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Bank of Baroda FD Interest Rates
Bank of Baroda offers a number of fixed deposit schemes. The FDs can be of tenure ranging from min 7 Days to 10 Year 2 Days . The roi for different schemes starts from 4.25% to 7.25 % for the general public and 4.75% to 7.75 % for senior citizens. The min amount required to open an Fixed Deposit with Bank of Baroda is Rs.100
Types Of Bank of Baroda Fixed Deposit Schemes
Bank Of Baroda is offering a different kinds of fixed deposits to its customers. These are :
Name of Schemes | For General Citizen (p.a.) | For Senior Citizen (p.a.) |
|---|---|---|
| Bank of Baroda Domestic Term Deposits FD | 4.25% to 7.25 % | 4.75% to 7.75 % |
| Bank of Baroda NRO FD | 6.50% to 7.25 % | -- |
| Bank of Baroda Tax saving FD | 6.50% to 6.50 % | 7.15% to 7.50 % |
Bank of Baroda Domestic Term Deposits FD
View SchemeGiven below are the latest Bank of Baroda Domestic Term Deposits FD, ranging from 7 Days to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| 7 Days Upto 14 Days | 4.25% p.a. | 4.75% p.a. |
| 15 Days Upto 1 Months 15 Days | 4.50% p.a. | 5.00% p.a. |
| 1 Months 16 Days Upto 3 Months | 5.50% p.a. | 6.00% p.a. |
| 3 Months 1 Days Upto 6 Months | 5.60% p.a. | 6.10% p.a. |
| 6 Months 1 Days Upto 9 Months | 6.15% p.a. | 6.65% p.a. |
| 9 Months 1 Days Upto 1 Year | 6.25% p.a. | 6.75% p.a. |
| 1 Year Upto 1 Year 1 Months 5 Days | 6.85% p.a. | 7.35% p.a. |
| 1 Year 1 Months 5 Days Upto 2 Year | 6.85% p.a. | 7.35% p.a. |
| 2 Year Upto 3 Year | 7.25% p.a. | 7.75% p.a. |
| 3 Year Upto 5 Year 1 Months 7 Days | 6.50% p.a. | 7.15% p.a. |
| 5 Year 1 Months 7 Days Upto 10 Year 2 Days | 6.50% p.a. | 7.50% p.a. |
| Upto 1 Year | 6.85% p.a. | 7.35% p.a. |
Bank of Baroda NRO FD
View SchemeGiven below are the latest Bank of Baroda NRO FD, ranging from 1 Year to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) |
|---|---|
| 1 Year Upto 1 Year 1 Months 5 Days | 6.85% p.a. |
| 1 Year 1 Months 5 Days Upto 2 Year | 6.85% p.a. |
| 2 Year Upto 3 Year | 7.25% p.a. |
| 3 Year Upto 5 Year 1 Months 7 Days | 6.50% p.a. |
| 5 Year 1 Months 7 Days Upto 10 Year 2 Days | 6.50% p.a. |
| Upto 1 Year | 6.85% p.a. |
Bank of Baroda Tax saving FD
View SchemeGiven below are the latest Bank of Baroda Tax saving FD, ranging from 5 Year 1 Months 7 Days to 10 Year 2 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| 5 Year 1 Months 7 Days Upto 10 Year 2 Days | 6.50% p.a. | 7.50% p.a. |
| Upto 5 Year 1 Months 7 Days | 6.50% p.a. | 7.15% p.a. |
The Bank of Baroda, headquartered in Vadodara, is one of the leading banks in the Indian banking sector with several customer-centric initiatives. It offers services like Retail banking, Corporate banking, Rural and Agri banking, and ECS. The Bank of Baroda (BoB), was founded by Maharaja Sayajirao Gaekwad in July 1908. It’s an Indian state-owned International banking and financial services company with a balance sheet size of ₹ 11.6 Lakh Crores as of March 31, 2020. The bank recorded profits of Rs. 546 Crores in FY20.
The bank announced its new scheme – the Baroda Tiranga Deposit Scheme, on August 16, 2022, as a special term deposit product offering higher interest rates on deposits below Two crores. The scheme will stay valid from August 16 to December 31, 2022.
Bank of Baroda FD interest rates for the callable scheme vary between 5.75% and 6.25% for 444 days. On the other hand, the Bank of Baroda FD interest rates ranges between 6% and 6.50% for 555 days for the same scheme. However, for the non-callable scheme, the Bank of Baroda interest rates are slightly higher. For regular depositors, it is 5.90%; for senior citizens, it is 6.40% for 444 days and between 6.15% to 6.65% for longer terms.
Opening a fixed deposit account with the Bank of Baroda has various benefits. Scroll down to learn more!
Bank of Baroda FD Interest Rates Aug 2023
Bank of Baroda FD interest rates for August 2023 are as follows:
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
| 7 days - 1 month 14 days | 3% | 3.50% |
| 1 month 15 days - 5 months 27 days | 4% | 4.50% |
| 5 months 28 days - 11 months 30 days | 4.65% | 5.15% |
| 1 year - 1 year | 5.30% | 5.80% |
| 1 year 1 day - 1 year 11 months 30 days | 5.45% | 5.95% |
| 2 years - 9 years 11 months 28 days | 5.50% | 6% |
Bank of Baroda FD Rates Highlights
The table below pertains to the Bank of Baroda FD rates highlights
| Highest slab rate | 6.00% p.a. (for 555 days) |
| 1 year | 5.30% p.a. |
| 2 years | 5.45% p.a. |
| 3 years | 5.50% p.a. |
| 4 years | 5.50% p.a. |
| 5 years | 5.50% p.a. |
| Tax-Saving FD | 5.50% p.a. |
| 3 Years and 1 Day to 5 Years | 6.40% |
| Additional Interest Rate for Resident Senior Citizens | 0.75% |
Types of BOB Fd Interest Rates
There are mainly six types of fixed deposits offered by the Bank of Baroda. They are as follows:
- Normal Fixed Deposits
- Tax-Saving Fixed Deposits
- NRI Fixed Deposits
- Senior Citizen Fixed Deposits
- Flexi Fixed Deposits
- Cumulative/Non-Cumulative Fixed Deposits
Bank of Baroda FD Rates - Schemes
Bank of Baroda offers multiple fixed deposit schemes for its customers. They are as follows:
- Tax Savings Term Deposit
- Double Dhamaka Deposit Scheme
- Fast Access Deposit
- Regular Income Plan
- Quarterly Income Plan
- Monthly Income Plan
- Suvidha Fixed Deposit Scheme
- Baroda Advantage Fixed Deposits (Non-Callable)
Features and Benefits of BOB FD Interest Rates
Bank of Baroda fixed deposit account is packed with a lot of features and covers various benefits. It renders high-interest rates at minimum risk.
- Assured Returns: Fixed deposit schemes of Bank of Baroda guarantee income at a fixed interest rate.
- Minimum Deposit Account: You can open an FD with BoB by depositing a minimum amount of ₹ 1000.
- Flexible Tenure: Bank of Baroda allows you to choose a tenure ranging from seven days to ten years.
- Maximum Deposit Amount: There’s no bar on the maximum deposit amount. You can invest as much as you want. However, if you want to avail of some tax benefits, your investment amount must be limited to ₹ 1.5 lakh in a financial year.
- Bank of Baroda FD Interest Rates: Depending on the tenure and scheme, Bank of Baroda interest rates vary from 2.9% to 5.3% per annum for regular citizens.
- Additional Benefit to Senior Citizens: Bank of Baroda provides senior citizen depositors preferential interest rates ranging from 3.4% to 6.3%.
- Safety: Bank of Baroda offers the Deposit Insurance Scheme. Under this scheme, the applicants with a deposit of up to ₹ 5,00,000 receive insurance for their FD amount.
- Loan against FD: The depositors at BoB receive the facility of availing a loan against their fixed deposits up to 90% to 95% of the deposit money. Investors availing of a loan against FD cannot only bridge their financial gaps but also aid them in meeting liquidity needs without breaking BoB fixed deposit.
- Auto Renewal Facility: Bank of Baroda offers an auto-renewal option for applicants with fixed deposit accounts.
- Nomination Facility: You can nominate beneficiaries while opening an FD account with the Bank of Baroda.
Eligibility Criteria for BOB Fixed Deposit Interest Rate
Any of the below-mentioned entities or individuals can open an FD account with Bank of Baroda:
- Any individuals, including minors (while being accompanied by a legal guardian or parent.)
- Trusts
- Limited companies
- Hindu Undivided Families (HUFs)
- Associations, societies, and clubs
- Resident citizens
- Non-Resident Individuals (NRIs)
- Sole proprietorships
- Educational, charitable, and religious institutions
- Partnership firms
How is the Interest Rate Calculated on the Bank of Baroda Fixed Deposit?
FD interest rates in the Bank of Baroda can be calculated using the same formula used to compute the maturity amount. All you need to do is to insert the values and solve the equation.
A = P (1 + r/n)^n*t
Here –
- A = the maturity amount
- r = the annual rate of investment
- P = the sum of investment
- n = the number of times the interest applied would be compounded
- t = the term of the investment
You must note that interest rate is always given. So, you might not need to calculate for the same. However, you can use the formula above if required.
Formula for Calculating Simple Interest on FD
There are typically two types of interests — Simple Interest and Compound Interest. You can use the following formula to calculate the simple interest on BoB FD:
Simple Interest = (P * R * T)/ 100
Where –
- P- Amount of investment,
- R- Interest rate of Bank of Baroda FD (%), and
- T- Tenure of the Bank of Baroda FD
Formula for Calculating Compound Interest on FD
The compound interest on Bank of Baroda FD can be calculated using the following formula:
A = P (1+r/n) ^ (n * t)
- A = Value of the investment at maturity,
- P = Initial investment amount,
- r = Interest (in decimals),
- n = compounding periods in a year,
- t = investment duration in years
The same formula can be used to calculate the interest rates on FD.
However, you can save time using the BoB fixed deposit calculator to calculate the interest and maturity amount.
Tax on Bank of Baroda FD
In case you wish to avail of a tax benefit on the Bank of Baroda fixed deposit account; you must ensure that your deposit doesn’t exceed ₹ 1,50,000 in a financial year. Otherwise, you may have to pay a tax on the same.
Bank of Baroda FD Minimum/ Maximum Deposit Amount,
Any applicant willing to open a Fixed Deposit account with Bank of Baroda must have to deposit a minimum amount of ₹ 1,000. However, there’s no limitation on the maximum deposit amount.
Compare Bank of Baroda Fixed Deposit Returns with Top Banks
The table below shows the comparison of Bank of Baroda Fixed Deposit returns with other top banks and lenders.
| Name of Bank | For General Citizens (p.a.) | For Senior Citizens (p.a) |
| Bank of Baroda | 2.80% to 5.35% | 3.30% to 6.35% |
| HDFC Bank FD | 2.75% to 5.75% | 3.25% to 6.50% |
| State Bank of India FD | 2.90% to 5.50% | 3.40% to 6.30% |
| Kotak Mahindra Bank FD | 2.50% to 5.90% | 3.00% to 6.40% |
| IDBI Bank FD | 2.70% to 5.75% | 3.20% to 6.50% |
| Canara Bank FD | 2.90% to 5.75% | 2.90% to 6.25% |
| RBL Bank FD | 3.25% to 6.65% | 3.75% to 7.15% |
| Axis Bank FD | 2.50% to 5.75% | 2.50% to 6.50% |
| Punjab National Bank FD | 3.00% to 5.60% | 3.50% to 6.10% |
| IDFC First Bank FD | 3.50% to 6.50% | 4.00% to 7.00% |
| Bank of Baroda FD | 2.80% to 5.35% | 3.30% to 6.35% |
| Punjab and Sind Bank FD | 3.00% to 5.40% | 3.50% to 5.90% |
| Bank of India FD | 2.85% to 5.20% | 3.35% to 5.95% |
Note: The interest rates are subject to change. They keep varying according to market conditions.
How to Open a Bank of Baroda FD Account?
To open a fixed deposit account with the Bank of Baroda, follow the steps below:
Step 1: Navigate to the Bank of Baroda’s official portal.
Step 2: Click on ‘Login’ and furnish your User ID and Password
Step 3: Choose the ‘Fixed Deposit’ option from the menu.
Step 4: Select the type or category of Bank of Baroda fixed deposits you want to open.
Step 5: Enter the deposit amount you wish to invest in the FD.
Step 6: If you are a senior citizen, select that suitable option.
Step 7: Select the FD tenure and frequency of interest payout.
Step 8: Click on the ‘Submit’ button.
However, before you apply for an FD with the Bank of Baroda, ensure that you have a savings account with the Bank of Baroda, activated internet banking facilities with log-in credentials, and mobile banking account (in case you wish to manage your FD via your smartphone.
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Frequently Asked Questions (FAQs)
What is the FD interest rate in the Bank of Baroda?
The Bank of Baroda’s interest rates range between 2.9% to 5.3% per annum. Furthermore, the senior citizen depositors at Bank of Baroda receive preferential interest rates on FDs. The BoB senior citizen FD rates vary from 3.4% to 6.3%.
What is the interest of 1 lakh in Bank of Baroda?
For three years of maturity at BoB FD rates of 5.5%, the applicant will receive a return of ₹ 1,17,895 on an investment amount of ₹ 1 lakh. However, for a five years maturity period at BoB bank FD rates of 5.5%, the applicant will receive a return amount of ₹ 1,31,570.
How many years will FD double in Bank of Baroda?
Bank of Baroda Double Dhamaka Scheme allows its customers to double the FD amount in a minimum of 8 Years, nine months, and three days for senior citizens, and a maximum of 9 Years and four months for regular citizens.
Does the Bank of Baroda provide additional FD rates to senior citizens?
Bank of Baroda offers an additional interest rate of 0.50% and an additional 0.15% on non-callable deposits.
How to get a fixed deposit receipt online at Bank of Baroda?
The Bank of Baroda has launched an online FD Receipt/Advice in lieu of an FD receipt facility. You can get it directly from its official website after providing a few required details.
Does Bank of Baroda Charge for Premature Withdrawal of FDs?
Yes, if you have an FD ranging between ₹ 5 lakh to ₹ one crore, you will be charged a penalty of 1% of your FD amount.
Does Bank of Baroda allow a joint fixed deposit account?
Yes, you can open a joint fixed deposit account with the Bank of Baroda.
Does the Bank of Baroda allow pre-closure of fixed deposit accounts?
Yes, Bank of Baroda allows you to close your FD account before maturity.
What is the penalty for breaking FD in the Bank of Baroda?
For domestic term deposits ranging between ₹ 5 lakh and ₹ one crore, you will have to pay the penalty of 1% of the FD amount. However, you won’t have to pay any penalty on premature withdrawals from deposits less than ₹ 5 lakh if you draw it after 12 months from the deposit date.
What is the minimum/maximum amount required to open an FD account with the Bank of Baroda?
You have to deposit a minimum of ₹ 1000 to open an FD account with the Bank of Baroda. There’s no such limit on the maximum amount, though.
Who all are eligible to open a Bank of Baroda fixed deposit account?
Every individual (including minors), Limited companies, Partnership firms, HUFs (Hindu Undivided Families), Joint account holders, Trusts, Panchayats and municipalities are eligible to open an FD with the Bank of Baroda.
