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Multiply Your Money by Bank of Baroda Suvidha Fixed Deposit Scheme

Among the various deposit scheme offers by commercial and nationalised banks in India, the Bank of Baroda has been in the forefront of providing customer friendly and beneficial schemes. While Bank of Baroda fixed deposit schemes are many, the BoB Suvidha fixed deposit scheme has become highly popular as it allows a combination of good interest rates and utilising the deposits on both short terms and long terms deposit plans. From the customer point of view, this particular fixed deposit scheme has the ability to work towards meeting the needs of depositors and offer the two important advantages, that is, attractive rates of interest and flexible withdrawal limits.

Features of BoB Suvidha fixed deposit scheme

Customers can have the scheme started in their names, by having a minimum deposit of Rs 5000 for opening an account and then the deposits can be done in multiples of Rs 1000. The minimum term for deposits is 12 months and a maximum of 5 years. Premature deposits are not penalised, but withdrawals are levied at return of 1% less than the usual interest rate. Payments that would be done will be based on compounded annual interest and the interest can be paid on a half yearly basis. But, the interest amount shall be charged with tax deduction at source.

There are some important benefits of BoB Suvidha fixed deposit scheme, which should be known by the depositors so that they can plan their deposits accordingly. This is a kind of fixed deposit scheme, where part withdrawal is possible, but the remaining amount will be having the growth at the same interest rate under certain terms and conditions. Senior citizens are having an additional interest rate on the deposits by 0.5% over and above the normal rates applicable. Loans can be availed on the deposited amount, including the principal and the interest accrued till the time of the loan.

Bank of Baroda fixed deposit has become quite popular because of the beneficial features it provides to the account holders. These are features which help in making BoB Suvidha fixed deposit scheme a flexible option for them. Very few fixed deposit schemes have such flexibility of deposits and withdrawals, which mark the offers by Bank of Baroda. Starting such an account is quite easy and can be done by anyone, simply by filling the form, providing the requisite documents and putting in the minimum amount stipulated.

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