Bank of Baroda FD Interest Rates & Calculator

** Disclaimer: Bank of Baroda has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

 

Bank of Baroda is one of India’s largest nationalised banks that offers customers an array of banking and financial services. Fixed deposits happen to be one of the leading low-risk investment options offered by the bank. BoB FD interest rates range from 3%-5.65% for regular citizens, while Bank of Baroda FD rates for senior citizens can range up to 6.30%. 

 

BoB offers several long and short-term FD plans with tenors ranging from just 7 days to 10 years. Thus, you can pick a plan depending on your investment goals. For instance, if you need your monthly expenses covered but also wish to enjoy high assured returns, BoB’s monthly/quarterly income plan FDs may be your best bet. 

Before proceeding to the features, eligibility and application process, it's prudent to glance at the prevalent Bank of Baroda FD interest rates. Here’s a comprehensive BoB FD interest rate table that you can use as a guide while booking an FD account: 

*Additional 0.15% for non-callable FDs.

**Additional 1% over the base rate. 

Note: Interest rates w.e.f 13.09.2022 and can change from time to time as per the bank’s discretion. ROI mentioned in the table corresponds to only retail domestic term deposits under ₹2 Crores. 

To make an informed investment decision and plan your future better, you should calculate the outstanding returns from a Bank of Baroda FD before investing in one. You can do this easily with the help of the Bank of Baroda FD calculator. The Bank of Baroda FD calculator is an online tool that uses simple information to help you gauge the profitability of your BoB FDs. In other words, you need to input parameters like principal invested, rate of interest, tenor and payout frequency to determine your investment's potential returns. 

Your FD tenor plays an important role in determining your earnings from a lump-sum investment. Since Bank of Baroda FD interest rates vary as per the investment tenor, it's prudent to analyse your earnings vis-a-vis the length of the investment period. 

 

The following table shows Bank of Baroda interest rates and maturity amounts for an initial deposit of ₹1 Lakh with interest compounding quarterly.

While Bank of Baroda FD interest rates are quite attractive, you do have to prove your eligibility before applying for such investment plans. If you meet the eligibility criteria outlined below and can furnish the documents listed, you can book a BoB FD in no time. 

Eligibility Criteria

• Indian citizens (including minors)

• Hindu Undivided Families (HUF)

• Joint account holders

• Sole proprietorship and partnership firms

• Joint stock companies

• Educational institutions 

• Public and private companies

• Associations

• Clubs

• Registered societies 

(Note: Only the first two eligibility criteria are applicable for the BoB Tax Saver FD)

Documents Required

Here’s a list of documents you need to submit to verify your eligibility as per the above-mentioned parameters:

• Duly filled FD application form

• Identity proof  (Aadhaar Card, PAN Card, utility bills, Voter’s ID, passport, driver’s licence)

• Address proof (Aadhaar Card, PAN Card, utility bills, Voter’s ID, passport, driver’s licence)

• Passport-size photos of the applicant

• Copies of the applicant’s PAN Card

• A detailed introduction from the applicant

• Any additional documents needed for HUFs, associations, trusts, companies, partnership firms, and registered societies. 

   

Using a Bank of Baroda FD calculator is quite simple and doing so saves you from spending hours on manual calculations. You can use this online tool completely free-of-charge to calculate your returns as per the applicable Bank of Baroda FD interest rates.

 

Additionally, you can enter different tenors to gauge the potential returns on your principal investment. Knowing your return estimates beforehand can help you plan better. Here’s how you can use the Bank of Baroda FD calculator:

• Step 1: Select your customer type 

Under customer type, you will find two options listed on the Bank of Baroda FD calculator. If you are under the age of 60 years, pick the ‘regular citizen’ option. However, if you are above 60 years, tick the ‘senior citizen’ option. 

• Step 2: Select your fixed deposit type

Next, depending on your preferred interest payout frequency, you will have to pick between cumulative and non-cumulative deposit options. If you pick the former, you will receive the entire interest payable at the end of the tenor. Alternatively, if you opt for the non-cumulative option, you can avail of monthly, quarterly or half-yearly interest payouts. 

• Step 3: Enter the deposit amount

While the Bank of Baroda FD calculator will automatically fill in the deposit date, you do need to enter the principal amount. This amount corresponds to the sum which you wish to invest in the FD. 

• Step 4: Pick a preferred payment tenor 

Next, you will have to enter your desired investment tenor into the Bank of Baroda FD calculator. BoB offers FD tenors ranging from 7 days to 10 years. While you can pick a tenor as per your preferences, investing for a longer duration ensures higher returns. 

• Step 5: Review your maturity amount 

Once you have filled in all these fields on the Bank of Baroda FD calculator, you can review your maturity amount on the side panel. Additionally, this side panel also displays the interest rate, total interest earned on the principal amount and maturity date for your FD. It is important to remember that this tool automatically calculates the Bank of Baroda FD interest rates applicable to the parameters you enter. Thus, you don’t need to manually insert BoB FD rates.   

You can calculate the maturity amount due using the following compound interest formula:

 

M = P (1+r/n) ^ (n * t)

 

Here, M is the maturity amount 

P is the principal invested

i is the Bank of Baroda fixed deposit interest rate

n is the frequency of compounding

And, t is the tenor of the deposit

 

However, calculations derived using this formula are prone to errors. To ensure that your returns estimates are more precise, you can use a Bank of Baroda FD calculator. Using this fool-proof tool for determining your returns from the invested amount is both easy and free. You can use the steps outlined above to calculate your returns in under a minute. 

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