BOB Domestic Term Deposits
The Bank Of Baroda Domestic Term Deposits tenure ranges from min 7 Days to max 10 Year 2 Days . The ROI ranges from 3.00% to 5.50 % for the general public. The lock-in period for this scheme is 10 Year 2 Days
Bank Of Baroda Domestic Term Deposits Scheme for amount ranging from ₹ 1,000 to ₹ 2.0 Cr
The rate of interest for deposited amount ranging from ₹ 1,000 to ₹ 2.0 Cr is as below
Interest Rate for General Public (p.a.)
Interest Rates for Senior Citizens (p.a.)
|7 Days Upto 14 Days|
|15 Days Upto 1 Months 15 Days|
|1 Months 16 Days Upto 3 Months|
|3 Months 1 Days Upto 6 Months|
|6 Months 1 Days Upto 9 Months|
|9 Months 1 Days Upto 1 Year|
|1 Year Upto 1 Year 1 Months 5 Days|
|1 Year 1 Months 5 Days Upto 2 Year|
|2 Year Upto 3 Year|
|3 Year Upto 5 Year 1 Months 7 Days|
|5 Year 1 Months 7 Days Upto 10 Year 2 Days|
|Upto 1 Year|
Key features of Bank Of Baroda Domestic Term Deposits Scheme
Summary of Bank Of Baroda Domestic Term Deposits Scheme features :
|Mutual Fund Schemes|
Domestic Term Deposits
AAA CRISIL Rating
10 Year 2 Days
|Loan Against FD|
7 Days to 10 Year 2 Days
3.00% to 5.50 %
3.50% to 6.50 %
Rs.1,000 to Rs.200,00000
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
BOB Domestic Term Deposits
Regarding business and market capitalisation, the Bank of Baroda (BoB) is India's second largest Public Sector Bank. The organisation offers a wide array of services to its customers. While the bank offers interest on users’ savings account deposits, it also provides multiple investment options allowing you to earn better returns and grow your corpus significantly. BoB Domestic Term Deposit FD is one such facility that lets you earn better interest on your savings.
Let us comprehend what domestic term deposits FD means, its features and benefits, and how to apply for BoB term deposits.
What is a BOB Domestic Term Deposits FD Scheme?
A BoB domestic term deposits FD scheme is a fixed-term investment plan that allows you to deposit money in an account for a specific term and earn interest on your deposits. Since the word ‘domestic’ is linked, the plan is mainly for people residing in India and not for NRIs.
Such deposits usually have a fixed maturity date which ranges from one week to ten years. Moreover, the interest rate earned on the deposit depends entirely on your investment tenure or term.
The bank lets you choose whether you want to receive the deposit at the end of the investment tenure, based on the type of domestic fixed deposit scheme you invest in.
To open BoB domestic term deposits FD account, you must meet the eligibility criteria. If you are any of the following entities, you qualify for the Bank of Baroda domestic term deposits scheme.
- Indian Residents
- Limited Companies
- Sole Proprietorships
- Hindu Undivided Families (HUFs)
- Partnership Firms
- Associations, Societies, and Clubs
- Educational, Charitable, and Religious Institutions
To open an account for BoB domestic term deposits FD, you must submit the following documents:
- Identity poof, such as PAN Card, Aadhaar Card, Passport, Voter ID, etc.
- Address proof, such as Aadhaar Card, Driving License, Voter ID, Passport, etc.
- Age proof, which may include birth certificate, matriculation certificate, etc.
- Bank account details
- Passport size photographs.
Key Attractions of Bank of Baroda Domestic Term DepositGiven below are some of the BoB Domestic Term Deposit FD schemes that may attract customers: Fixed Interest Rate: Depending on the investment tenure, the interest rate on BoB term deposits is usually fixed. This implies that your investment won’t be affected by market fluctuations. Interest Payment: You may choose interest payment on a non-cumulative, periodic basis, i.e., annually, semi-annually, quarterly, or monthly. You can also go for cumulative payment when the investment tenure ends. Predetermined Investment Tenures: The Bank of Baroda allows you to choose an investment tenure ranging from one to ten years. One must note that with longer tenures come higher interest rates. Insurance on Deposits: According to RBI regulations, if you deposit up to ₹ 5,00,000, the bank is obligated to insure your deposit for the principal and interest amount as of the liquidation date. The RBI will cancel the bank’s license if they fail to do so. Rollover Option: The bank allows you to choose automatic reinvestment of fixed deposit at the tenure ends at the new applicable interest rate. As such, you are not obligated to withdraw your investment and build it over again.
Features & BenefitsGiven below are some unique features and benefits offered by Bank of Baroda domestic term deposits:
- BoB Domestic term deposit FD scheme is one of the most secure investment instruments for Indian investors since it has no risk of capital erosion.
- At the end of the investment term, the Bank of Baroda will repay your entire principal amount.
- If you opt for longer investment tenures, you can get higher interest rates on your term deposit accounts.
- In case you wish to build a safe but significant corpus, you can consider going for Cumulative Term Deposits.
- The bank allows you to use period term deposits, which lets you create an additional source of income by choosing annual, semi-annual, quarterly, or monthly payments.
- You can open a domestic term deposit account by investing a minimal amount of ₹ 100 (while this can differ depending on the lender).
- There’s no restriction on the maximum investment amount in a term deposit FD scheme.
- If you require funds in an emergency, you can avail of loans of up to 75% of the term deposit amount.
- According to the RBI regulations, if somebody makes a term deposits of up to ₹ 5,00,000, they become eligible for insurance coverage under the Deposit Insurance and Credit Guarantee Corporation.
- As per the Income Tax Act of India, you must pay a TDS (Tax Deducted at Source) on the interest you earn on the deposit (under certain conditions).
How to Apply for BOB Domestic Term Deposits FD?Applying for Bank of Baroda term deposit accounts has become more accessible and can be done from the comfort of your home. You can open the account online (net banking), via phone, or by visiting the branch. Online Method For the online account opening process, follow the steps below: Step 1: Go to the official website of the Bank of Baroda. Step 2: Click on the ‘Fixed Deposit’ option available under the ‘Term Deposit’ section, which lies in the ‘Account’ tab on the menu bar. Step 3: A new page of fixed deposit products will appear. The webpage contains various FD schemes. Read them carefully and choose the one that suits you best by clicking on the ‘Apply Now option. Step 4: You will be redirected to a new page. Fill in all the mandatory fields, including name, email ID, phone number, state, city and branch. Step 5: Enter the verification code on the concerned field's right side. Step 6: Check the box that says that you agree to your application's terms and conditions and disclaimers. Click on the ‘Submit’ button. Step 7: Upload the required documents and choose the frequency of preferred payment options and the amount you wish to deposit. Offline Method You can visit the nearest branch of Bank of Baroda, get an application form for fixed deposits and submit it along with the required documents. Call on BoB’s Toll-Free Number. If you need assistance regarding the account opening process, you can connect with the representatives of Bank of Baroda on their toll-free numbers: 1800 102 44 55 / 1800 258 44 55.
Download BOB Domestic Term Deposits FD Application FormFollow the steps below to download BoB domestic term deposits FD application form: Step 1: Visit the official website of the Bank of Baroda. Step 2: Navigate to the ‘Accounts’ section on the menu bar and click on the ‘fixed deposit’ option in the Term Deposit section. Step 3: The website will redirect you to the Fixed Deposit product page. Click on the ‘Download Forms’ option, available at the end of the page. Step 4: A new page will appear containing various forms for downloads. Check properly, and click download on the required form.
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What is Domestic Term Deposits FD?
It’s a fixed deposit scheme where applicants make investors in their accounts for a particular period and earn interest on their deposits.
What amount of FD is tax-free?
If you earn interest of ₹ 40,000 or less and ₹ 50,000 or less (in the case of senior citizens), then the TDS won’t be deducted. Interests earned on the values mentioned above will be taxed.
Is it good to invest in Domestic Term Deposits FD?
Yes, if you want your money to work for you and if you want to avoid high-risk factors on investment, then opening a domestic term deposits FD would be a wiser choice.
What is the minimum amount for FD in BOB?
At Bank of Baroda, the minimum amount for opening an FD account is ₹ 1000.