Bank of Baroda's New Fixed Deposit Features

Bank of Baroda has unveiled innovative features for its fixed deposit schemes, including the introduction of 'liquid fixed deposits' that offer partial withdrawal options and special schemes tailored for super senior citizens, promising higher returns.

Flexible Withdrawal and Deposit Options

With the liquid fixed deposits, customers can withdraw in units of Rs. 1,000 after an initial deposit of Rs. 5,000, with deposits above Rs. 5,000 required to be in multiples of Rs. 1,000. The bank categorizes retail deposits as those below Rs. 3 crore, with deposits exceeding this amount treated as bulk deposits.

Interest Rates and Additional Benefits

The deposit tenure ranges from 12 to 60 months, with interest rates based on prevailing rates. Senior citizens and super senior citizens are offered additional interest rates, enhancing the appeal of these deposits. Resident staff deposits are also eligible for an additional 1% interest.

Automatic Renewal and Loan Facilities

In the absence of specific instructions from the customer, liquid term deposits will be automatically renewed for 12 months at the prevailing interest rate. The bank also allows loans or overdrafts against these deposits, adhering to its guidelines.

Premature Withdrawal and Penalties

Interest on these deposits is compounded quarterly and credited half-yearly. However, premature withdrawals may attract penalties, with specific conditions and documentation required for premature or partial withdrawals and at the time of maturity.

This scheme is not available for NRIs and banks, but nomination facilities are available. Digital platforms, including bobWorld mobile and internet banking, currently do not support part payments or closures for these deposits.