Bank of Baroda has launched bob Liquid Fixed Deposits, a unique alternative to the traditional fixed deposit (FD) that blends assured & competitive returns, liquidity and flexibility, according to a press release.
What is bob Liquid FD ?
With Bank of Baroda Liquid FD, depositors can take advantage of the flexibility of a partial withdrawal without having to close the full FD. This allows them to take care of their immediate financial demands as needed, and the remaining funds will continue to generate interest at the agreed-upon rate in the same FD. Depositors will benefit from increased returns, reduced prepayment penalties, and easy access to money when needed.
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Key features of Bank of Baroda Liquid FD
Key features of bob Liquid FD’s include flexible deposit amounts starting from Rs. 5,000, with options for duration of FD ranging from 12 to 60 months, and the ability to make partial withdrawals in multiples of Rs. 1,000. Additionally, there is no prepayment penalty for premature withdrawals of fixed deposits up to Rs 5 lakh after a minimum of 12 months have passed.
What is the interest rate on bob Liquid FD?The interest rate will be same as prevailing interest rates on term deposits. Bank of Baroda offers an interest rate between 4.25% and 7.15% on regular fixed deposits for general citizens. The bank offers the highest interest rate of 7.30% On Bob Utsav Deposit Scheme (400 Days). An additional interest rate is offered for senior citizens for deposits below Rs. 3 crores.
| Tenors | Residents / General Public | Resident Indian Sr. Citizen | Resident Super Senior Citizen |
| 7 days to 14 days | 4.25 | 4.75* | 4.75* |
| 15 days to 45 days | 4.5 | 5.00* | 5.00* |
| 46 days to 90 days | 5.5 | 6.00* | 6.00* |
| 91 days to 180 days | 5.6 | 6.10* | 6.10* |
| 181 days to 210 days | 5.75 | 6.25* | 6.25* |
| 211 days to 270 days | 6.25 | 6.75* | 6.75* |
| 271 days & above and less than 1 year | 6.5 | 7.00* | 7.00* |
| 1 year | 6.85 | 7.35* | 7.35* |
| Above 1 year to 400 days (except 400 Days) | 7 | 7.50* | 7.60 $ |
| Above 400 days and upto 2 Years | 7 | 7.50* | 7.60 $ |
| Above 2 Years and upto 3 Years | 7.15 | 7.65* | 7.75 $ |
| Above 3 Years and upto 5 Years | 6.8 | 7.40 # | 7.50 $ |
| Above 5 Years and upto 10 Years | 6.5 | 7.50** | 7.50** |
| Above 10 years (MACAD | 6.25 | 6.75* | 6.75* |
| only) | |||
(* incl. additional ROI 0.50% for RTD up to 3 Years and additional ROI 0.50% for Above 10 Years, # incl. additional ROI of 0.50+0.10 (reduced from 0.15%) for RTD above 3 Years and up to 5 Years w.e.f 14.10.2024, **incl. additional ROI of 0.50%+0.50% for RTD above 5 Years and up to 10 Years to Resident Senior Citizens and $ includes 0.10% for Super Senior Citizens for Deposits above 1 year and up to 5 years)
What are the penalties for pre-payment
o No penalty is levied for premature payments in case of term deposits up to Rs. 5 lakh that have completed a minimum period of 12 months.
o Fixed Deposit below Rs 1 crore – Penalty of 1% from the applicable interest rate for the completed period or the contracted rate whichever is lower.
o Fixed Deposit of Rs 1 crore and above – Penalty of 1.5% from the applicable interest rate for the completed period or the contracted rate whichever is lower.
