral. It is not possible to use the deposit as collateral.
The single name deposit is to be provided to an individual for himself or in the capacity of the Karta of the Hindu Undivided family. The joint account may be in the name of no more than two adults or jointly to an adult and a minor. Term deposits can be issued in single and joint names. According to the government’s current guidelines, only the initial deposit holder will be eligible for income tax relief in the case of a joint account or shared ownership of a deposit.
When the deposit matures, it will be reissued under the standard FDR plan for a new 12-month term.
Premature payment is not permitted. However, prepayment is permitted in cases of death according to the Bank’s standard policies.
Other Important Features:
The accounts formed under the product will be subject to the general regulations governing the Banks Term Deposit scheme in addition to those already mentioned.
• In accordance with our standard operating procedure, the receipt or account of a term deposit made under the plan may be moved to any other branch of our bank.
• Deposits made under the Scheme are subject to current applicable government regulations.
Fixed Deposits or Term Deposits are available from Bank of Baroda (BOB) at competitive interest rates.
Types of Fixed Deposits with the Bank of Baroda (BOB)
- Scheme for Capital Gain Accounts, 1988
- Program for short-term deposits
- The Long Term Deposit program
- FD with Baroda Advantage (Non-Callable)
- The BOB Suvidha FD program
- Plan for Regular Income
- Monthly Income Schedule
- Term Deposit Program
- Baroda’s FD Tax Savings Program
Characteristics of a Short Deposit Scheme
- 7 days to 1 year for maturity
- Rs. 1,000 is the minimum deposit amount.
- From 2.80% p.a. to 4.40% p.a. is the range of FD rates.
- Interest payments every half-year
- Deposits have the option of auto-renewal.
- Loans up to 95% of the deposit’s value can be obtained against the deposit.
- Loans will be available at a rate that is 1.50% higher than the rate on FDs.
- The deposit has an overdraft facility available.
- Seniors are eligible for a rate that is 0.5% greater than the standard FD rates.
- The scheme’s ability to nominate people
- The appropriate Tax Deducted at Source (TDS) for interest income
- Minors over the age of 10 may start FD accounts with a maximum deposit of Rs. 1 lakh.
Advantage Term Deposit by Baroda features (Non-Callable)
- A combined FD account may be maintained.
- This account may be opened by minors above the age of 14.
- A deposit of at least Rs.15,01,000 is required.
- The maturation period ranges from one to ten years.
- Interest rates range from 4.90% to 5.25% each year.
- Interest payments every half-year (every 6 months)
- No early withdrawals are permitted
- After a year, FDs under Rs.1 crore will renew themselves automatically.
- To renew deposits beyond Rs. 1 crore, an account holder must send instructions to the bank.
- Up to 85% of the deposit’s value is accessible through overdrafts and loans against the deposit.
- Senior citizens receive a 0.5% rate hike on FDs under Rs. 1 crore.
- Taxes on interest income are based on Tax Deducted at Source (TDS)
BOB Suvidha FD Scheme Features
- Quick fund availability
- Rs. 5,000 is the minimal investment amount.
- The maturation period ranges from one to five years.
- Interest is paid every half-year.
- Permitted premature closure
- Deposits renew automatically after a minimum of one year.
- Loans and overdraft facilities may be requested against deposits.
- Senior folks receive a 0.50 percent higher interest rate
- Accounts have the option to nominate people.
- Interest income will be taxed according to TDS.
Specifications of a Regular Income Plan
- Rs. 1,000 is the minimum deposit amount.
- The tenure ranges from one to ten years.
- Interest paid quarterly
- FD has at least a 12-month auto-renewal period.
- Term Deposits may be used as collateral for overdraft requests.
- A depositor has the option to designate a nominee as a beneficiary.
- In accordance with the Income Tax Act of 1961, TDS will be used to tax the interest.
- Senior Citizen FD rates are 0.5% more than regular rates (deposits to Rs.1 crore)
A monthly income plan’s characteristics
- Rs. 1,000 is the minimal amount needed.
- Duration: from one to ten years
- Payment of interest per month
- Premature withdrawals are possible.
- Automatic renewal of Term Deposits for a minimum of One Year
- Lending against FD applications is accepted by investors.
- The FD is automatically renewed once at least a year has passed.
- The Term Deposit includes features like nomination and overdraft.
- BOB enables borrowing against FDs.
- BOB increases interest rates for senior citizens by 0.50%.
- The Monthly Income Plan’s interest is taxed using TDS.
Baroda’s Tax Savings FD Program’s Features
- Rs. 100 is the minimum investment amount.
- Maximum deposit: Rs. 1,50,000
- A 5.25 percent annual interest rate for loans with terms of 5 to 10 years.
- The maturation period ranges from 5 to 10 years.
- Interest compounds quarterly.
- Only after five years may a premature withdrawal is made.
- Senior folks receive a higher rate of 0.50% for deposits under Rs. 1 crore.
- Interest income is subject to TDS tax.
BoB Term Deposits Premature Withdrawal Penalty
• There is no penalty imposed if a depositor withdraws money from a deposit that is less than Rs. 5 lakh early.
• The bank must have kept the deposit for at least a year.
• There is a 1% penalty for early withdrawals of deposits between Rs. 5 lakh and Rs. 1 crore.
• This applies to deposits that the bank has kept for less than a year.
Individual BOB Fixed Deposit Eligibility Requirements
- Indian National
- Karta of an undivided Hindu family
Required Documents for Individuals
· A description of the applicant in accordance with BOB’s criteria
· A current color passport-size photo of the applicant
· Valid identification proving the applicant’s identity
· Address evidence, as well as a Permanent Account Number (PAN) card or Form 60
How do I obtain tax relief from TDS?
Following the bank’s receipt of Form 15G/15H, you can obtain an exemption.
What is the length of time until the Tax Saving Fixed Deposit matures?
The BOB Tax Saving FD is available with a 5–10 year term.
How much money must be deposited as a minimum to start a BOB Term Deposit account?
The required minimum investment is Rs. 1000.
Can I prematurely take funds from a tax savings account before five years have passed?
The Tax Saving FD has a 5-year lock-in period instead.
What is the BOB Fixed Deposit rate that is highest?
For a maturity period between three and ten years, the highest BOB FD rate is 5.25% per annum for the general public.
Can I create an online Bank of Baroda FD account?
Yes, you have the ability to open an FD account online with Bank of Baroda.
Do you have access to a premature withdrawal facility through Bank of Baroda?
On its FD accounts, the Bank of Baroda does indeed offer a premature withdrawal facility. However, if a withdrawal is made too soon, there will be a fee.