Product 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
Fees and Charges
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
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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