Product Details
Bank Name
Bank of Baroda
Eligibility
An individual in his own name.
More than one individual in joint name.
Minor of age 10 and above on terms laid down by the bank. Accounts can also be opened in the name of minors with their father/mother, as guardian.
Clubs, associations, Educational Institutions, Partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purposes.
Interest Rate
4.75% to 7% per annum.
Tenure
7 days to 12 months.
Fixed Deposit Type
Short Term
Short Term Deposits
Tax Benefits
No
Credit Ratings
[ICRA]AAA, IND AAA
Interest Payment Frequency
Interest will be paid at the time of maturity.
Cummulative/Non-Cummulative
Non Cumulative
Features
The minimum deposit amount is Rs 1000 and in multiples of Rs100.
No upper limit on the deposit amount.
Overdraft/Loan against deposit is provided on demand up to 95 % of the outstanding balance in the account as of the date of the loan.
Minimum Investment Amount
1,000
Fees and Charges
Pros
Guaranteed returns.
Users can avail loans against the outstanding amount.
Cons
No tax saving options.
Pros & Cons
Account Opening and Procedure
How to Open?
Application Process:
Visit your nearest Bank of Baroda branch or use their online banking services.
Provide the necessary details, including the deposit amount and preferred tenor.
Complete the required documentation
Application Procedure
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