Unravelling the Mystery of Bob FD: A Comprehensive Guide

Bank of Baroda is India’s third-largest public sector bank, having over 131 million customers in around 20 countries. To form the country’s third-largest lender bank, the government amalgamated the Bank of Baroda with Vijaya Bank and Dena Bank on September 17, 2018. It provides plenty of banking and financial services, and opening an FD is one of them.

Fixed Deposit is a financial instrument which grows over a fixed period of time at a fixed rate of interest. It is considered to be the safest option to invest as it gives a consistent rate of interest with zero risk involvement as there are no market-related risks. It provides a good return on investments at the time of maturity as the interest rates are unaffected by market fluctuations. It is at the customer’s discretion to choose to get the interest amount either on a periodic basis or at the time of maturity. But in usual cases, if any amount is withdrawn from an FD before the maturity date, a penalty is levied.

Fixed Deposits let users earn a higher interest rate when compared to savings account holders, as it allows them to lend money to individuals who require an amount for almost the same period of time. It means a 1-year fixed deposit lets banks lend the amount to an individual who wants a personal loan for the same period of time, i.e. 1 year.

Features and Benefits of Bank of Baroda FD: 

Mentioned below are the features and benefits of Bank of Baroda Fixed Deposits:

• It provides senior citizens with an additional rate of interest of 0.50% p.a. over the regular rate of interest.
• To open an FD with the Bank of Baroda, the minimum deposit amount required is INR 10,000.
• It comes with an option for a nomination facility.
• Up to 90% of the deposit can be used for loan deposits.
• The interest is to be paid at the time of maturity only.
• There are many deposit schemes available to the BOB customers like Baroda tax Savings Term Deposit, Short Deposit, Baroda Advantage Fixed Deposits Non-Callable, Baroda Double Dhamaka Deposit Scheme, Fast Access Deposit, Money Multiplier Deposit, BOB Suvidha Fixed Deposit Scheme, Regular Income plan, Monthly Income Plan, 

How to Open a Fixed Deposit in Bank of Baroda

Mentioned below are the different ways to open a Bank of Baroda Fixed Deposit:

• By Visiting the Branch:

In case the savings account holder wants to open a Fixed Deposit with the Bank of Baroda, then he/ she should first download the FD Application form from the official website of the Bank of Baroda. One can also visit the nearest branch physically, considering the Bank of Baroda Lunch Time. Below are the steps that should be followed once the form is procured.

Step 1: Fill out the Fixed Deposit Application Form with all the details required. Mention the amount of Fixed Deposit required along with the period.

Step 2: Submit the application form duly filled with all the documents required.

Step 3: Deposit the amount of Fixed Deposit via cash or cheque that is to be invested. 

Step 4: Once the processing of the application is completed, the account holder’s FD account will be opened by the Bank of Baroda.

• Through Internet Banking:

The process to open an FD differs from one bank to the other. The main advantage of using Internet banking is you do not need to check the list of RBI Holidays before accessing Internet banking as it can be availed 24*7 sitting in the comfort of your home. Mentioned are the steps to open a Fixed Deposit in Bank of Baroda via Internet Banking:

Step 1: Open the official website of the Bank of Baroda.

Step 2: In case of an existing customer, log in using your credentials. But, in case you are not registered, use a new user ID.

Step 3: Click the option “Open a Fixed Deposit Account”.

Step 4: Fill out the FD application form with the details required, like investment amount, nominee details, tenure, etc.

Step 5: Check for the correctness of the details provided and click on “Confirm” to proceed further. 

Step 6: Make payment via net banking.

Step 7: Download the receipt for future reference.

• Via Mobile Banking:

The process of opening an FD also differs from one bank to the other in case it is applied via mobile banking. This is due to different apps used by different banks to provide their services. Mentioned below are the steps to open an FD via mobile banking:

Step 1: Download the BOB Mobile App.

Step 2: Log in to the app using your credentials.

Step 3: Select “Open a Fixed Deposit Account”.

Step 4: Select the amount to be deposited along with the maturity period and all other required details.

Step 5: Click on “Proceed”.

Step 6: The amount will be debited from the savings bank account of the account holder. Fixed deposits will then be opened on an instant basis.

Step 7: Download the receipt for future reference.

Eligibility Criteria

Mentioned below is the list of individuals who can open an FD in the Bank of Baroda:

• An individual can open an FD in his/ her own name.
• More than 1 individual can open an FD in a joint name.
• The age of the applicant should be 18 years or older to open an FD in the Bank of Baroda. 
• In the case of the minor applicant, he/ she should be 10 years old or older. They can get an account opened in their names, along with their father or mother’s name as guardians. 
• Clubs, educational institutions, associations, Joint stock companies, and partnerships, if they are registered and eligible, can get an FD opened.

Documents Required

Mentioned below is the list of documents required to open a Fixed Deposit in the Bank of Baroda:

• Proof of Identity:

1. PAN card
2. Passport
3. Voter ID card
4. Government ID card
5. Driving license
6. Senior Citizen ID
7. Photo ration card

• Proof of Address:

1. Telephone bill
2. Electricity bill
3. An ID card issued by the Post Office
4. Passport
5. Bank statement along with a cheque