bob Tax Saving Fixed Deposit Account |Bank of Baroda Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Bank of Baroda

Eligibility

All individuals and Hindu Undivided Family(HUF) are eligible to invest in this scheme. It is most suitable for income taxpayers like salaried persons, higher and middle-income groups, retired persons etc. The firms, companies, trusts, societies, clubs, institutions, corporate etc. are not allowed to invest in this scheme.

Interest Rate

Up to 7.50%.

Tenure

Minimum: 5 Years, Maximum: 10 years.

Fixed Deposit Type

Tax Saver

bob Tax Saving Fixed Deposit Account

Tax Benefits

Tax exemption under Section 80C of the Income Tax Act, 1961

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 minimum deposit amount shall be Rs 100.
• The maximum deposit amount in a financial year is Rs 1,50,000 for availing tax benefits.
• Term deposit can be in single and joint name.

Minimum Investment Amount

100

Features & Benefits

Pros

• Tax exemption under Section 80C of the Income Tax Act, 1961.
• Flexible interest payout options.

Cons

• The maximum deposit amount in a financial year is Rs 1,50,000 for availing tax benefits.

Pros & Cons

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

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