Bank of Baroda UAE Fixed Deposit Interest Rates
Bank of Baroda offers attractive interest rates on fixed deposits in the UAE. The rates are higher on foreign currency deposits than on AED deposits.
Interest rates on deposits made in AED (valid for transactions up to AED 25,000)
The rates given below are valid only for transactions of up to AED 25,000 and equivalent sums in other foreign currencies.
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The rates are subject to change from time to time and negotiable.
Fixed Deposits offered by Bank of Baroda in the UAE
Bank of Baroda helps you get the best of your savings. This fixed deposit lets you earn interest on your otherwise idle money. The bank offers an attractive rate of interest along with flexible tenure options to help its customers build on their savings. There is no tax levied on the fixed deposit offered by Bank of Baroda for the residents of UAE. This scheme also offers an auto renewal option which lets the account holder to renew their account when it attains maturity.
Features and Benefits of Bank of Baroda Fixed Deposit Account
Listed below are the features and benefits of Bank of Baroda fixed deposit account
- Offers an attractive rate of interest depending on the tenure and amount deposited.
- Individuals, illiterates, minors are eligible for this account.
- The account comes with a minimum tenure of 1 month.
- Maximum tenure of the account is one year.
- Minimum deposit is AED 5,000.
- The account offers auto renewal option for automatic renewal of the account.
- No tax is levied on the fixed deposit account.
- Easy documentation.
- NRIs are eligible.
- Deposit can be made in 6 currencies- UAE, USD, GBP, EUR, YEN, CHF.
- KYC guidelines- Prescribed by the central bank of UAE.
- Minimal documentation.
- The account can be opened online through the bank’s official website or through third party financial websites.
Other products offered by Bank of Baroda, in UAE are:
What is a fixed deposit account?
A fixed deposit is a financial saving instrument provided by banks. It helps you build up your wealth by depositing your idle money for a certain period of time. The bank pays interest on the money deposited for the same period of time. The interest paid mainly depends on the amount deposited in the account and the tenure for which it is deposited. Usually funds from fixed deposit are not meant to be withdrawn before the date of maturity but the account holder can withdraw the funds if needed. The bank charges a penalty fee if the fund is withdrawn before the date of maturity. Some banks allow the account holder to withdraw a part of the fund without any penalty charges.
In case of a minor, the account is usually handled by the parent or guardian until the minor comes of age or till the maturity of the account, whichever comes first. Several banks allow the account holder to take a loan against their fixed deposit. The account can be opened online or physically at one of the bank’s branches.
About Bank of Baroda
Bank of Baroda is a banking and financial services company. It is an Indian state-owned bank and was started in 1908 in Baroda. It is the second largest bank in India and has its presence spread across 25 countries. The bank has over 5307 branches and 8000 ATMs in India abroad. The Bank of Baroda in UAE offers financial services and products to its retail and corporate customers. The bank has over 18 branches in UAE currently. It also offers internet banking to make banking easier for its customers.