Bank of Baroda Double Dhamaka Fixed Deposit (New Scheme 2014)

Baroda Double Dhamaka Fixed Deposit – Interest Rates, Deposit Rates and Amount for FD

Product Specification

This is a Term Deposit Product wherein Depositor gets more than double of his initial deposit amount, after a period of 7 years, 6 months and 5 days.

Eligibility and Target Group:

  • An individual in his own name.
  • Jointly by more than one individuals.
  • Minor of age 10 and above on terms laid down by the Bank.
  • Account in the name of minor with their father/mother, as guardian.
  • In the names of Clubs, associations, Educational Institutions, Partnerships and joint stock companies and any other institutions, which are eligible to open a Term Deposit, account as per Bank rules.

The product is not available for NRI Customers.
Minimum Deposit Amount

Rs 5,000/- ( and further in multiple of Rs. 1000/-)

Maturity Value

On Due date Rs. 1000/- shall accumulate into Rs. 2001/-

Maximum Deposit Amount

Less than Rs. 1.00 Crore

Rate of Interest 2014:

  • 9.10% per annum for Residents & Non- Residents
  • 9.60% per annum for Senior Citizens

Duration

  • 7 Years 8 Months and 18 Days for Residents & Non- Residents
  • 7 Years 3 Months and 24 Days for Senior Citizen

Payment of Interest

  • Frequency of Interest payment in the account will be similar as applicable on RIRD

Premature Payment
Premature penalty as per Bank’s extant guidelines on Term Deposits shall be applicable.

Nomination facility
Nomination facility will be available

Tax Deduction at Source
TDS will be deducted on interest payments as per rules.

Availability of Loan/Overdraft

Loan / Overdraft facility to be permitted up to 95% of outstanding balance at interest rate 1.5% over interest rate paid on deposit (No processing Charges to be levied on such loan / Overdraft facility)

Closure of A/C

Rules applicable as per existing Term Deposit Account
Other Terms and conditions

  • Same terms as applicable to Term Deposit