Bank of Baroda Fixed Deposit Interest Rates - Types & Benefits

Bank of Baroda Fixed Deposit Interest Rate

Are you a customer of Bank of Baroda? If you are interested in earning more interest on your savings? Then check out the Bank of Baroda Fixed Deposit Interest Rate! Here, we explained all the details about Bank of Baroda Fixed Deposit like interest rates, how to open a fixed deposit account on Bank of Baroda, benefits of Bank of Baroda Fixed Deposit and more.

Bank of Baroda Fixed Deposit:

Bank of Baroda Fixed Deposit (FD) scheme offers flexibility in repayment mode. An amount is deposited in an account and the interest credited in the same account. The money is to be withdrawn by the depositor at any time but only after completion of a prescribed period of time. An amount is invested in FDs with Bank of Baroda (BOB) on the basis of maturity period and rate of interest.

Bank of Baroda Fixed Deposit Interest Rates

Fixed deposit is issued by BOI for a minimum of Rs. 10,000 and maximum of Rs. 25,000,000/- and minimum tenure of one year and maximum tenure of five years. The Bank of Baroda offers a fixed deposit interest rate of 7.35% per annum for deposits below ₹1 Crore. Interest rates are higher for senior citizens. The minimum deposit required is ₹1,000 and there is no maximum limit. Deposits can be made for a tenure of 7 days to 10 years.

Bank of Baroda Fixed Deposit Interest Rates:

The interest rate for Bank of Baroda's current fixed deposit scheme is 5.50% per annum. The minimum deposit amount is Rs 1,000 and the maximum deposit amount is Rs 5 lakh. The interest rate is subject to change at the discretion of the bank.

Also Read: Central Bank of India Fixed Deposit Interest Rates

How to Open a Fixed Deposit Account with the Bank of Baroda?

If you are looking for a safe and secure investment option with decent returns, then a fixed deposit account with the Bank of Baroda may be a good option for you. Here is a step-by-step guide on how to open a fixed deposit account with the Bank of Baroda:

Visit the nearest Bank of Baroda branch: You can open a fixed deposit account by visiting the nearest Bank of Baroda branch.
Fill up the application form: You will need to fill up an application form and submit it along with KYC documents such as your identity proof and address proof.
Choose your tenure and interest rate: You can choose the tenure of your fixed deposit as per your investment goals. The interest rate on Bank of Baroda fixed deposits is linked to the tenure chosen by you.
Deposit your money: Once you have submitted the application form and required documents, you will need to deposit the amount you want to invest in your fixed deposit account.
Your FD account is now active: Your fixed deposit account will be activated after the money is credited into your account.

Benefits of Investing in Bank of Baroda Fixed deposits:

Fixed deposits offer a number of benefits for investors, including the following,

They provide a guaranteed return on your investment, meaning you know exactly how much money you will earn over the term of your deposit.
They offer stability and peace of mind, as your money is safe and sound in a Bank of Baroda fixed deposit account.
They can be a good option for risk-averse investors, as they are low-risk investments.
They offer flexible terms and conditions, so you can choose an investment period that suits your needs.
You can access your money early if you need to, although there may be penalties for doing so.

Also Read: Bank Of Baroda Balance Check Net Banking Login

Types of Bank of Baroda Fixed Deposit Accounts:

Bank of Baroda offers several different types of fixed deposit (FD) accounts, each designed to meet different financial goals. Here is an overview of the different types of FDs offered by Bank of Baroda:

General Fixed Deposit: This is the most basic type of FD account offered by Bank of Baroda. Interest rates are fixed for the entire term of the deposit, and deposits can be made for terms ranging from 7 days to 10 years.
Recurring Deposit: A recurring deposit account allows customers to make smaller, regular deposits over time. The interest rate is fixed for the entire term of the deposit, and deposits can be made for terms ranging from 12 months to 60 months.
Tax-Saving Fixed Deposit: This type of FD account allows customers to save on taxes by investing up to Rs. 1.5 lakhs in a 5-year FD account. The interest rate is fixed for the entire term of the deposit.
Senior Citizens Fixed Deposit: This FD account offers a higher interest rate (0.50% higher) than the general FD account, making it a good option for senior citizens who are looking to grow their savings. Deposits can be made for terms ranging from 7 days to 10 years.

How to calculate interest on Bank of Baroda fixed deposits?

The interest on Bank of Baroda fixed deposits is calculated using the following formula: (P x R x T)/100 Where, P = Principal amount (amount deposited in the account) R = Interest rate T = Tenure (term of deposit in years) / 100 = To calculate percentage value. For example, suppose you have deposited Rs 10,000 in a Bank of Baroda fixed deposit account for a tenure of 5 years at an interest rate of 6%. In this case, the interest calculation would be as follows: Interest = (10000 x 6 x 5)/100 = 3000

Conclusion:

The Bank of Baroda Fixed Deposit Interest Rate is a great way to earn some extra income. The interest rate is competitive and the terms are flexible, making it a great option for anyone looking to invest their money. If you are looking for a safe and reliable investment, the Bank of Baroda Fixed Deposit Interest Rate is a great option for you.

FAQ's:

1. What is the minimum amount I can deposit in a Bank of Baroda fixed deposit?

The minimum amount you can deposit in a Bank of Baroda fixed deposit is Rs 1,000.

2. What is the maximum amount I can deposit in a Bank of Baroda fixed deposit?

The maximum amount you can deposit in a Bank of Baroda fixed deposit is Rs 10 lakh.

3. Can I prematurely withdraw my Bank of Baroda fixed deposit?

Yes, you can prematurely withdraw your Bank of Baroda fixed deposit, but you will be subject to a penalty of 1% of the principal amount plus applicable taxes.