Eligibility for BOB Fixed Deposits

The following individuals and entities are eligible to open a Fixed Deposit with Bank of Baroda and enjoy competitive interest rates.

• 1

  Any individual

  Includes resident individuals eligible as per bank norms.

• 2

  Any Hindu Undivided Families (HUFs), Sole proprietorships, Limited companies and Partnership firms

  Account operated by the Karta or authorised member, Business entities owned and managed by a single individual, Subject to submission of valid business documents

• 3

  Minors

  FD can be opened under the parent or legal guardian

Documents Required

Applicants must submit valid identity and address proof documents to open a Bank of Baroda Fixed Deposit.

• 1

  Identity Proof

  Aadhaar Card, PAN Card, Passport, or Voter ID

• 2

  Address Proof

  Aadhaar Card, Utility Bill, or Passport

• 3

  PAN Card

  Mandatory for all fixed deposit investments

• 4

  Senior Citizen Proof (if applicable)

  Valid age proof required to avail senior citizen benefits

Offline Fixed Deposit Application

Customers can also open a Bank of Baroda Fixed Deposit by visiting the nearest branch and completing the process in person.

1. 1

   Visit Nearest Bank Branch

   Visit the nearest Bank of Baroda branch.

2. 2

   Fill FD Application Form

   Fill in the Fixed Deposit application form with required details.

3. 3

   Submit Documents

   Submit the necessary identity and address proof documents.

4. 4

   Deposit Funds

   Deposit cash or cheque for the Fixed Deposit amount.

5. 5

   Receive FD Receipt

   Collect the Fixed Deposit receipt after successful submission.

Bank of Baroda Tax Saving Fixed Deposit allows investors to claim an income tax deduction of up to ₹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. The deposit comes with a mandatory lock-in period of 5 years, during which premature withdrawal is not allowed. Example: If you invest ₹1,00,000 in a BOB Tax Saving FD, the entire amount can be claimed as a deduction under Section 80C, reducing your taxable income by ₹1,00,000.

Interest earned on Bank of Baroda Fixed Deposits is fully taxable under the head “Income from Other Sources.” The interest income must be added to the total income of the investor and taxed as per the applicable income tax slab. Example: If you earn ₹45,000 as FD interest in a financial year, this amount will be added to your taxable income and taxed according to your income slab.

Tax Deducted at Source (TDS) is applicable if the total FD interest exceeds ₹40,000 in a financial year. For senior citizens, the TDS limit is ₹50,000. The bank issues a TDS certificate showing the deducted amount. Example: If a senior citizen earns ₹55,000 as FD interest, TDS will be deducted since the interest exceeds ₹50,000.

Senior citizens receive an additional 0.5% interest rate on Bank of Baroda Fixed Deposits. However, the interest earned is still taxable, and TDS rules apply based on the higher exemption limit for senior citizens. Example: A senior citizen investing in a Monthly Income Plan FD earns higher interest, but if total interest exceeds ₹50,000 in a year, TDS will be deducted.

What is the minimum amount to open a BOB Fixed Deposit?

The minimum deposit amount usually starts from ₹1,000, depending on the scheme.

Do senior citizens get extra interest on BOB FDs?

Yes, senior citizens generally receive additional interest over regular FD rates.

Is premature withdrawal allowed in Bank of Baroda FD?

Yes, premature withdrawal is allowed, but a penalty may apply.

Are Bank of Baroda FDs safe?

Yes, BOB is a government-owned bank, making its fixed deposits highly secure.

Can I open a BOB FD online?

Yes, Bank of Baroda allows FD opening through net banking and mobile banking.