BoB 5 year FD Interest Rate

The Bank of Baroda (BOB) offers its customers a broad spectrum of services, including fixed deposits (FDs). The Bank of Baroda Fixed Deposit (FD) offers a variety of fixed-term investment options to its customers. The person investing is required to make a single deposit at the time of opening the account that accrues an interest rate from the bank. Bank of Baroda FD offers several advantages, the most noteworthy of which is the greater interest rates compared to the savings account.

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  • Save upto ₹46,800 in tax under Sec 80C

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FD Interest Rates of Bank of Baroda

Time Frame  Senior Citizen FD Rate Normal Customer FD Rate
7 days - 1 month and 15 days 3.3% 2.8%
1 month and 16 days - 5 months and 27 days 4.2% 3.7%
6 months - 8 months and 28 days 4.8% 4.3%
8 months and 29 days - 11 months and 30 days 4.9% 4.4%
1 year  5.4% 4.9%
1 year and 1 day - 2 years 5.5% 5%
2 years and 1 day - 2 years 11 months and 30 days 5.6% 5.1%
3 years - 9 years 11 months and 29 days 5.75% 5.25%

Bank of Baroda provides its customers with a range of fixed deposit options, each with a distinct interest rate. With a minimum investment of INR 1000, one can invest in BoB FDs both online and offline.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Fixed Deposit Schemes in BoB

Bank of Baroda's fixed deposit schemes is listed below:

  • Double Dhamaka Deposit Scheme

  • Tax Savings Term Deposit

  • Fast Access Deposit

  • Suvidha Fixed Deposit Scheme

  • Regular Income Plan

  • Monthly Income Plan

Bank of Baroda provides senior persons with an additional 0.50 per cent in fixed deposit interest.

Eligibility for Opening BoB FD Account

The eligibility for opening a Bank of Baroda FD account differs depending on the account types, which are as follows:

  • Individuals (including minors)

  • Hindu Undivided Families (HUFs)

  • Trusts

  • Panchayats and municipalities

  • Joint account holders

  • Partnership firms or Limited companies

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Documents Required to Open a BoB Fixed Deposit

The following documents are required for opening a fixed deposit account with the Bank of Baroda:

  • Form for opening an FD account

  • Photographs (Passport size)

  • Pan Card

  • KYC Proof (Any of the following)

    • PAN

    • Aadhar Card

    • Voter ID

    • Driving License

    • Passport

  • Address Proof (Any document with residential address)

    • Utility Bills

    • Aadhar Card

    • Voter ID

    • Driving License

    • Passport

  • Saving Account Bank details such as:

    • Account number

    • Bank IFSC code

    • Bank branch name

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Benefits of Bank of Baroda FD

The benefits offered by the Bank of Baroda under their fixed deposit schemes are:

  • The period of a Bank of Baroda FD varies from 7 days to 10 years. The flexible range makes it an easy investment option as it gives the investors the liberty to invest their money for as long as they want.

  • BoB FD has a minimum deposit of INR 1,000 and a maximum deposit of INR 1 lakh. The low amount again makes it convenient for investors.

  • Bank of Baroda FD rates for regular people vary between 2.8% - 5.2%. In addition, BoB gives older persons who have FDs an extra 0.5 per cent interest. 

  • All BoB FDs allow withdrawal before maturity. Deposits under INR 5,00,000 are not subject to any penalties if held for twelve months. Early withdrawal fees apply to all deposits greater than INR 5,00,000.

  • The Bank of Baroda provides loans against fixed deposits. Customers can borrow up to 95% of the overall BoB FD investment as a loan. In addition, the loan's rate of interest will be 1.5 - 1.7% on average higher than the fixed deposit rate. 

  • The Bank of Baroda FD allows investors to designate nominees for their funds.

  • Clients with BoB FDs have the option to select automatic renewal of their deposits.

  • RBI's Deposit Insurance Scheme protects all Bank of Baroda deposits. 

  • Once a Bank of Baroda FD has started, clients cannot add any more money to it. They can, however, use the additional sum to fund a new BoB FD.

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How To Invest In a BoB FD account?

Online banking, smartphone apps, and offline options are all ways to acquire a Bank of Baroda FD account.

  1. Online Banking

    To open a Bank of Baroda FD account via internet banking, complete these steps:

    • Log in to your Baroda Bank Net Banking account.

    • Select the 'Open Fixed Deposit' option.

    • Fill out all of the required fields, including nominee information and maturity instructions.

    • As soon as all of the information is submitted, the FD account will be created for you.

  2. Using the Bank of Baroda App

    To open an FD account using the Bank of Baroda mobile app, complete these steps:

    • Log in to your account by downloading the Bank of Baroda app.

    • Choose the 'Open Fixed Deposit' option.

    • Fill out all the mandatory fields, such as nominee information and maturity instructions.

    • Once all of the information has been submitted, the FD profile will be allocated for you.

  3. Offline Method

    An offline Bank of Baroda FD account can be opened in the following way:

    • Contact a branch location.

    • Complete the Bank of Baroda FD registration process and submit the required documentation and make the full payment.

    • The Bank of Baroda will create a new account and issue an FD receipt upon satisfactory verification of the application.

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FAQs

  • Is tax applied on the interest earned on an FD?

    Only Bank of Baroda tax-saving FDs are eligible for yearly tax savings of up to INR 1,50,000. Section 80C of the Income Tax Act does not permit tax savings on investment in any other BoB FDs.
  • In how many years will an FD at Bank of Baroda double in value?

    We can use the 72-year rule to calculate when the value of a Bank of Baroda FD will double. When we take that figure and split it by the interest rate, we get the number of years it would take for the BoB FD to double.
  • Is it possible for a non-resident Indian (NRI) to open a BoB fixed deposit account?

    In Bank of Baroda FD schemes, non-resident Indians cannot invest.
  • In which locations are the BoB Double Dhamaka Fixed Deposits available?

    All CBS offices offer the Bank of Baroda Double Dhamaka Fixed Deposits.
  • Where can I find the most current BOB fixed deposit rates?

    The highest BOB FD rate for the common people is 5.25% per annum for maturities ranging from three to ten years.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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