Bank Of Baroda 2024 Interest Rate For FD- Bank of Baroda (Weave) offers FD financing costs of 3.00% – 7.05% p.a. to the overall population and 3.50% – 7.55% p.a. to senior residents on residencies going from 7 days to 10 years. The financing cost on Bank of Baroda Duty Saving FDs is 6.25% p.a. for the overall population and 6.90% – 7.25% p.a. for senior resident investors for residencies of 5 to 10 years. The bank likewise offers different fixed store items for NRIs, for example, NRO, NRE and FCNR fixed stores. Bank of Baroda acknowledges FCNR fixed stores in US Dollars (USD), English Pound Authentic (GBP), Euro (EUR), Australian Dollar (AUD) and Canadian Dollar (computer aided design).
The Bank of Baroda (BoB) is a financial institution based in India that specializes in providing various banking services. It was founded in 1855 and is one of the largest private sector banks in the country. Its headquarters are located in Ahmedabad, Gujarat. The Bank of Baroda offers a wide range of products and services to individuals and businesses, including personal loans, credit cards, insurance, investment products, and mortgage loans. It has more than 825 branches across India and provides banking services to over 13 million customers. The bank’s interest rate for 2019 is 2%.
Bank Of Baroda 2024 Interest Rate For FD
According to media reports citing the official website of the public sector lender Bank of Baroda (BoB), interest rates on fixed deposits under Rs 2 crore have increased as of Thursday. The bank increased the interest rate on fixed deposits with maturities ranging from 7 days to 45 days from 2.8% to 3% and on term deposits with maturities ranging from 46 days to 180 days from 3.7% to 4%.
According to the website, BoB will now offer an interest rate of 4.65 percent, up from 4.4 percent, a hike of 25 basis points, on deposits maturing in 271 days or more and less than one year. For deposits maturing between 181 days and 270 days, BoB will offer an interest rate of 4.65 percent, up from 4.3 percent, a hike of 35 basis points. Deposits that mature in one year will receive an interest rate of 5.30 percent, an increase from the previous rate of 5%.
Bank Of Baroda 2024 Interest Rate For FD Details
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Aabout Bank of Baroda FD
In the banking industry of India, Bank of Baroda is a respected brand. The bank offers fixed deposit plans to investors seeking safe investment options in addition to a wide range of financial services. If you’re looking for a low-risk investment option, fixed deposits are a great choice. FDs’ performance is not affected by changes in the market, so investors can expect guaranteed returns.
However, even though FDs carry a low risk of losing parked funds, investors should still exercise caution before making an investment. Thankfully, the Bank of Baroda FD calculator makes this possible. Before investing in FDs, these online calculators can assist investors in determining profitability. However, in order to calculate FD gains, one must learn more about the calculator’s features, advantages, and other details.
Types of Bank of Baroda FD Schemes
The interest rate is determined by factors such as the profitability of the bank, its capital requirements, and other relevant factors.- In general, the interest rates offered by a bank are based on several factors including the cost of borrowing from that particular institution, their overall financial health, and their risk management policies. These factors can change over time and may result in different interest rates being offered by different banks.
Baroda Tax Savings Term Deposit Account
- Under Section 80C of the Income Tax Act, the Tax Savings Fixed Deposit’s deposit amount is eligible for a tax deduction.
- There are three variations of this term deposit plan: RIRD, which stands for cumulative deposit scheme, MIP, which pays interest each month at discounted rates, and QIP, which pays interest every quarter.
- Tenor: Five to ten years Minimum Deposit: Rs. 100 (Additional deposits in multiples of Rs. 100) The Maximum Amount Deposited: Rs. Tax Benefit of 1.5
- Lakh: Under section 80C of the Income Tax Act, any investment in this scheme is eligible for tax benefits.
- Rate of Interest: The following groups will benefit in particular from the interest rate:
- Senior citizens will receive an additional 0.50% per annum in interest. for low-interest deposits 2 Crore.
- The Bank of Baroda’s current and former employees can get an additional interest rate on their deposits—the rate is set by the bank.
- Any former employee who is also a senior citizen will be eligible for additional interest benefits from both groups.
- Payment of Interest: The depositor will receive payment for the interest earned by the MIP and QIP schemes.
- Overdraft and Loan Facility: The Baroda Tax Savings Term Deposit Account does not have a loan or overdraft option.
- Inadequate withdrawal: In this plan, premature withdrawals are only permitted after five years (at the bank’s discretion).
Click Here- AU Bank 2024 Interest Rate For FD
Baroda Suvidha Flexible Fixed Deposit Scheme
- In addition to providing overdraft facilities to its depositors, this Fixed Deposit (FD) scheme provides the depositor with liquidity in the form of a flexible withdrawal of their investment.
- Tenor: 1 to 5 years’ minimum deposit: This account requires a minimum deposit of Rs. 5,000, which is equal to five Rs units 1,000 each), and additional deposits in multiples of Rs must be made. 1,000).
- Maximum Amount Deposited: The maximum amount that can be deposited is unlimited. There is a maximum limit of Rs for minor accounts opened by individuals over the age of 10. 1 Lakh.
- Rate of Interest: The following groups will benefit in particular from the interest rate:
- Senior citizens will receive an additional 0.50% per annum in interest. for low-interest deposits 2 Crore.
- The Bank of Baroda’s current and former employees can get an additional interest rate on their deposits—the rate is set by the bank.
- Any former employee who is also a senior citizen will be eligible for additional interest benefits from both groups.
- Payment of Interest: The depositor will receive a half-yearly payment of the scheme’s earned interest.
- Inadvertent withdrawal: The facility of premature withdrawal is available for a minimum of Rs. 1,000, which is regarded as a single unit, and subsequent units in multiples. The following conditions are associated with premature withdrawal:
- When making a partial withdrawal, the interest rate on the units that are withdrawn will be 1% lower than the rate that is currently in effect for the deposit. The payable interest rate is calculated using quarterly compounding.
- After deducting a penalty of 1% from the applicable rate or contracted rate, whichever is lower, in the event of a complete withdrawal, interest will be paid.
Monthly Income Plan (MIP)
- In addition to providing overdraft facilities to its depositors, this Fixed Deposit (FD) scheme offers a guaranteed monthly interest payout option.
- Tenor: 1 to 10 years Amount of the Minimum Deposit: This account requires a minimum deposit of Rs. 1,000, with additional deposits in multiples of Rs. 100.
- Maximum Amount Deposited: The maximum amount that can be deposited is unlimited. There is a maximum limit of Rs for minor accounts opened by individuals over the age of 10. 1 Lakh.
- Rate of Interest: The following groups will benefit in particular from the interest rate:
- Senior citizens will receive an additional 0.50% per annum in interest. for low-interest deposits 2 Crore.
- The Bank of Baroda’s current and former employees can get an additional interest rate on their deposits—the rate is set by the bank.
- Any former employee who is also a senior citizen will be eligible for additional interest benefits from both groups.
- Overdraft and Loan Facility: Up to 95% of the account balance on the date of the loan is eligible for the loan/overdraft option. Hindu Undivided Families and minor accounts opened in a single name do not qualify for advances against deposits.
- Security: Departments of the government accept MIP deposits as security.
- Activities Not Reliant on Funds: For non-fund-based transactions like letters of credit, bank guarantees, credit reports, solvency certificates, and so on, this scheme also accepts deposits as a margin.
Check Also- Andhra Bank 2024 Interest Rate For FD
Quarterly Income Plan (QIP)
- Customers benefit from this fixed-deposit plan by receiving a quarterly fixed income.
- Tenor: 1 to 10 years Amount of the Minimum Deposit: This account requires a minimum deposit of Rs. 1,000, with additional deposits in multiples of Rs. 100.
- Maximum Amount Deposited: The maximum amount that can be deposited is unlimited. There is a maximum limit of Rs for minor accounts opened by individuals over the age of 10. 1 Lakh.
- Rate of Interest: The following groups will benefit in particular from the interest rate:
- Senior citizens will receive an additional 0.50% per annum in interest. for low-interest deposits 2 Crore.
- The Bank of Baroda’s current and former employees can get an additional interest rate on their deposits—the rate is set by the bank.
- Any former employee who is also a senior citizen will be eligible for additional interest benefits from both groups.
- Payment of Interest: The depositor will receive payment for the interest earned through the scheme’s Monthly Interest Payment and Quarterly Interest Payment options.
- Overdraft and Loan Facility: Up to 95% of the account balance on the date of the loan is eligible for the loan/overdraft option.
- Security: The departments of the government accept deposits made under this scheme as security.
- Activities Not Reliant on Funds: Non-fund-based activities like letters of credit, bank guarantees, credit reports, solvency certificates, and so on can use QIP deposits as a margin.
Motor Accident Claims Annuity Deposit (MACAD)
- This Fixed Deposit (FD) plan makes it easier to file claims for motor vehicle accidents that are decided by the courts or other tribunals. It involves making a one-time payment into the MACAD account and opening a savings account that is linked to the FD to credit the FD’s monthly annuity payments until the end of its term.
- Tenor: 3 – 10 years. A standard FD account is opened when the deposit period is less than three years. The court’s instructions also allow for a tenure of more than ten years.
- Minimum Amount Deposited: A monthly annuity (Rs.) serves as the basis for the minimum deposit amount. 1,000 or more) during the MACAD tenure.
- Maximum Amount Deposited: The maximum amount that can be deposited is unlimited.
- Rate of Interest: The duration of the FD will determine the interest rate. Senior citizens will receive an additional 0.50% per annum in interest.
- Overdraft and Loan Facility: The MACAD Account lacks a loan or overdraft option.
Read Also- Central Bank 2024 Interest Rate For FD
Bank of Baroda Domestic Fixed Deposit Rates (Below Rs.2 crore)
| Tenure | Rate of Interest (p.a.) for General Public | Rate of Interest (p.a.) for Senior Citizens |
| 7 days – 14 days | 3.00% | 3.50% |
| 15 days – 45 days | 3.00% | 3.50% |
| 46 days – 90 days | 4.50% | 5.00% |
| 91 days – 180 days | 4.50% | 5.00% |
| 181 days – 210 days | 5.25% | 5.75% |
| 211 days – 270 days | 5.75% | 6.25% |
| 271 days – Less than 1 year | 5.75% | 6.25% |
| 1 year | 6.75% | 7.25% |
| Above 1 year – 400 days | 6.75% | 7.25% |
| Above 400 days – Up to 2 years | 6.75% | 7.25% |
| Above 2 years – Up to 3 years | 6.75% | 7.25% |
| Above 3 years – Up to 5 years | 6.25% | 6.90% |
| Above 5 years – Up to 10 years | 6.25% | 7.25% |
| Above 10 years (MACT/MACADCourt Order schemes only) | 6.25% | 6.75% |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.05% | 7.55% |
Bank of Baroda Tax Savings Term Deposit Rates
| Tenure | Rate of Interest for General Public (p.a.) | Rate of Interest for Senior Citizens (p.a.) |
| 5 years | 6.25% | 6.90% |
| Above 5 years – Up to 10 years | 6.25% | 7.25% |
Check Also-State Bank Of India 2024 Interest Rate For FD
Bank of Baroda NRI FD Rates
Bank of Baroda NRE FD Rates – Below Rs.2 crore (Callable)
| Tenure | Rate of Interest (p.a.) |
| 1 year | 6.75% |
| Above 1 year – 400 days | 6.75% |
| Above 400 days – Up to 2 years | 6.75% |
| Above 2 years – Up to 3 years | 6.75% |
| Above 3 years – Up to 5 years | 6.25% |
| Above 5 years – Up to 10 years | 6.25% |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.05% |
Also Read- HDFC Bank 2024 Interest Rate For FD
Bank of Baroda FCNR FD Rates
| Maturity Period | USD | GBP | EUR | AUD | CAD |
| 1 Yr. to less than 2 yrs. | 5.00(5.00) | 4.25(4.25) | 1.50(1.50) | 3.60(3.60) | 4.30(4.30) |
| 2 Yrs. to less than 3 yrs. | 3.95(3.95) | 2.35(2.35) | 1.50(1.50) | 3.50(3.50) | 4.10(4.10) |
| 3 Yrs. to less than 4 yrs. | 3.80(3.80) | 2.45(2.45) | 1.50(1.50) | 3.00(3.00) | 3.85(3.85) |
| 4 Yrs. to less than 5 yrs. | 3.85(3.85) | 2.45(2.45) | 1.50(1.50) | 3.00(3.00) | 3.70(3.70) |
| 5 Years | 3.90(3.90) | 2.45(2.45) | 1.50(1.50) | 3.00(3.00) | 3.60(3.60) |
Bank of Baroda FD Calculator
Bank of Baroda FD Calculator allows investors to check the maturity amount of their Fixed Deposits. To determine how much their investment will be worth at maturity, users will be required to enter the amount they wish to deposit, their preferred investment tenure, and the applicable FD rate for that tenure.
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