Bank announces Financial Results for quarter ended, 30th September 2023.
Bank of Baroda (UK) Ltd announces its intention to wind down and close its UK retail banking activities
Visit our website https://www.bankofbarodauk.com/ for any further information.
NOTIFICATION DATED 27.06.2023 FOR SALE / ASSIGNMENT OF FINANCIAL ASSET (NPA) to ARCs (E-AUCTION ON 14.07.2023)
As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.
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Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals.
The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
Open Current Account online at Bank of Baroda to meet all your banking needs. Go to our website to learn more about the different types of current accounts we offer and apply now!
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
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Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle. A comprehensive talent management system to groom future leaders of the bank.
Bank of Baroda offers various types of personal banking cards such as Credit, Debit, Prepaid, Business & Travel Cards. Choose the one best suited card for your needs.
Rate of Interest:
Maturity Details on completion of 15 Years
Public Provident Fund (PPF) scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax. Bank of Baroda operates Public Provident Fund account schemes across its branches all over India. Use a PPF calculator to know more and open a public provident fund account.
Any adult in his/her name or on behalf of minor's name or a person of unsound mind’s name in the capacity of guardian, can open PPF account. HUF and NRIs cannot open PPF account.
Rs. 500 per annum is required to be deposited. The accounts in which deposits are not made for any reason are treated as discontinued accounts and such accounts cannot be closed before maturity. The discontinued account can be activated by payment of the minimum deposit of Rs. 500 with default fee of Rs. 50 for each defaulted year.
Rs. 1.5 Lakhs per annum. The deposit in the account may be made in the account in one lump sum or in instalments.
15 years. An account, on the expiry of fifteen years, can be extended for a further period of five years for n number of times.
A PPF account can be transferred from a branch of an authorised bank to post office and vice versa and also from a branch of the bank to another branch.
A PPF account cannot be transferred from one person to another. Even in the case of death of a depositor, the nominee cannot continue the account.
At any time after the expiry of 1 year from the end of the year in which the initial subscription was made but before expiry of 5 years from the end of the year in which the initial subscription was made, the account holder may, apply for obtaining a loan consisting of a sum not exceeding 25% of the amount that stood to credit at the end of the second year immediately preceding the year in which the loan is applied for.
In case of an account opened on behalf of a minor or a person of unsound mind, the guardian may apply for the loan for the benefit of the minor or the person of unsound mind.
An account holder shall not be entitled to get a fresh loan so long as earlier loan has not been repaid in full together with interest thereon. An account holder shall be entitled for only one loan in a year.
The principal amount of a loan shall be repaid by the account holder before the expiry of 36 months from the first day of the month following the month in which the loan is sanctioned either in one lump sum or in instalments.
After the principal amount of the loan is fully repaid, the account holder shall pay interest thereon in not more than 2 monthly instalments at the rate of 1% per annum of the principal for the period commencing from the first day of the month following the month in which the loan is drawn up to the last day of the month in which the last instalment of the loan is repaid. However, where the loan is not repaid, or is repaid only in part, within a period of 36 months, interest on the amount of loan outstanding shall be charged at 6% per annum instead of at 1% per annum with effect from the first day of the month following the month in which the loan was obtained, to the last day of the month in which the loan is finally repaid.
The interest on the amount of loan outstanding and any portion of interest payable, but not paid, on any loan, the principal amount of which has already been repaid within the period of 36 months, may, on becoming due, be debited to the holder’s account. The interest on outstanding loans which are not paid before the expiry of 36 months or paid partly shall be debited to the holder’s account at the end of each year.
In case of death of the account holder, the nominee or legal heir shall be liable to pay interest on the loan availed by the account holder but not repaid before his death. Such amount of due interest shall be adjusted at the time of final closure of the account.
Any time after the expiry of 5 years from the end of the year in which the account was opened, the account holder may, avail withdrawal from the balance to his credit not exceeding 50% of the amount that stood to his credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower:
Provided that the amount of loan outstanding, along with interest shall be paid by the account holder before availing the facility of withdrawal.
The facility of withdrawal may be availed only once in a year only from the accounts which have not become discontinued.
In case of an account opened on behalf of a minor, or a person of unsound mind, the guardian may apply for the withdrawal for the benefit of the minor or a person of unsound mind.
Facility of partial withdrawal shall be available to the account extended subject to the condition that the total withdrawal during the block period of five years shall not exceed sixty per cent of the balance at credit at the commencement of the block period Provided that the withdrawal may be made either in a single or in yearly instalments.
An account holder shall be allowed premature closure of his account or the account of a minor or person of unsound mind of whom is the guardian on any of the following grounds, namely: -
Provided that an account under this Scheme shall not be closed before the expiry of five years from the end of the year in which the account was opened and interest in the account shall be allowed at a rate which shall be lower by one per cent than the rate at which interest has been credited in the account from time to time since the date of opening of the account, or the date of extension of the account, as the case may be.
Interest income is totally tax free.
The PPF account holders can deposit subscription at any branch of the Bank.
The following documents are accepted as valid documents for the purpose of identification and address proof:
2. Driving license
3. Voter’s ID card
4. PAN card
5. Job card issued by NREGA signed by the State Government officer
6. Letter issued by the National Population Register containing details of name and address)
In case of minors, following documents are required:
1. Proof of Date of Birth
2. details of Guardian(Natural/Legal) along with KYC documents
As per Government Savings Promotion General (Amendment) Rules, 2023 dated 03.04.2023 submission of Aadhaar Card and Pan Card/FORM 60 is mandatory for New & Existing Customers.
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Frequently Asked Questions (FAQs)
A Public Provident Fund Scheme, generally known as PPF is a long-term yet beneficial tax redemption and savings scheme under section of 80 C. Any Indian citizen can open a PPF account at Bank of Baroda.
The current PPF interest rate is 7.1% per annum. The interest rate given by the Ministry of Finance is applied for the lowest balance in the month between fifth and the last day of every month. Please note: Interest rate is subject to change as per the notification issued by the ministry on quarterly basis.
PPF is one investment that falls under the Exempt-Exempt-Exempt (EEE) category. This scheme comes with guaranteed returns for indefinite tenure, withdrawal & loan facility, and yearly tax rebate.
A customer can reach out to any branch of Bank of Baroda with KYC documents. Existing Customers can open a PPF account online through BOB WORLD mobile banking app.
A rightful citizen of India can open a public provident fund in their own name or on behalf of a minor. An individual is allowed to open one account under the PPF scheme.
Every quarter in the beginning, the National Savings Institute (NSI) revises the rate of interest applicable in the Scheme. Currently, the PPF interest rate is 7.1% per annum.
No. An Indian citizen is allowed to open 1 PPF account in their lifetime.
Maturity amount after 15 years of opening PPF account entirely depends on the instalments or lump-sums paid for each year and the rate of Interest applicable time to time.
You can partially withdraw from your PPF account, given that you do not exceed 50% of the balance.
No. An individual at the best can deposit Rs. 1.5 lakhs only in one financial year.
Both the schemes – PPF and PF – are saving instruments. But PPF (Public Provident Fund) is moreover a voluntary saving scheme for all the citizens of India. On the other hand, PF (Provident Fund) – a retirement saving scheme for salaried individuals.
Unfortunately, in 1 financial year, a PPF account holder can deposit Rs. 1.5 lakh in their provident fund account.
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