Bank of Baroda FD Interest Rates

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:

1. Normal Fixed Deposits
2. Tax-Saving Fixed Deposits
3. NRI Fixed Deposits
4. Senior Citizen Fixed Deposits
5. Flexi Fixed Deposits
6. 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.