Bank of Baroda, a public sector bank of India, offers different fixed deposit (FD) schemes that cover the varying needs of retail customers. Just deposit your lump-sum savings in one of these accounts and rest assured to earn a competitive interest rate based on the tenure selected. Here is all that you should know about Bank of Baroda FD schemes.
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
Highlights for 2025 Fixed Deposit Scheme of Bank of Baroda Bank
Tenure | 7 days to 5 years |
Senior Citizen Interest Rates | 4.75% - 7.80% p.a. |
Public Interest Rates | 4.25% - 7.30% p.a. |
Highest Interest Rates for Public | 7.30% p.a. |
Highest Interest Rates for Senior Citizens | 7.80% p.a. |
Premature Withdrawal | 1% penalty |
Minimum Deposit Amount | Rs 1,000 |
Fixed Deposit Interest Rates 2025 of Bank of Baroda
The interest rates provided in the table below are applicable to deposits below Rs.3 crore and is effective from 13 August 2024.
| Deposit Tenure | Interest Rate for Regular Customers (% p.a.)* | Interest Rate for Senior Citizens (% p.a.)* |
| 7 days to 14 days | 4.25 | 4.75 |
| 15 days to 45 days | 4.50 | 5.00 |
| 46 days to 90 days | 5.50 | 6.00 |
| 91 days to 180 days | 5.60 | 6.10 |
| 181 days to 210 days | 5.75 | 6.25 |
| 211 days to 270 days | 6.15 | 6.65 |
| 271 days & above and less than 1 year | 6.25 | 6.75 |
| 333 days (BOB Monsoon Dhamaka Deposit Scheme) | 7.15 | 7.65 |
| 360 days (BOB 360) | 7.10 | 7.60 |
| 1 year | 6.85 | 7.35 |
| 399 days (BOB Monsoon Dhamaka Deposit Scheme) | 7.25 | 7.75 |
| Above 1 year to 400 days | 6.85 | 7.35 |
| Above 400 days and upto 2 years | 6.85 | 7.35 |
| Above 2 years and upto 3 years | 7.15 | 7.65 |
| Above 3 years and upto 5 years | 6.50 | 7.15 |
| Above 5 years and upto 10 years | 6.50 | 7.50 |
| Above 10 years (MACT/ MACAD Court Order schemes only) | 6.25 | 6.75 |
*Interest rates are subject to change from time to time.
Different Types of Bank of Baroda FD Schemes
Quarterly Income Plan (QIP)
This scheme offers quarterly interest payouts, making it ideal for individuals seeking regular supplemental income. The payout amount depends on the deposited sum, with senior citizens receiving an additional 0.5% interest rate. Deposits start at Rs. 1,000, with multiples of Rs. 100, and tenures range from 12 to 120 months.
Motor Accident Claims Annuity Deposit (MACAD)
This annuity-based scheme caters to court-ordered Motor Accident Claims. The deposit must ensure a minimum monthly annuity of Rs. 1,000, credited to a linked savings account under the MACT Claims SB Account Scheme. Tenures range from 36 to 120 months, as directed by the court or tribunal.
Bank of Baroda FD Special Features and Benefits
- Make a minimum deposit of Rs.1,000 to open an FD account with the bank.
- The tenure can range between 7 days and 120 months. The criteria may vary based on the scheme you choose.
- The interest will be compounded quarterly and paid out half-yearly for several schemes.
- Auto-renewal and nomination facilities are available.
- Avail loan/overdraft facility of up to 95% of the deposit amount.
- TDS certificate will be issued to respective customers.
- Senior citizens get 0.5% additional interest rate for deposits mostly above Rs.10,000 and below Rs.1 crore.
Basic Eligibility Criteria for Bank of Baroda FD
- Individuals (singly or jointly).
- Hindu Undivided Families (HUFs).
- Minor of age above 14 years on terms as laid down by the bank.
- In the names of clubs, associations, educational institutions, partnerships and joint stock companies and any other institutions, which are eligible to open a FD account as per the bank rules.
Tax Benefits on Bank of Baroda Fixed Deposit
BOB Tax Saving Fixed Deposit Account
This scheme offers income tax deductions of up to Rs.1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961. Only the first account holder is eligible to claim this deduction. Senior citizens enjoy an additional 0.5% interest rate above standard rates. Interest payouts can be credited to your savings account monthly or quarterly.
Key Features:
- Lock-in Period: Fixed at 60 months, extendable up to 120 months.
- Deposit Amount: Minimum Rs.100, with increments in multiples of Rs.100.
- Interest Calculation: Compounded quarterly.
- Auto-Renewal: Not available.
- Accessibility: Account can be opened online or offline.
Tax Implications:
Interest income from FDs is taxable under the "Income from Other Sources" category. Tax Deducted at Source (TDS) is applicable if the total interest earned exceeds Rs.40,000 (or Rs.50,000 for senior citizens) in a financial year. A TDS certificate is issued to confirm the deduction details
Read here to know more about the taxation on FDs.