Updated 06 Dec 2023
Fixed deposit is a traditional investment option where banks and other financial institutions provide a fixed rate of return until the maturity date.
Bank of Baroda is one of the leading public sector banks of India, it is the second largest bank of India which not only works in India but also oversees, this bank was nationalised in the year 1969 and headquartered in Vadodara, Gujarat.
The fixed deposit attracts higher returns compared to the savings account, and the Bank of Baroda provides various attractive schemes where investors can invest according to their suitability.
Let's discuss the different fixed deposit schemes and their rate of interest in detail.
The following are the benefits of investing in the Fixed Deposit schemes offered by the Bank of Baroda:
Following is the list of people eligible to open an FD account with the Bank of Baroda.
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
Applicable for Senior Citizens & Minor only.
For Senior Citizens ( any one of the following):
For Minors: Birth Certificate issued by Gram Panchayat / NAC (Notified Area Committee) / Municipal corporation.
Note- The above requirements are waived if the customer is already an account holder of the Bank.
You can break your FD pre-maturely, both online and offline. The process is as follows:
For premature withdrawal, the Penal Interest Rate of 1% shall be applicable on the card rate. The card rate for premature closure will be lower than the rate for the original/contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the bank.
Can I avail a loan against my Bank of Baroda Fixed Deposit?
Yes, banks offer loans against fixed deposits. The loan amount offered can be up to 95% of the deposit amount, and the interest rate charged on the loan is generally lower than that of other loans.
Is Bank of Baroda FD safe?
Fixed deposits are secure as they are insured for up to ₹ 5 lakh, which includes both the principal and interest amount, under the Deposit Insurance and Credit Guarantee Corporation (DICGC) as per RBI guidelines.
What is the minimum and maximum deposit amount for Bank of Baroda Fixed Deposit?
The minimum deposit amount for Bank of Baroda fixed Deposit is ₹ 1000, and there is no maximum limit apart from some limits in NRE accounts.
How is a tax-saver FD different from a regular FD?
A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per the choice of an individual, and they are eligible for premature withdrawals.
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