Bank of Baroda FD Interest rates 2024
21 May 2024 · Sachin Gadekar
In the Indian investment domain, there is one thing that makes a fixed deposit the crowd favourite- safety and stability in returns. In this article we will shed light on the interest rates, types and schemes that one can explore before opening an FD account in the Bank of Baroda.
BoB FD Interest rates in 2024
Bank of Baroda overview:
BoB is a renowned bank that provides various financial services to the people of India. One of the major services that BoB offers is FDs with interest rates that go as high as 7.75%*. Bank of Baroda, established in 1908 has now a whopping number of close to 10,000 branches and ATMs in the country.
BoB FD Interest rates in 2024
Bank of Baroda FD Interest Rates (Effective from 15th January 2024)
For Domestic and NRO deposits under Rs 2 crore:
| Tenure Regular FD Rates (% p.a) | Senior Citizen FD Rates (% p.a) |
|———————————–|————————–|———————————|
| 7 days to 14 days | 4.25 | 4.75 |
| 15 days to 45 days | 4.50 | 5.00 |
| 46 days to 90 days | 5.50 | 6.00 |
| 91 days to 180 days | 5.60 | 6.10 |
| 181 days to 210 days | 5.75 | 6.25 |
| 211 days to 270 days | 6.15 | 6.65 |
| 271 days & above, <1 year | 6.25 | 6.75 |
| 360 days | 7.10 | 7.60 |
| 1 year | 6.85 | 7.35 |
| >1 year to 400 days | 6.85 | 7.35 |
| >400 days to 2 years | 6.85 | 7.35 |
| >2 years to 3 years | 7.25 | 7.75 |
| >3 years to 5 years | 6.50 | 7.15 |
| >5 years to 10 years | 6.50 | 7.50 |
| >10 years* | 6.25 | 6.75 |
| 399 days | 7.15 | 7.65 |
Bank of Baroda NRE FD Interest Rates (Effective from 15 January 2024)
For deposits under Rs 2 crore:
| Tenure | Interest Rates (p.a.) |
|—————————–|———————–|
| 1 year | 6.85% |
| Above 1 year to 400 days | 6.85% |
| Above 400 days to 2 years | 6.85% |
| Above 2 years to 3 years | 7.25% |
| Above 3 years to 5 years | 6.50% |
| Above 5 years to 10 years | 6.50% |
Types of BOB Fixed Deposits
Baroda Tax Savings Term Deposit Account
The Tax Savings FD helps you claim income tax deduction (Section 80C of the Income Tax Act).
Minimum deposit- ₹100
Maximum deposit- ₹1 Lakh
Interest rates- Prevailing rate of interest for fixed deposits(Higher for senior citizens)
Tenure- 5 to 10 years
Baroda Suvidha Flexible Fixed Deposit Scheme
This FD scheme offers the depositor liquidity in terms of flexible withdrawal of their investments.
Minimum deposit- ₹5000
Maximum deposit- No upper limit
Interest rates- Prevailing rate of interest for fixed deposits(Higher for senior citizens)
Tenure- 1-5 years
Monthly Income Plan (MIP)
This FD scheme offers a guaranteed monthly interest payouts to its depositors.
Minimum deposit- ₹1000
Maximum deposit- No upper limit
Interest rates- Prevailing rate of interest for fixed deposits(Higher for senior citizens)
Tenure- 1-10 years
Quarterly Income Plan (QIP)
This FD scheme offers a guaranteed quarterly interest payouts to its depositors.
Minimum deposit- ₹1000
Maximum deposit- No upper limit
Interest rates- Prevailing rate of interest for fixed deposits(Higher for senior citizens)
Tenure- 1-10 years
Capital Gain Account Scheme (CGAS), 1988
This scheme involves deposits arising from Long Term Capital Gains from transfer of capital assets into FDs.
Minimum deposit- ₹1000
Maximum deposit- No upper limit
Interest rates- The interest rate for this scheme varies as per the BoBs discretion. Senior citizens will not get any additional interest.
Tenure- 2 to 3 years
Baroda Advantage Fixed Deposits (Non-Callable)
This scheme allows the customers to get differential interest rates over their normal FD rates in exchange for no premature withdrawal option.
Minimum deposit- ₹15 Lakhs
Maximum deposit- No upper limit
Interest rates- Prevailing rate of interest for fixed deposits(Higher for senior citizens)
Tenure- 1 to 10 years
NRE Rupee Fixed Deposits
This scheme enables the NRE account holders to open an account in a convertible currency through normal banking channels like demand drafts, telegraphic transfers, foreign currency and traveller
Minimum deposit- ₹15 Lakhs
Maximum deposit- 2 Crores
Interest rates- It is similar to a normal term deposit product.
Tenure- 1 to 10 years
NRO Rupee Fixed Deposits
This account allows NRIs to deposit their earnings from sources in India.
Interest rates- Prevailing rate of interest for fixed deposits on a quarterly basis.
Tenure- 15 days to 10 years
Resident Foreign Currency Accounts
Interest rates- same interest rates as Foreign Currency Non-Resident (FCNR) deposits.
Tenure- 1 to 5 years
Key FAQs On Bank Of Baroda FD Interest Rates
1. What is a non-callable FD?
In this scheme, the investor cannot withdraw money from an FD account before maturity.
2. What is the highest FD interest rate in Bank of Baroda?
Bank of Baroda offers an interest rate for 7.25% p.a. for a tenure of above 2 years up to 3 years.
3. Can I do early withdrawal in Bank of Baroda FD?
Except the Baroda Tax Advantage (Non-Callable) scheme, all other FDs provide the facility to withdraw the amount before maturity.
4. Do senior citizens have higher interest rates in Bank of Baroda FDs?
Yes, senior citizens can enjoy higher interest rates in various schemes of BoD FDs.
Conclusion
Even though known for their ability to generate stable and fixed returns, are FDs still a practical option considering the rising inflation rates and TDS? Due to these reasons, many have switched to alternative fixed deposit instruments. For stable fixed income investments that offer better returns than FDs within shorter tenures, head over to Tap Invest now. Invest better.