Minimum – ₹ 1,000
Maximum – ₹ 100 crore
Minimum – 7 days
Maximum – 10 years
Minimum – 2.90%
Maximum – 5.30%
Bank of Baroda offers fixed deposit schemes to individuals, firms, cooperates, HUFs, etc. for short-term as well as for long term periods. There are different types of schemes offered by the bank with varied features and attractive rates of interest. Let us have a look at the current Bank of Baroda FD rates along with the benefits one can fetch from investing in BOB fixed deposit schemes.
Bank of Baroda FD Rates 2020
BOB Domestic/NRO Fixed Deposit Interest Rates
|Tenure||Bank of Baroda Fixed Deposit Interest Rates (% p.a.)|
|Regular Citizens||Senior Citizens|
|7 days to 14 days||2.90||3.40|
|15 days to 45 days||2.90||3.40|
|46 days to 90 days||3.90||4.40|
|91 days to 180 days||3.90||4.40|
|181 days to 270 days||4.40||4.90|
|271 days & above and less than 1 year||4.40||4.90|
|Above 1 year to 400 days||5.10||5.60|
|Above 400 days and up to 2 years||5.10||5.60|
|Above 2 years and up to 3 years||5.10||5.60|
|Above 3 years and up to 5 years||5.30||5.80|
|Above 5 years and up to 10 years||5.30||6.30*|
Note – The Interest rates are applicable with effect from 2nd June 2020 on deposits below Rs. 2 crore.
*Due to COVID-19,Bank has agreed to pay additional rate of 100bps in “Above 5 years to upto 10years” tenor to Resident Indian Senior Citizen and this is valid till 30.09.20.
Bank of Baroda Tax Savings Term Deposit
|Tenure||Interest Rate for Regular Individuals||Interest Rates for Senior Citizens|
|For 5 years||5.30%||5.80%|
|Above 5 years to up to 10 years||5.30%||6.30%|
(Interest Rates are updated with effect from 2nd June 2020)
Term wise Bank of Baroda FD Interest Rates
- Bank of Baroda FD rates (domestic resident deposits) range from 2.90% to 5.30% for regular residents. For senior citizens, it ranges from 3.40% – 6.30%
- For deposits maturing in 7 days – less than 14 days, customers can enjoy the interest of up to 2.90% (3.40% for senior citizens)
- For deposits maturing in 1 year – above 2 years and up to 3 years, depositors can gain returns @ 5.10% while senior citizens get these returns at 0.50% higher rate of 5.60%
Bank of Baroda NRI FD Rates
- Bank of Baroda Non-Residential Fixed Deposit Rates (NRE FD)
- NRE Callable BOB FD Interest Rates (Below Rs. 2 crore)
|Tenure||Rate of Interest|
|Above 1 Year to 400 days||5.10%|
|Above 400 days and up to 2 Years||5.10%|
|Above 2 Years and up to 3 Years||5.10%|
|Above 3 Years and up to 5 Years||5.30%|
|Above 5 Years and up to 10 Years||5.30%|
Note: The aforementioned Bank of Baroda NRE FD rates are applicable to deposits below Rs. 2 crores, w.e.f. 6th June 2020. For deposits above Rs. 2 core, please visit the bank’s official website.
2. Bank of Baroda Foreign Currency Non-Resident Fixed Deposit Rates (FCNR FD)
|1 year to less than 2 years||1.10||0.79||0.00||0.18||1.48||0.67|
|2 years to less than 3 years||1.09||0.71||0.00||0.18||1.26||0.67|
|3 years to less than 4 years||1.26||0.74||0.00||0.18||1.33||0.71|
|4 years to less than 5 years||1.29||0.79||0.01||0.19||1.22||0.82|
Note: The aforementioned Bank of Baroda FCNR fixed deposit interest rates are applicable w.e.f. 1st September 2020. All the figures are in percentage. There is no additional FD rate extended to senior citizens or Staff.
Read more about Bank of Baroda NRI FD Schemes
Features & Benefits of BOB Fixed Deposits
Features of fixed deposit schemes provided by Bank of Baroda:
- Available in the short and long term, both maturity periods ranging from 7 days to 10 years
- Minimum deposit amount required to open FD with BOB starts from Rs. 1000 (Rs. 100 in case of Tax Saving Term Deposit)
- Interest is compounded quarterly and payable on a half-yearly basis (payable on maturity in case of Tax Saving Term Deposit and Capital Gains Account Scheme)
- Preferential rates offered to senior citizens at an additional of 0.50% over the base rate (except Capital Gains Account Scheme)
Benefits one can fetch by investing in fixed deposit schemes by Bank of Baroda:
- Option to avail loan against FD for up to 85% – 95% of the deposit amount
- Option to prematurely withdraw deposits at a nominal penal charge of 1%
- No penalty chargeable for deposits in-force for a minimum of 12 months (for withdrawal of up to Rs. 5 lakh only)
- Facility for auto-renewal available
- Nomination facility available
- No processing fee charged for loans and advances against fixed deposits
Types of FD Schemes Offered by Bank of Baroda
The following are the types of fixed deposit schemes one can invest in when banking with the Bank of Baroda:
Read more about Types of BOB Fixed Deposit Schemes
Who Should Invest in BOB Fixed Deposits?
For short term investment, i.e. 7 days – less than 1 year, you can choose Bank of Baroda Short Term Deposit Scheme. It can be opened with a minimum of Rs. 1,000. Interest will be quarterly compounded.
If you’re looking for more than 1 year of investment, you can go for long term deposits. Where BOB Suvidha will give you 12 – 60 months of maturity period with minimum Rs. 5,000 deposit amount, Baroda advantage Non-Callable FD will give you 12 – 12- months of maturity period. However, the latter option is viable for those who wish to invest bigger (i.e. minimum Rs. 15,01,000). Since it is non-callable, you will not be able to prematurely withdraw your money. Therefore, opt this only if you can forego liquidity till FD expires.
You can also save up to Rs. 1.5 lakh on income tax by investing in Baroda Tax Saving Term Deposit with a minimum of Rs. 100 deposit. There will be lock-in of 5 years and no loan will be given on this FD.
If you’re looking to save tax on capital gains then the Capital Gain Account Scheme, 1988 will be useful to you. You can invest proceeds from a property, stocks, etc. in this account and avail tax exemption on the invested money. Deposit tenure ranges from 12 – 120 months.
Preferential interest of 0.50% for senior citizens (except Capital Gains Account Scheme).
Bank of Baroda FD Calculator
Before narrowing down a specific scheme, it is highly advisable to check the returns that one may get from making an investment in a fixed deposit scheme offered by Bank of Baroda. To ascertain this, customers are advised to use the Bank of Baroda FD calculator.
This calculator is available free of cost on Paisabazaar and can be accessed here. Investors will be required to provide details like deposit amount, applicable Bank of Baroda FD Rate and deposit tenure to calculate their potential earnings and compare it with other bank FD rates as well.
Suggested Read : How to Use BOB FD Calculator
Bank of Baroda Premature Withdrawal Facility
Most of the FD schemes by Bank of Baroda provide the facility to withdraw a particular amount from the deposit before the date of maturity. This facility is termed as premature withdrawal facility. If the FD has been in force for a period of 12 months, no penalty shall be levied for deposits up to Rs. 5 lakh. Except for Baroda Advantage FD (Non-callable) scheme, all other schemes provide this facility with certain terms and conditions to abide.
Bank of Baroda Loan against FD
Depositors are given the option to take a loan against their FD in order to recuperate from a financial requirement. The bank provides loan facility for up to 95% of the deposit amount (upper limit may vary for some schemes). The depositor shall be charged with a rate of interest of up to 1.75% over the deposit rate. This rate may be higher in certain cases. For senior citizens, the interest rate shall be discounted.
Important Information Required to Invest in Bank of Baroda Fixed Deposit
Before opening a fixed deposit account with the Bank of Baroda (BOB), one must know whether he/she is eligible to apply. Also, we have included a basic list of documents that are required to be submitted when applying for a fixed deposit account with the Bank of Baroda.
Eligibility Criteria :
Fixed deposit schemes offered by the bank are available for salaried as well as non-salaried professionals including senior citizens who have retired from their respective jobs. Non-individuals are also eligible to apply for BOB FD schemes.
Documents Required to Apply
To apply for fixed deposit schemes offered by Bank of Baroda, one must ensure to keep the following set of documents ready to be produced as and when the bank asks for it:
- Identity proof (Voter’s ID card, passport, Aadhar card, etc.)
- Residence proof (Aadhaar card, passport, utility bills, Municipal Tax receipt, etc.)
- PAN Card
- Passport size photographs
Please note that this is only an indicative list with basic necessary documents. The bank may ask for further details as and when found necessary.
Frequently Asked Questions (FAQs)
Do all FD schemes by Bank of Baroda provide premature withdrawal facility?
No. Baroda Tax Advantage (Non-Callable) scheme does not provide the facility to withdraw the amount before maturity.
What is a non-callable FD?
A non-callable FD is a deposit scheme where the investor is not given the option to withdraw money from the account before maturity.
What is the highest Bank of Baroda FD rate?
Currently, Bank of Baroda is offering a maximum of 5.30% rate of interest for a tenure of above 3 years – up to 10 years.
How often do FD rates change?
Since interest rates are variable Bank of Baroda FD rates also fluctuate whenever there is a change in the market. Frequency of such changes cannot be determined.
If the current FD rate is lower than the rate at the time of investing, which of the two shall be applicable at the time of maturity payment?
The investor shall get returns based on the rates at which FD was signed.
Bank of Baroda FD News
|Bank of Baroda FD Rates Slashed|
|13th February, 2020|
Bank of Baroda recently revised its FD rates effective by 10th of February, 2020. Fixed deposit interest rates for domestic deposits below Rs. 2 crore saw a steep cut of 50 basis points. BOB fixed deposit maturing in 7 – 45 days shall fetch interest @ 4.50% while deposits maturing in less than 1 year shall be earning returns @ 5% to 5.5%.
FD with 1 year of tenure will correspond with a 6% interest rate which will extend up to 3 years and from above 5 years to 10 years. FD with tenure of more than 3 years to less than 5 years shall earn 6.25% of interest.
The bank continues to provide 0.50% extra rates to senior citizens above the standard fixed deposit interest rates.
|Bank of Baroda Revises Fixed Deposit Rates|
|4th September, 2019|
Bank of Baroda revises its fixed deposit interest rates across all maturities with effect from 31st August 2019. The latest fixed deposit rates ranges between 4.50% to 6.60% for maturities between 7 days to 10 years for deposits below Rs. 2 crore. However, the bank continues provide 0.50% additional interest rate to the senior citizens.
|Bank of Baroda Reduces Fixed Deposit Rates|
|20 July, 2019|
Bank of Baroda has reduced the fixed deposit interest rates across all maturities with effect from 20th July 2019. For fixed deposits having a 1 year maturity period, the interest rate has reduced from 6.70% to 6.45% and for fixed deposits having a maturity period between 400 days and up to 2 years, the bank reduced the interest from 6.70% to 6.45%. Bank of Baroda offers the highest rate of 6.60% on fixed deposits having a maturity period of above 1 year to 400 days.