Baroda Tax Saving Term Deposit

1. *Includes an extra 0.50% interest for deposits up to 3 years and above 10 years. 

1. **Includes an extra 0.50% + 0.50% interest for deposits above 5 years up to 10 years for resident senior citizens. 

Eligibility Criteria to Open Baroda Tax Savings Term Deposit

Bank of Baroda has laid down certain criteria that customers are expected to meet if they want to qualify for the tax savings term deposit account. Following are the criteria that must be matched to take out a tax savings term deposit:

1. All individuals and Hindu Undivided Families qualify for a tax savings fixed deposit account.

1. The most suitable candidates for the product are income tax payers such as retired persons, middle- and high income groups and salaried individuals.
2. The deposit into this account can either be made in an individual's name for themselves, or in the Karta's name of a Hindu Undivided Family or in joint name.
3. If a joint account is opened, the same must bear the name of a maximum of two adults, or it can be registered jointly in the name of an adult and a minor.
4. The present guidelines set by the government dictate that if it is a joint holding of deposit / joint account, income tax benefits can only be claimed by the first holder of the deposit.
5. Corporates, clubs, trusts, firms, institutions, societies and companies cannot invest in this product.