Bank of Baroda for its customers has come up with a tax saving scheme. The Tax Savings Term Deposit Scheme offered by Bank of Baroda provides an opportunity to the customers to save money on tax and in return earn effective yields. For gaining tax benefit eligibility, you can either open a single account or a joint account for the holding period of 5-10 Years.
To avail the benefits of this scheme, the customer is required to meet the eligibility criteria set up by the Bank of Baroda. Below given are the specific criteria which should be fulfilled by the customer in order to get the benefits of tax saving term deposit.
Term Deposit Account
Minimum: Rs.100/- and in multiples
Deposits can be made under RIRD / MIP / QIP scheme
Rate of Interest
Senior citizens get an additional 0.5% return on their investment.
The Minimum Tenure: 5 Years
The Maximum Tenure: 10 Years
Under section 80C of Income Tax Act, 1961, the tax benefits offered is subject to a maximum deposit of Rs.1,50,000/-
Loan against the scheme
After a period of five Years of the scheme, the depositors can withdraw the amount and before that you can’t. However, if the depositor gets deceased before completing five Years, then premature withdrawal is possible.
Existing rate for Public
Revised for Public w.e.f 05.10.2015
Existing rate for Senior Citizens
Revised rate for Senior Citizens w.e.f 05.10.205
1 Week to 45 Days
46 Days to 179 Days
6 Months to 210 Days
211 Days to 1 Year
1 Year to 455 Days
456 Days to 2 Years
2 Years to 3 Years
3 Years to 5 Years
5 Years to 120 Months
Kindly Note: The mentioned interest rates can be changed without giving any prior notification.
Subscribe to our newsletter
Akshar Blue Chip IT Park, 703, Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra 400705