Bank of Baroda FD Rates for Senior Citizens

Bank of Barodsa FD interest rates for senior citizen ranges from 3.5% to 7.75%. Bank of Baroda offers a range of FD schemes to its customers. The interest rate offered under these schemes is competitive as per the market standards. Bank of Baroda FD rate varies as per the investment tenure, principal amount, and other factors. However, the Bank of Baroda FD rates for senior citizens is 0.5% higher than the interest rates for regular schemes.

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We are rated^~

7.7 Crore

Registered Consumer

50

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: *The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

The Bank of Baroda offers flexible investment options to its customers, where they can choose the investment amount and tenure. The FD interest rates are decided based on the term and amount of investment.

Bank of Baroda FD rates for senior citizens are calculated by adding 0.5% more to the regular interest rates. The following table shows the Bank of Baroda FD rates for senior citizens for different investments tenures:

Investment period	BOB FD Interest Rates for senior citizens
7 days to 14 days	3.50%
15 days to 45 days	4.00%
46 days to 90 days	5.50%
91 days to 180 days	5.50%
181 days to 210 days	6.00%
211 days to 270 days	6.50%
271 days & above and less than 1 year	6.75%
1 year	7.25%
Above 1 year to 400 days	7.25%
Above 400 days and up to 2 years	7.25%
Above 2 years and up to 3 years	7.75%
Above 3 years and up to 5 years	7.15%*
Above 5 years and up to 10 years	7.50%**
399 days (Baroda Tiranga Plus Deposit Scheme)	7.65%

*Interest rates are subject to change
Notes:
Additional senior citizen rates (50 bps) is applicable to resident Indian senior citizens only
*Additional interest rate: 0.50% + 0.15%
**Additional interest rate: 0.50% + 0.50%

Comparison Between

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Still Better than FD’s and Debt Mutual Fund

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

No

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

No

Life Cover

No

Tax on Profit

Taxable

Risk

High Risk

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*For annual premium upto ₹5 Lacs

People Also Read: FD Interest Rates in Hindi

Features of the Bank of Baroda FD Scheme

The features of the Bank of Baroda FD scheme are:

The interest earned is usually paid to the investor when the deposit matures. To withdraw money before maturity, the investors can select between monthly, quarterly, and half-yearly payout options.
If the investment were made for less than three months, the payable interest would be calculated based on the actual number of days for which the money was invested.
If the investment were made for more than three months but less than six months, the payable interest would be calculated by adding the interest earned in the first three months and then adding the interest earned in the remaining days of the investment.
If the investment were made for more than six months but less than a year, the payable interest would be calculated by adding the interest earned in the first six months and then adding the interest earned in the remaining days of the investment.
The investment duration offered is flexible, ranging from anywhere between a minimum of 7 days to a maximum of 10 years.
For exceptional cases, the investment period can be extended beyond ten years, but even then, it cannot be more than 20 years.
If a joint deposit account is opened, then the interest rate will be decided based on the eligibility of the first applicant in the application form.

Benefits of the Bank of Baroda FD Scheme

Listed below are the benefits offered by the Bank of Baroda FD scheme:

Since the minimum investment amount is only INR 1000, individuals of all economic backgrounds can initiate the investment.
The flexible tenure period ensures that the investors don't have to worry about their money being locked away for a long time as they can now choose to invest for as short as seven days duration.
The Bank of Baroda offers the loan against deposit feature, enabling customers to loan money in times of need.
The investment in the Bank of Baroda FD scheme is entirely risk-free.
The Bank of Baroda FD scheme allows the investor to add a nominee to the investment.

Eligibility Criteria

Follow the below eligibility criteria to invest in the FD scheme:

They must be an Indian resident.
They must have crossed the senior citizen mark of 60 years. For voluntary retirement cases, the age must be 50 years and above to invest.
They must be able to submit the requisite documents.

Documents required

Proof of identity
Proof of age
Proof of address
Recent passport size photographs
Bank passbook
Duly filled application form

Factors that Affect Senior Citizen Bank of Baroda Fixed Deposit Rates

The factors that affect the Bank of Baroda FD rates for senior citizens are as follows:

The amount of money invested is a significant factor as it is directly proportional to the interest rate. The higher the investment amount of the depositor, the higher the interest rate will be earned.

The duration of the investment that is decided is another factor that significantly affects the interest rate. A depositor who invests their money for a long time earns a higher return than someone who invests the same amount of money for the short term.

The payout option selected also affects the interest rate. It is because if the interest is not withdrawn, it gets added to the invested amount, and as a result, it gets compounded, and the investor earns higher interest in the long run.

FAQ's

Q. In what conditions can the investment tenure be extended beyond ten years?

Ans: In exceptional cases like a court order, or for organizations with a particular need, etc., the investment tenure can be extended.
Q. Who can be added as a nominee?

Ans: The Bank of Baroda allows the investor to add their spouse as the nominee of the investment.
Q. How much loan can be taken against the deposit?

Ans: Up to 95% of the deposit amount can be loaned under the Bank of Baroda FD scheme.
Q. What is the ideal investment period?

Ans: The ideal investment period would be equal to or more than three years to receive the maximum interest rate.
Q. If an investor's spouse is less than 60 years of age, can they still be added as the nominee?

Ans: Yes, but for availing the senior citizen benefit, it should be taken care that the first name added in the application form should be of the applicant who has crossed the age of 60.

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