Bank of Baroda Tax Savings Term Deposit

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.

Bank of Baroda Tax Savings Term Deposit Eligibility Criteria:

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.

  1. Every individual along with the Hindu Undivided Family members are eligible. Moreover, it is the best scheme for the senior citizens, salaried individuals and mid-high income groups.
  2. The deposit made into the account can be used under the name of the depositor (single) or in joint name or under the name of the Karta of HUFs.
  3. Moreover, the maximum of two individuals can only open a joint account where the individuals can be both adults or one adult and one minor. On the other hand, with the new rules set by the government, only the first holed of the deposit can avail the tax benefits if it is a joint account.
  4. Trusts, Firms, Educational institutions, etc can invest.

Account Type

Term Deposit Account

Deposit Amount

Minimum: Rs.100/- and in multiples

Maximum Rs.1,50,000/-

Deposits can be made under RIRD / MIP / QIP scheme

Rate of Interest

Minimum: 5.25%

Maximum: 7.5%

Senior citizens get an additional 0.5% return on their investment.

Period

The Minimum Tenure: 5 Years

The Maximum Tenure: 10 Years

TDS

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

N.A.

Nomination facility

Available

Premature withdrawal

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.    

Bank of Baroda Tax Savings Term Deposit Interest Rates:

Tenors

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

5.50%

5.25%

5.75%

5.50%

46 Days to 179 Days

6.75%

6.50%

7%

6.75%

6 Months to 210 Days

7%

6.75%

7.25%

7%

211 Days to 1 Year

7.25%

7%

7.50%

7.25%

1 Year to 455 Days

7.5%

7.25%

7.75%

7.50%

456 Days to 2 Years

7.75%

7.50%

8%

7.75%

2 Years to 3 Years

7.75%

7.50%

8%

7.75%

3 Years to 5 Years

7.25%

7%

7.50%

7.25%

5 Years to 120 Months

7.25%

7%

7.50%

7.25%


Kindly Note:
The mentioned interest rates can be changed without giving any prior notification.

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