Urban Money

Bank of Baroda Fixed Deposit (FD) Calculator

  • 5 K
  • 1 Cr
Years
  • 1
  • 25
%
  • 1
  • 15

Future Value

Investments To Returns Ratio:

Amount Invested

Wealth Gained

Future Value

Fixed Deposits have always been a go-to asset appreciation tool for investors with a lump sum amount to keep aside without taking too many risks. This low-risk investing method has a guaranteed return format owing to the bank's policies for customer attraction. Consequently, to diversify one’s portfolio, many still prefer FDs. However, it is only logical to want to know in advance how much corpus one can accrue by the end of a term deposit tenure. Thus comes a tool that effectively calculates the outcome of an FD term deposit. This online tool known as FD Calculator potentially assists investors in anticipating the financial situation in the future in place of thorough planning. 

BOB FD Calculator 

The Bank of Baroda FD Calculator takes in a few inputs from the users to generate an indicative figure based on the deposit amount, interest rate, and tenure. Users can also choose whether they are regular investors or senior citizens. The interest rates vary for the normal depositors and retired senior citizens. The current rates range between 2.80% to 5.50% for regular citizens and 3.30% and 6.35% for senior citizens.

Calculate Interest & Maturity Online

Interest is accumulated on the amount you deposit in the fixed deposit scheme. The major factor that determines these earnings is the prevailing interest rates set forth by the bank. To calculate how much interest can be earned on the fixed deposit, users can use the Bank of Baroda Fixed Deposit calculator online. A few prerequisites will be required on the part of the investor, such as the rate of interest applied on their fixed deposits. The good thing about BOB FD Calculator is that one can compare different values with the tool to assess whether or not their goals are being met. This implies that you can plan your maturity online to serve your future financial needs best. 

What is a Bank of Baroda FD Calculator?

Bank of Baroda FD calculator lets you calculate the outcome of your fixed deposit investment. Provide variables such as interest rate, deposit amount, maturity date, and your category. The Bank of Baroda FD calculator can undoubtedly assist all its users with the required figures to help them make smart financial decisions. Not only does it assist with computation, but it also helps save your time and efforts effectively. 

How to use the Bank of Baroda FD Calculator? 

Using a Bank of Baroda FD calculator is easy. The interactive interface lets you slide your variable and play with different outcomes. Decide how much monetary corpus you want to accrue with your investment and, based on that, ascertain how much you can afford to invest currently. The term deposits are usually a lock-in interest rate scheme that will not fluctuate during the investment period. Use the opportunity to dangle around with a few possible contribution amounts. Once your goals are set, open the calculator tool powered by Urban Money’s FD Calculator and follow the below instructions.

  • Select whether you are a senior citizen or a regular citizen. This is because senior citizens have provisions for receiving a higher interest rate than regular citizens
  • Identify the type of Bank of Baroda Fixed Deposit you want to invest with. These include the choices of reinvestment or cumulative FD, quarterly payout FDs, monthly payout FDs, and Short Term Deposit FDs 
  • Provide the date you want to start your investment from 
  • Provide the amount you can invest
  • Set the tenure or maturity period

After giving all the above-mentioned information, the tool automatically computes the desired outcome in real-time. 

Benefits of using the Bank of Baroda FD Calculator

There is never any harm in using an FD calculator. Moreover, if you are interested in applying for an FD account with the Bank of Baroda, you ought to use the Bank of Baroda FD Calculator. The benefits attached to using this tool are as follows.

  • There is always the point that an FD calculator can help one make better financial decisions. This is because of the fact calculators provide the essential figures that one can use to ascertain whether their desired goal can be achieved or not. 
  • Compounding factors in interest rate can be best calculated with the help of the Bank of Baroda FD calculator, as manual calculations can have their demerits such as inaccuracy. 
  • Another great advantage of using the BOB FD calculator is the possibility of comparison. Users can vary choices from competing for financial institutions and their respective offers and decide the one that suits their needs best. 
  • Then, there is the visual projection of data that can be made use of by depositors prior to finalising any investment plans 

How is Bank of Baroda FD Interest Calculated?

The Bank of Baroda FD interest is calculated using mathematical formulas incorporated in an AI-powered online tool. The banks always decide interest rates for their customers based on their credibility and other factors. The current range Bank of Baroda offers FD interest rates between 2.80% to 5.50% for regular citizens and 3.30% to 6.35% for senior citizens.

The general simple interest rate calculation is based on the below formula - 

(Principal x Rate of Interest x Duration) divided by 100. In the case of compounding rates, the Principal ( 1 + rate of interest /100) raised to the power of a number of years - Principal

How Do Various Factors Affect FD Interest Earnings?

Since various investors are concerned and doubtful about putting their money into the high-risk equity market, fixed deposits are becoming a go-to low-risk, low-return investment tool. Bank of Baroda’s Fixed Deposit scheme aims to reduce investors’ financial risk. Moreover, with a fixed interest rate, customers have assured of an appreciated return. However, a few factors affect the Fixed Deposit interest earnings. They are as follows:

  • Duration of Investment - One of the primary aspects of investment is the duration in which one puts their money away. It is a general rule of thumb that the longer the tenure, the larger the corpus accumulated. If one is aiming to get the maximum return out of their investment through Bank of Baroda FD, they should consider a more extended investment period. 
  • Principal Amount - The investment amount is another factor determining the return percentage. A more significant amount of contribution can elevate the possibility of more earnings. 
  • Age of the Investor - Although senior citizens are getting higher interest rate offers from the Bank of Baroda, younger investors can still create more revenue owing to their age. The earlier the investment, the better. 
  • Current Market Conditions - Market conditions also affect the earnings through FDs. Banks lower their interest rates if the market conditions are ailing. This can affect the revenue generation for the investors. 

Types of Fixed Deposit Schemes from Bank of Baroda

Bank of Baroda's fixed deposit schemes offer suitable resolutions for any tax-paying citizens and retired professionals. These schemes are categorised into deposits with a term period of fewer than 12 months, more than 12 months and recurring deposits.

  • Bank of Baroda Savings Term Deposit Account - This fixed deposit scheme from Bank of Baroda offers long-term benefits with interest rates immune to market fluctuations. The scheme variants include RIRD, MIP, and QIP. The minimum deposit is INR 100 and can be invested for a minimum of 5 years to a maximum of 10 years. 
  • Baroda SUVIDHA Flexible Fixed Deposit Scheme - This fixed deposit scheme from the Bank of Baroda offers a combined benefit of long-term and short-term policies. The minimum deposit required will be INR 5000 for a minimum duration of 1 year to a maximum duration of 5 years. 
  • Capital Gain Account Scheme - With the regulation from CBDT, the Ministry of Finance, and the Government of India, the Capital Gain Account setup helps customers get tax benefits. With a minimum deposit of INR 1000, the minimum duration one can invest is one year, and the maximum is ten years.
  • Monthly Income Plan - This scheme offered by the Bank of Baroda aims to benefit senior citizens. The plan provides monthly interest earnings on the investment to investors. With a minimum deposit of INR 1000, the minimum duration one can invest is one year, and the maximum is ten years. 
  • Baroda Short Term Deposit - A short-term gain deposit scheme that offers high returns. Investors are required to contribute a minimum amount of INR 1000 for a minimum duration of 7 days.
  • Baroda Advantage Fixed Deposits (Non-callable) - A Fixed Deposit scheme where customers are required to contribute a minimum amount of INR 15,01,000 for a minimum period of 1 year and a maximum period of 10 years. Furthermore, there is no provision for premature withdrawal. 

The Interest Rate on Fixed Deposit Schemes Extended by the Bank of Baroda

The interest rate on Fixed Deposit schemes offered by the Bank of Baroda is as shown below:

Duration Regular Interest Rates  Senior Citizen Rates
7 days  2.80% 3.30%
Three months 3.70% 4.20%
Six months 3.70% 4.20%
Nine months  4.30% 4.80%
One year 5.00% 5.50%
Two years 5.45% 5.95%
Three years 5.50% 6.00%
Five years 5.35% 6.00%
Ten years 5.35% 6.35%

Note: Rates are shown as per June 2022.

Frequently Asked Questions (FAQs)

Who is eligible to open a term deposit account with the Bank of Baroda?

A term deposit account with Bank of Baroda is ideal for tax-paying citizens, such as salaried citizens, high and middle-income earners, senior citizens, etc. In general, any individual and HUFs are eligible to open a term deposit account. The product is restricted to firms, companies, trusts, etc.

What is the minimum amount allowed for opening a fixed deposit account?

The minimum amount allowed for opening a fixed deposit account will be INR 100. Investors can increase their contribution in multiples of 100 but cannot exceed the limit of INR 1,50,000 for a financial year in case they want tax benefits.

What are the minimum and maximum tenure allowed on fixed deposits?

The minimum tenure allowed for investors to deposit in an FD scheme with Bank of Baroda is five years, and the maximum they can contribute is for ten years.

Is FD safe in the Bank of Baroda?

Fixed Deposits with the Bank of Baroda are considered a safe deposit for contributors with a lock-in interest rate for a minimum of 5 years.

How many years will FD double in Bank of Baroda?

The Double-Dhamaka offer by Bank of Baroda lets the investor’s contribution become double in 9 years and four months for regular depositors. For senior citizens, the term is computed to be eight years, nine months, and three days.