(* incl. additional ROI 0.50%, # incl. additional ROI of 0.50+0.15, ** incl. additional ROI of 0.50%+0.30%, *** incl. additional ROI of 0.50%+0.50%)

Note:

• Preferential Rate is applicable only for Resident Indian Sr. Citizen, Resident Staff & Resident Senior Citizen Retired staff as per Deposit Policy.
• Additional 30bps over & above 50bps being paid to Senior Citizens for Retail Term Deposits of tenor Above 5 Years to 10 years has been increased to 50bps as per ALCO Meeting deliberations dated 22.12.2022 and accordingly will be paid 100bps (50bps+50bps) w.e.f. 26.12.2022 (Fresh & Renewals).

Note:

• No Additional ROI for Non-Callable is provided to NRE / NRO deposits of Rs. 2.00 Crores & Above as per existing guideline.
• Above rates will not be loaded with any other type of additional rate of interest (like Sr. Citizen, Army / Naval Groups, Staff etc.).

Note:

• No Additional ROI for Non-Callable is provided to NRE / NRO deposits of Rs. 2.00 Crores & Above as per existing guideline (Circular No. BCC: BR: 111: 244 dated 29.05.2019).
• Above rates will not be loaded with any other type of additional rate of interest (like Sr. Citizen, Army / Naval Groups, Staff etc.).

Notes:

(* incl. additional ROI 0.50%, # incl. additional ROI of 0.50+0.15, ** incl. additional ROI of 0.50%+0.30%, *** incl. additional ROI of 0.50%+0.50%)

Additional 30bps over & above 50bps being paid to Senior Citizens for Retail Term Deposits of tenor Above 5 Years to 10 years has been increased to 50bps as per ALCO Meeting deliberations dated 22.12.2022 and accordingly will be paid 100bps (50bps+50bps) w.e.f. 26.12.2022 (Fresh & Renewals).

Baroda Advantage Fixed Deposit (Domestic) Accounts, ROI in % (Deposit amount: Rs. 2 Cr. and above)

Non-Callable Bulk deposits of Rs.2.00 crore and above will also have additional interest upto 10 bps over the applicable rate of interest for Normal Bulk Deposits (callable) as per the maturity period of deposits as decided by The Treasury Department, BCC

Note:

• No Additional ROI for Non-Callable is provided to NRE / NRO deposits of Rs. 2.00 Crores & Above as per existing guideline.
• Above rates will not be loaded with any other type of additional rate of interest (like Sr. Citizen, Army / Naval Groups, Staff etc.).

Note:

• No Additional ROI for Non-Callable is provided to NRE / NRO deposits of Rs. 2.00 Crores & Above as per existing guideline.
• Above rates will not be loaded with any other type of additional rate of interest (like Sr. Citizen, Army / Naval Groups, Staff etc.).

(# incl. additional ROI of 0.50+0.15, ** incl. additional ROI of 0.50%+0.30%, *** incl. additional ROI of 0.50%+0.50%)

Additional 30bps over & above 50bps being paid to Senior Citizens for Retail Term Deposits of tenor Above 5 Years to 10 years has been increased to 50bps as per ALCO Meeting deliberations dated 22.12.2022 and accordingly will be paid 100bps (50bps+50bps) w.e.f. 26.12.2022 (Fresh & Renewals).

Note:

• Sr.Citizen Rate is applicable only for "Resident Indian Sr. Citizen", Resident Staff & Senior Citizen Retired resident staff as per Deposit Policy.
• Premature withdrawal not allowed before completion of 5Y except in case of Death of the customer.

(Figures in bracket indicate rate of interest before revision)

The above revised rates will be applicable for fresh and existing FCNR (B) deposits which are renewed on maturity.

Please note that no additional interest is permitted to Senior Citizen and Staff.

Premature withdrawal of FCNR (B) deposit:

• The rate of interest applicable in the case of FCNR (B) deposits will be one 1% less than the actual interest payable for the period for which it has run prevailing on the date of issue of receipt or on the date when the depositor seeks premature withdrawal, whichever is lower, provided the deposit has run for a minimum period of one year.
• No interest will be payable on premature withdrawal of deposit within twelve months from the date of deposit.

Note :

• The above interest rates are applicable only for FCNR deposits of amount up to USD 5 Million (or its equivalent in other currencies).
• For FCNR deposit of above USD 5 Million (or its equivalent in other currencies) please contact base branch.

• In terms of Reserve Bank of India directives, interest shall be calculated at quarterly compounding intervals on Term Deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of Monthly Deposit Scheme, the interest shall be calculated for the quarter on compounding basis and paid monthly at discounted value. The interest on Term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks' Association.

Accordingly Bank has adopted following methodology.

• “In all cases of Domestic Term Deposits ( period of deposit more than a year) where the terminal quarter is incomplete, interest should be calculated for complete quarter and the actual number of days, reckoning the year 365/366 days viz the calculation of interest on such deposits should be in order of completed quarters and days.”
  1. For Deposits of 2 Quarters and above, interest is calculated in quarterly compounded for complete quarters and where the terminal quarter incomplete, interest is calculated proportionately for the actual no of days reckoning the year 365/366 days.
  2. The Maturity Amount mentioned in the receipt is calculated without giving TDS effect. While calculating interest for half year(Quarterly compounded), the interest calculated for previous half year (quarterly compounded) minus TDS will be added to principal amount for calculating interest for current Half Year.
  3. For Short Deposits of less than 2 quarters but more than 1 quarter simple interest will be paid for complete quarter and plus interest for remaining days reckoning the year 365-366 days( without compound effect).
  4. For short deposits of less than one quarter interest is calculated proportionately for actual number for days reckoning the year 365-366 days.
• The interest on FCNR deposits shall be paid at the rates calculated in accordance with the basis prescribed by the Reserve Bank of India (RBI) from time to time for various maturities. The interest on FCNR deposits shall be paid on the basis of 360 days to a year and shall be calculated at intervals of 180 days each.
• Deduction of Income tax at source from payment of interest on time deposits (section 194A of income tax act 1961) w.e.f 1st July 1995

Income Tax is to be deducted in cases where the total interest paid or credited on all time deposits in the name of a depositor with Bank as a whole, whether singly or jointly (as first named person) exceeds the specified limit per financial year as under income tax act 1961, Tax is to be deducted either at the time of credit to the account or payment of interest to the depositor whichever is earlier subject to change in limits of interest eligible for tax limit from time to time.

In case the depositor submits following Form before end of April every year, no tax may be deducted.

1. Non-corporate customers other than Senior Citizens - Form No.15G along with PAN (w.e.f. 1st April 2010).
2. Senior Citizens i.e. individuals of the age of -60- years or more - Form No.15H along with PAN (w.e.f. 1st April 2010) w.e.f. 1st April 2010 I.T. Department has made it mandatory to quote Permanent Account No. (PAN) by deductees in all cases where TDS is applicable, failure of which would attract the TDS at a higher rate of 20% (against normal rate of 10%) or normal rate whichever is higher. Further it has also been made compulsory to mention PAN on form No.15G / 15H w.e.f. 1st April 2010.
3. The Bank will issue a system generated tax deduction certificate (TDS Certificate) for the amount of tax deducted on quarterly basis.
• Interest earned/accrued on NRE & FCNR Term Deposits is tax free in India under the relevant provisions of Income Tax Act in India and hence no tax at source is deductible in respect of these deposits. “In case of NRO deposits” The depositor can claim the benefit of reduced rates of tax under Double Tax Avoidance Agreement (DTAA), which India has with the governments of various countries, by submitting the documents prescribed by the Bank at the beginning of every financial year.

However, Bank has statutory obligation to deduct tax at source on any interest paid / payable on NRO Term Deposits at the specified rates. If PAN is submitted with a declaration applicable under Double Tax Avoidance Treaty - TDS is deducted @ applicable rate for the country of residence of the customer.

1. If PAN is submitted without declaration - TDS is deducted @30%
2. If declaration is submitted without PAN - TDS @normal rate or 20% whichever is higher.
3. If PAN and declaration is not submitted - TDS @30%
• All interest payments will be rounded off to the nearest rupee.
• The Term Deposit account holders at the time of placing their deposits can give instructions with regard to closure of Deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will automatically renew the deposit as under.
1. If Deposit is placed for more than one year it will be automatically renewed for one year at the prevailing rate on due date.
2. If Deposit is placed for less than one year it will be automatically renewed for same period at the prevailing rate on due date.

In case, the customer wishes to make changes in the tenure or wants premature proceeds of the Term deposit, the same is allowed at the written request of the customer. In case of deposits under callable scheme premature withdrawal of bulk deposit is done as per Bank’s discretion.