Bank of Baroda FD Calculator

Bank of Baroda FD Calculator is the best choice if you're looking for easy investment strategies. All investors can earn substantial returns on fixed deposits with the Bank of Baroda. 

Bank of Baroda FD Interest Calculator offers fixed interest rates significantly higher than those offered by other banks. Deposits are quickly liquidated, and you can take out a loan against them. The depositor determines how much the interest is paid. Fixed deposit schemes are highly advantageous because they allow you to increase your principal with little risk.

Thus, a Bank of Baroda term deposit is secure and stable since the funds are backed by the government, regardless of the Bank's current financial condition.

How does a Bank of Baroda FD Calculator work?

Individuals with a low-risk appetite should consider fixed deposits as an investment option. Investors will receive guaranteed returns from FDs because their output is not affected by market volatility. 

Although the risk of losing parked funds in FDs is low, it is still necessary to make an educated decision before investing in them. Fortunately, the Bank of Baroda's FD calculator makes this possible.

Bank of Baroda FD Interest Calculator Rate Tables 

Term Deposit Interest Rates (w.e.f. 10.02.20)

Tenure                                                                                 Below ₹2 Cr.

7 to 14 days                                                                        4.50%

15 to 45 days                                                                     4.50%

46 to 90 days                                                                     5.00%

91 to 180 days                                                                  5.00%

181 to 270 days                                                               5.50%

Above 271 days but less than a year                      5.50%

1 year                                                                                   6.00%

1 year and 400 days                                                      6.00%

Above 400 days up to 3 Years                                   6.00%

Above 3 to 5 Years                                                          6.25%

Above 5 to 10 Years                                                       6.00%

 1. Bank of Baroda Short Deposit

Particulars                                            Details

Minimum Investment Amount     ₹ 1,000

Minimum Investment Period        7 days

Maximum Investment Period       Less than 12 months

Premature Withdrawal                   Not allowed.

TDS                                                           Applicable

Additional Interest Rate                 0.50% extra interest Senior citizens

 

2. Bank of Baroda Term Deposits

Particulars                                            Details

Minimum Investment                     ₹ 1,000

Additional Investment                   In multiples of ₹ 100

Minimum Investment Period     12 months

Maximum Investment Period    10 years

Interest Payment                             Half-yearly

Premature Withdrawal                 Not allowed.

TDS                                                         Applicable

Additional Interest Rate               0.50% extra interest Senior Citizens

3. Baroda Tax Savings Term Deposit 

Particulars                                                     Details

Minimum Investment Amount              ₹ 100

Maximum Investment Amount             ₹ 1,50,000

Minimum Investment Period                 5 years

Maximum Investment Period                10 years

Premature Withdrawal                            Not allowed.

Loan/ Overdraft Facility                          Not available

Nomination Facility                                   Available

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Compound Interest vs. Simple Interest

What is Compound Interest?

Compound interest is the interest paid on a fixed deposit (or some other investment) over time. It essentially translates to "interest on interest." 

Which in turn results in higher returns since the principal grows with each period. Interest is based on the cumulative balance after previously accrued interest is reinvested in the FD. This procedure will be followed until the end of the term.

What is Simple Interest?

Simple interest, as the name implies, is devoid of complexities. 

Per period has the same interest rate. The deposit sum remains constant throughout the term. The principal sum is not increased by interest.

Let's look at an example to help us understand the difference between simple and compound interest:

Mr Kishan wants to invest Rs. 10 lakhs in a 6-year fixed deposit with the Bank of Baroda. Let's assume the interest rate is ten percent. Examine the difference in interest received between the compound and simple interest scenarios.

If the interest is compounded:

A (amount) = P (1+r/n) ^ (n * t) = 10, 00, 000 {(1+0.1/1)6}

 Maturity Amount = Rs. 18, 17, 594

If returns calculated on simple interest:

Simple Interest = Principal x Rate of Interest x Time or Tenure

SI=P x R x T

SI= 10, 00, 000 x 10 x 6= Rs. 6, 00, 000

Maturity Amount = Rs. 16, 00, 000

 The interest earned using both compounding and simple interest methods differs by Rs. 2, 17, 594, as seen here.

FD interest have fallen consistently over the last 5 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years
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How to use the PolicyBazaar Bank of Baroda FD Calculator?

Policybazaar.com's Bank of Baroda FD Interest Calculator was created to satisfy its users' needs and include accurate details. You can easily measure your interest using the Bank of Baroda FD Calculator function.  

It eliminates the need for interest calculations that are done manually. 

These calculators are often much more potent than a computerized spread sheet.

The steps involved to use the Bank of Baroda FD Interest Calculator are as follows:

  • You need first to mention the amount you need to invest in a deposit scheme and the period for which the amount is to be charged, and the interest rate provided by the financial institution.
  • You must then press the 'calculate' button after submitting this information. The sum of money you will receive at maturity will be shown. 
  • You may then determine whether or not to open an FD account. 
  • Furthermore, it saves both time and money.
  • You may compare different fixed deposit schemes offered by banks and companies and settle on the highest interest-paying plans using a Bank of Baroda FD interest Calculator to make real-time calculations. 
  • You may apply directly by going to the appropriate FD scheme link.

Advantages of using Bank of Baroda FD Calculator

Fixed deposits with Bank of Baroda are a common investment choice because of FD investors' numerous benefits. 

The following are a few of them:

Guaranteed returns: The best thing about Bank of Baroda FDs is that they provide investors with guaranteed and assured returns. The return rates on fixed deposits are set by the Bank on a monthly or quarterly basis, depending on the Bank's preference. 

Government-backed deposit insurance: The Deposit Insurance and Credit Guarantee Corporation insure fixed deposits up to $55,000 for all banks. Investing in AAA-rated fixed deposits, as determined by ICRA and CRISIL, is a safe investment choice. 

Loan against FD: A FD investment is not only a safe investment option, but it can also be used as an asset. This is because a secured loan can be taken out against a Bank of Baroda fixed deposit. 

The following are the advantages of a Bank of Baroda Loan against FD:

>Bank of Baroda's loan against FD provides a loan amount of up to 90-95 percent of the FD amount.

>The interest rate paid on loans against FDs is typically low, ranging from 2% to 3% higher than the FD interest rate.

>Flexible repayment options for a loan against a Bank of Baroda FD.

>In the Bank of Baroda, there is no transaction fee for Loan against FD.

Flexible tenures: Bank of Baroda FD Calculators enables investors to choose the investment tenure that best suits their needs. Fixed deposits are available from the Bank of Baroda for a minimum of 12 months and a maximum of 10 years. 

Various interest rates are available from the Bank of Baroda FD Interest Calculator for different tenures.

Flexible Investment: Apart from the stability of tenure, Bank of Baroda fixed deposit investors profit from the flexibility of funds, as funds can be deposited with a minimum of Rs. 10,000. On the flip side, one can invest up to a limit in a Bank of Baroda FD.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

FAQS

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*Tax benefit is subject to changes in tax laws. Standard T&C apply.

Written By: PolicyBazaar - Updated: 24 June 2021
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