Bank of Baroda has introduced a unique alternative to traditional fixed deposits (FDs): Bob Liquid Fixed Deposits. Bob Liquid FD combines the benefits of earning higher returns from FDs with the convenience of easy liquidity associated with a Savings Account. It gives depositors the flexibility of a partial withdrawal facility without closing the entire FD, which ensures that depositors can address their urgent financial needs as and when required.
Bank of Baroda’s bob Liquid FD
Bank of Baroda’s Bob Liquid FD is a versatile FD variant. It is particularly suited for individuals looking to lock in their funds for a longer duration for higher returns while balancing saving for long-term goals and maintaining the flexibility to address unforeseen expenses.
For example, in a bob Liquid FD of ₹5 lakh, a customer can prematurely withdraw ₹1 lakh. The remaining deposit of ₹4 lakh will continue to earn interest at the original rate, and the customer will have to pay the prepayment penalty, if applicable, on the withdrawn amount of ₹1 lakh only, and not on the entire amount.
Key Features of Bob Liquid FD
1) Minimum Deposit Amount: ₹5,000 (and in multiples of ₹1,000/ thereafter)
2)Maximum Deposit Amount: No Upper Limit
3)Minimum Duration: 12 Months
4)Maximum Duration: 60 Months
5)Interest Rate: As per prevailing Interest Rates on Term Deposits as decided by the Bank from time to time
6)Premature Payment/Partial Withdrawal Facility: Allowed, in multiples of ₹1,000/-, as many times as required during the tenure of the FD
Pre-payment Penalty:
7) No penalty is levied for premature payments in term deposits up to Rs. 5.00 lakh that have been in place for a minimum of 12 months.
8)Fixed Deposits below ₹1 crore—A penalty of 1% from the applicable interest rate for the completed period or the contracted rate,whichever is lower.
9) Fixed Deposit of ₹1 crore and above – Penalty of 1.5% from the applicable interest rate for the completed period or the contracted rate,whichever is lower.
How to open Bob Liquid FD?
Bob Liquid FD can be easily opened through the Bank’s digital channels, including the Bob World app and Internet Banking, and by visiting any branch.
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