Product Details
Bank Name
Bank of Baroda
Eligibility
Individuals including minors in single or joint names, Hindu undivided families, sole proprietorship and partnership firms, public/private limited companies, associations, clubs, trusts and registered societies.
This Scheme is not open to NRIs.
Interest Rate
6.50% to 7.50% per annum depending upon the tenure.
Tenure
1 year to 5 years.
Fixed Deposit Type
Flexible
Suvidha Flexible Fixed Deposit Scheme
Tax Benefits
No
Credit Ratings
[ICRA]AAA, IND AAA
Interest Payment Frequency
Monthly, Quarterly, Recurring.Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
The Suvidha Fixed Deposit (FD) product allows depositors to withdraw their money whenever they choose.
The minimum amount of deposit to be kept initially under this scheme will be Rs 5,000 which will be deemed as 5 units of Rs 1,000 each.
Users can avail overdraft/loan against deposit of up to 95 % of the outstanding balance in the account as of the date of the loan.
Minimum Investment Amount
5,000
Fees and Charges
Pros
Flexible interest payout.
Withdraw options without any penalty.
Users can avail loans against the outstanding amount.
High liquidity.
Cons
No tax saving option.
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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