Can you tell me in detail about the BOB or Bank of Baroda Double Dhamaka Fixed Deposit scheme as I am planning to invest in it, so want to know all its detaisl?

A Fixed Deposit Double Scheme is a plan which aims to double the investment of a customer over a period of time.

These schemes are generally offered by banks and require customers to deposit certain sums for a fixed period of time.

The interest earned on this sum eventually doubles the money, which is then given back to the customer at the end of a term.

Bank of Baroda Double Dhamaka Fixed Deposit provides double reruns on investments. A term/fixed deposit is a financial instrument by investing in which one can get assured returns on investments.

The Bank of Baroda Double Dhamaka Fixed Deposit scheme is open for general public and senior citizens.

Baroda Double Dhamaka Fixed Deposit

Product Specification
This is a Term Deposit Product wherein Depositor gets more than double of his initial deposit amount.

Area of operation
The product shall be available at all CBS branches.

Eligibility and Target Group
• An individual in his own name.

• Jointly by more than one individuals.

• Minor of age 10 and above on terms laid down by the Bank.

• Account in the name of minor with their father/mother, as guardian.

• In the names of Clubs, associations, Educational Institutions, Partnerships and joint stock companies and any other institutions, which are eligible to open a Term Deposit, account as per Bank rules.

The product is not available for NRI Customers

Minimum Deposit Amount
Rs 5,000/- ( and further in multiple of Rs. 1000/-)

Maturity Value
On Due date Rs. 1000/- shall accumulate into approximately. Rs. 2001/-

Maximum Deposit Amount
Less than Rs. 1.00 Crore

Payment of Interest
• Frequency of Interest payment in the account will be similar as applicable on RIRD.

Premature Payment
Premature penalty as per Bank�s extant guidelines on Term Deposits shall be applicable.

Nomination facility
Nomination facility will be available.

Tax Deduction at Source
TDS will be deducted on interest payments as per rules.

Availability of Loan/Overdraft
Loan / Overdraft facility to be permitted up to 95% of outstanding balance at interest rate 1.5% over interest rate paid on deposit (No processing Charges to be levied on such loan / Overdraft facility)

Closure of A/C
Rules applicable as per existing Term Deposit Account