Bank of Baroda Fixed Deposit (FD) Rates

Bank of Baroda, a public sector bank of India, offers different fixed deposit (FD) schemes that cover the varying needs of retail customers. Just deposit your lump-sum savings in one of these accounts and rest assured to earn a competitive interest rate based on the tenure selected. Here is all that you should know about Bank of Baroda FD schemes.

Latest Update

RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.

Fixed Deposit Interest Rates 2024 of Bank of Baroda

The interest rates provided in the table below are applicable to deposits below Rs.3 crore and is effective from 13 August 2024.

*Interest rates are subject to change from time to time.

Different Types of Bank of Baroda FD Schemes

• BOB 360 Short Term Deposit:

The scheme is ideal for people wanting to earn a high rate of interest on deposits below a year. It is available only to residents and NROs. The tenure of this scheme is fixed, i.e., 360 days. The minimum deposit amount is Rs.1,000, and thereafter, in multiples of Rs.1. The maximum deposit limit is Rs.2 crore. 

• BOB Short Term Deposits:

Earn high interest rates even on FD accounts with a tenure of less than one year. You can think of the scheme as an ideal option for transitory savings to meet the requirements. The minimum deposit amount is Rs.1,000 and in multiples of Rs.100 thereafter. No upper limit is defined for the deposit amount. The tenure can be between 7 days and less than 12 months.

• BOB Advantage Fixed Deposits (Non-Callable):

The minimum deposit for this scheme is Rs.1,00,01,000 and in multiples of Rs.1,000 thereafter. There is no maximum limit on the deposit amount. The tenure ranges from 12 months up to 120 months. Such an account receives preferential rates as decided by the bank.

• BOB Suvidha Flexible Fixed Deposit Scheme:

This scheme's speciality is that it offers competitive interest rates and a flexible withdrawal limit. It is ideally suited for salary earners, self-employed professionals, and farmers, who can invest their savings for a longer duration and receive a higher interest rate while having the benefit of easy access and liquidity in case of need. The minimum deposit limit is Rs.5,000, and thereafter, it is in multiples of Rs.1,000. The tenure can be from 12 months up to 60 months.

• BOB Regular Income cum Recurring Deposit (RIRD):

Avail increasing interest rates with longer periods of deposit. Since the interest will be compounded under the scheme, your savings are bound to grow faster. The minimum deposit limit is Rs.1,000, and thereafter, it is in multiples of Rs.100, with no upper limit. The deposit period can be from 12 months up to 120 months. The scheme offers the comfort of liquidity along with capital security.

• Monthly Income Plan:

The scheme pays monthly interest that can be considered a fixed monthly income to meet your expenses. Retired senior citizens can opt for this scheme to deposit their retirement corpus and earn monthly income. The monthly income varies based on the money deposited in the account. An additional 0.5% interest rate is offered for senior citizens. The minimum deposit amount is Rs.1,000, and thereafter, it is in multiples of Rs.100. The deposit period is 12 months to 120 months. 

• BOB Lakhpati:

Start a basic monthly saving plan which will help you regulate your savings and get higher returns with liquidity. The instalment amount starts from Rs.1,000 to Rs.3,000 per month. The deposit period can be 33 months, 36 months, 45 months, or up to 120 months. 

• BOB Millionaire:

This is a basic monthly savings plan that offers higher returns and liquidity. The monthly instalment amount starts from Rs.10,000 to Rs.30,000. The deposit period can be 33 months, 36 months, 45 months, or up to 120 months.

• BOB Crorepati:

This is a basic monthly savings scheme that helps regularise savings by encouraging a saving habit. The instalment amount starts from Rs.60,000 to Rs.2,00,000 every month. The deposit period can be 45 months, 81 months, 102 months, or up to 120 months.

• BOB Monsoon Dhamaka Deposit Scheme:

This scheme is a special term deposit offering higher interest rates. Only two tenures are available under this scheme: 333 days and 399 days. Under this scheme, deposits can be made for 333 days or 399 days to receive a fixed interest rate higher than the normal FD interest rates. You can start this scheme with a minimum deposit of Rs.1,000. However, the maximum deposit amount must be less than Rs.3 crore.

• Quarterly Income Plan (QIP):

The scheme pays quarterly interest, which can be considered an additional income source to meet expenses. Individuals who regularly need money to supplement their income can opt for this scheme and earn a quarterly income. The quarterly income varies based on the money deposited in the account. An additional 0.5% interest rate is offered for senior citizens. The minimum deposit amount is Rs.1,000, and thereafter, it is in multiples of Rs.100. The deposit period is 12 months to 120 months. 

• Motor Accident Claims Annuity Deposit (MACAD):

This is an annuity-based scheme where the deposit must be made as directed by the court or tribunal under Motor Accident Claims. The MACAD account will be linked to a savings account under the MACT Claims SB Account Scheme in which the annuity amount will be credited. The minimum deposit must be such that the monthly annuity will be a minimum of Rs.1,000 as per the court or tribunal. The tenure of the account must be 36-120 months.

Bank of Baroda FD Special Features and Benefits

• Make a minimum deposit of Rs.1,000 to open an FD account with the bank.
• The tenure can range between 7 days and 120 months. The criteria may vary based on the scheme you choose.
• The interest will be compounded quarterly and paid out half-yearly for several schemes.
• Auto-renewal and nomination facilities are available.
• Avail loan/overdraft facility of up to 95% of the deposit amount.
• TDS certificate will be issued to respective customers.
• Senior citizens get 0.5% additional interest rate for deposits mostly above Rs.10,000 and below Rs.1 crore.

Basic Eligibility Criteria for Bank of Baroda FD

• Individuals (singly or jointly).
• Hindu Undivided Families (HUFs).
• Minor of age above 14 years on terms as laid down by the bank.
• In the names of clubs, associations, educational institutions, partnerships and joint stock companies and any other institutions, which are eligible to open a FD account as per the bank rules.

Tax Benefits on Bank of Baroda Fixed Deposit

BOB Tax Saving Fixed Deposit Account:

The deposit made in this account can get an income tax deduction of up to Rs.1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961. Only the first account holder of such an account can claim the deduction. Senior citizens can get an additional 0.5% interest rate over and above the card rates. You can choose to receive the interest payout in your SB account monthly or quarterly. The account can be opened both online and offline.

The deposit made in this account has a lock-in period of 60 months, which can be extended to 120 months. The minimum deposit amount is Rs.100, and thereafter, it can be in multiples of Rs.100. The interest will be compounded quarterly. Auto-renewal facilities are not available in this case.

Other than this scheme, the tax liability is dependent on your total income for the financial year and the tax slab you fall into. The interest income from FDs falls under the head ‘Income from Other Sources’ while filing income tax returns.

Also, banks deduct tax at source (TDS) if the interest earned exceeds Rs.40,000 in a financial year across all the accounts held with the bank. A TDS certificate will be issued to confirm the details of the deduction. 

Read here to know more about the taxation on FDs.

FD Interest Rate Calculator

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