This is a term deposit scheme offered by Bank of Baroda. Baroda Double Dhamaka Fixed Deposit, as the name implies, provides double reruns on your investments. A term/fixed deposit is a financial instrument by investing in which you can get assured returns on your investments. What you have to do is to invest for a particular period at a fixed rate of interest. The bank of Baroda Double Dhamaka Fixed Deposit scheme is open for general public and senior citizens.
Eligibility Criteria for applying for Baroda Double Dhamaka Fixed Deposit
The eligibility criteria for applying for Baroda Double Dhamaka Fixed Deposit include:
- Single individual.
- It can be opened jointly.
- Minors below the age 10 years and above.
- Clubs, educational Institutions associations, partnerships and joint stock companies can also apply for this.
- Both general public and senior citizens can invest in this fixed deposit scheme.
Features of Baroda Double Dhamaka Fixed Deposit Scheme
Listed below are the key features of Baroda Double Dhamaka Fixed Deposit:
| Account Type | Both Single and Joint. |
| Amount | Minimum amount: Rs. 5,000
Maximum amount: Less than Rs. 1.00 crore. |
| Rate of Interest | Minimum : 7.50%
Maximum : 8.00% |
| Period | Minimum: 8 Years, 9 months and 03 days for senior citizens.
Maximum: 9 Years 04 months and 00 days for general public. |
| TDS | TDS will be deducted on interest amount. |
| Loan against Baroda Double Dhamaka Fixed Deposit Scheme | Available. It is permitted up to 95% of outstanding balance at interest rate 1.5%. |
| Nomination (if any) | Yes, nomination facility is available under this policy. |
| Auto Renewals | N/A |
Baroda Double Dhamaka Fixed Deposit Scheme interest rates
The interest rates of Baroda Double Dhamaka Fixed Deposit Scheme vary based on the tenure of your deposit and age. Currently, the following interest rates are applicable on this scheme:
| Maturity range | Interest rate |
| For General Public: | 7.50% |
| For Senior Citizens: | 8.00% |
The above mentioned rates are applicable as on 1/12/2015. However, the above-mentioned fixed deposit interest rates are subject to change from time to time without giving you any prior notification by the bank.
Baroda Double Dhamaka Fixed Deposit Scheme FAQs
- Where are Baroda Double Dhamaka Fixed Deposits available?The Bank of Baroda Double Dhamaka Fixed Deposits are available at all CBS branches.
- What is the minimum deposit required for investing in a Bank of Baroda Double Dhamaka Fixed Deposit?The minimum deposit required for investing in a Bank of Baroda Double Dhamaka Fixed Deposit is Rs.5000.
- Does the bank allow premature withdrawal?Yes, the bank allows premature withdrawal.
- Is TDS applicable on Bank of Baroda Double Dhamaka Fixed Deposit?Yes, TDS is applicable on the interest payment of Bank of Baroda Double Dhamaka Fixed Deposit.
- Can I nominate someone against my Baroda Double Dhamaka Fixed Deposit?Yes, you can. The Baroda Double Dhamaka Fixed Deposit accepts nomination.
- Can I take a loan against my Baroda Double Dhamaka Fixed Deposit?Yes, you can take loans against your Baroda Double Dhamaka Fixed Deposit. You can get loan up to 95% of your total deposit.
- Is a minor eligible for opening a Baroda Double Dhamaka Fixed Deposit?Yes, a minor is also eligible for opening a Baroda Double Dhamaka Fixed Deposit.