Secure Your Money And Watch It Grow Too


Opt for bob Suvidha Fixed Deposit Scheme and get multiple benefits.

  • Benefits
  • Features
  • Documents Required
  • Most Important Terms and Conditions (MITC)

bob Suvidha Flexible Fixed Deposit Scheme : Features

Product Nature The product is in the nature of existing RIRD Scheme with the advantage of high flexibility to the depositor to withdraw the money when he chooses to. It combines the feature of higher rate of interest on a fixed deposit with the feature of easy liquidity associated with a Saving Bank Deposit.
Eligibility As per eligibility Norms for Fixed Deposits individuals including minors in single or joint names, Hindu undivided families, sole proprietorship and partnership firms,public/private limited companies, associations, clubs, trusts and registered societies.
This Scheme is not open to NRIs.
Target Group The scheme is ideally suited for salary earners, middle income group, self-employed professionals and farmers, who may like to invest their savings for longer duration to earn higher rate of interest while retaining the advantage of easy access and liquidity in case of need.
Minimum Amount Of Deposit The minimum amount of deposit to be kept initially under this scheme will be Rs 5,000 which will be deemed as -5- units of Rs 1,000 each.
Maximum Amount Of Deposit No upper limit. Deposit amount in excess of Rs 5,000 will be accepted in multiples of Rs 1,000.
Period Of Deposit
  • Minimum – 12 months
  • Maximum – 60 months
Rate Of Interest Prevailing rate of interest for fixed deposits.
  • Senior Citizen: An Additional interest @ 0.50 % is payable.
  • Staff/Ex-staff: As perBank guidelines issued from time to time (Presently additional interest 1% is payable).
  • Ex-staffs who are Senior Citizen: shall get both the benefits of Staff rate as well as Senior Citizen interest rate.
Nomination Facility Nomination facility will be available.
Tax Deduction At Source Interest payment is subject to Tax Deducted at source (TDS) as per prevailing Income Tax ACT.
Availability Of Loan/Overdraft
  • Overdraft / Loan against deposit provided on demand up to 95 % of the outstanding balance in the account as on date of loan.
  • Interest will be charged as per Bank’s extant guidelines from time to time issued by retail banking department.
Other Provisions
  • All other facilities as applicable to existing RIRD Deposits are applicable to Baroda Flexible Fixed Deposit Scheme BOB SUVIDHA.
  • Every deposit receipt under the scheme will be issued for a minimum of Rs 5,000 only. In other words a depositor having a deposit of Rs 5,000 cannot further deposit an amount of say Rs 1,000. No fresh units can be added to the existing deposit.
  • At the time of prepayment of some units before maturity, the discharge of the depositor should be obtained on the back of the debit voucher on a revenue stamp. However, the depositor’s signature should be invariably obtained on the reverse of the deposit receipt against the entry for such a prepayment. At the time of maturity payment, the discharge can be obtained on the reverse of the deposit receipt itself on a revenue stamp.
Payment/Crediting Of Interest The interest at the contracted rate due on the deposit should be credited to the account, every half year as is being done under RIRD scheme with the benefit of quarterly compounding. (Subject to tax deduction at source, where applicable, as per the income tax rules in force).
Premature Closure Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty.
Pre-payment facility will be allowed on the minimum deposit of one unit of Rs 1,000 & thereafter in multiple of Units. The prepaid deposit unit will be treated as partial withdrawal and interest on the withdrawn unit/s will be paid at the rate prevalent at the time of deposit minus 1%, for the period for which the deposit unit remained with the bank. The rate of interest payable will be calculated on quarterly compounding basis.
Withdrawals of deposit units and interest will be noted by way of endorsements on the back of the receipt.

bob Suvidha Flexible Fixed Deposit Scheme : Documents Required

Documents required:
  • Passport size photograph
  • Proof of residence
  • An Introduction as per bank's norms

bob Suvidha Flexible Fixed Deposit Scheme : Most Important Terms and Conditions (MITC)

  • Rate of Interest to Senior Citizen: An additional interest @ 0.50% is payable for deposits below Rs. 2 crore only.
  • Tax Deduction at Source:TDS will be deducted as per income tax rules. No TDS will be deducted if a person submits form 15G/15H as applicable.
  • TDS Certificate:TDS certificate will be provided to all customers.
  • Advance against Deposits:This facility is not available to a minor account in single name and HUF. If the interest is not deposited for more than 2 quarters, term deposit will be apportioned immediately.
  • Interest certificate available at request of customer
  • Deposit certificate- Term Deposit Receipt is provided
  • Term deposits can be transferred from one branch to another branch at the request of the customer.
  • Mode of Payment:Maturity proceeds are credited to the SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below Rs. 20,000 above which DD/pay order will be issued.
  • Minor Accounts can be opened for individuals above 10 years subject to maximum cap of Rs. 1,00,000

Interest Payment:
  • In terms of Reserve Bank of India directives, interest shall be calculated at quarterly compounding intervals on Term Deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of Monthly Deposit Scheme, the interest shall be calculated for the quarter on compounding basis and paid monthly at discounted value. The interest on Term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks' Association.
  • Accordingly Bank has adopted following methodology.

    “In all cases of Domestic Term Deposits ( period of deposit more than a year) where the terminal quarter is incomplete, interest should be calculated for complete quarter and the actual number of days, reckoning the year 365/366 days viz the calculation of interest on such deposits should be in order of completed quarters and days.”

    1. For Deposits of 2 Quarters and above, interest is calculated in quarterly compounded for complete quarters and where the terminal quarter incomplete, interest is calculated proportionately for the actual no of days reckoning the year 365/366 days.
    2. The Maturity Amount mentioned in the receipt is calculated without giving TDS effect. While calculating interest for half year(Quarterly compounded), the interest calculated for previous half year (quarterly compounded) minus TDS will be added to principal amount for calculating interest for current Half Year.
    3. For Short Deposits of less than 2 quarters but more than 1 quarter simple interest will be paid for complete quarter and plus interest for remaining days reckoning the year 365-366 days( without compound effect).
    4. For short deposits of less than one quarter interest is calculated proportionately for actual number for days reckoning the year 365-366 days.
  • The interest on FCNR deposits shall be paid at the rates calculated in accordance with the basis prescribed by the Reserve Bank of India (RBI) from time to time for various maturities. The interest on FCNR deposits shall be paid on the basis of 360 days to a year and shall be calculated at intervals of 180 days each.
  • Deduction of Income tax at source from payment of interest on time deposits (section 194A of income tax act 1961) w.e.f 1st July 1995
  • Income Tax is to be deducted in cases where the total interest paid or credited on all time deposits in the name of a depositor with Bank as a whole, whether singly or jointly (as first named person) exceeds the specified limit per financial year as under income tax act 1961, Tax is to be deducted either at the time of credit to the account or payment of interest to the depositor whichever is earlier subject to change in limits of interest eligible for tax limit from time to time.

    In case the depositor submits following Form before end of April every year, no tax may be deducted.

    1. Non-corporate customers other than Senior Citizens - Form No.15G along with PAN (w.e.f. 1st April 2010).
    2. Senior Citizens i.e. individuals of the age of -60- years or more - Form No.15H along with PAN (w.e.f. 1st April 2010) w.e.f. 1st April 2010 I.T. Department has made it mandatory to quote Permanent Account No. (PAN) by deductees in all cases where TDS is applicable, failure of which would attract the TDS at a higher rate of 20% (against normal rate of 10%) or normal rate whichever is higher. Further it has also been made compulsory to mention PAN on form No.15G / 15H w.e.f. 1st April 2010.
    3. The Bank will issue a system generated tax deduction certificate (TDS Certificate) for the amount of tax deducted on quarterly basis.
  • Interest earned/accrued on NRE & FCNR Term Deposits is tax free in India under the relevant provisions of Income Tax Act in India and hence no tax at source is deductible in respect of these deposits. “In case of NRO deposits” The depositor can claim the benefit of reduced rates of tax under Double Tax Avoidance Agreement (DTAA), which India has with the governments of various countries, by submitting the documents prescribed by the Bank at the beginning of every financial year.
  • However, Bank has statutory obligation to deduct tax at source on any interest paid / payable on NRO Term Deposits at the specified rates. If PAN is submitted with a declaration applicable under Double Tax Avoidance Treaty - TDS is deducted @ applicable rate for the country of residence of the customer.

    1. If PAN is submitted without declaration - TDS is deducted @30%
    2. If declaration is submitted without PAN - TDS @normal rate or 20% whichever is higher.
    3. If PAN and declaration is not submitted - TDS @30%
  • All interest payments will be rounded off to the nearest rupee.
  • The Term Deposit account holders at the time of placing their deposits can give instructions with regard to closure of Deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will automatically renew the deposit as under.
    1. If Deposit is placed for more than one year it will be automatically renewed for one year at the prevailing rate on due date.
    2. If Deposit is placed for less than one year it will be automatically renewed for same period at the prevailing rate on due date.

    In case, the customer wishes to make changes in the tenure or wants premature proceeds of the Term deposit, the same is allowed at the written request of the customer. In case of deposits under callable scheme premature withdrawal of bulk deposit is done as per Bank’s discretion.


Bulk Deposits (Rs.2 crore & above)
  • “Bulk Deposit” means a single Rupee Term Deposits of Rs. 2 Crore and above (RBI/2018-19/128, DBR.DIR.BC.No.27/13.03.00/2018-19 dated.22.02.2019).
  • In case multiple deposits are created on same day aggregating Rs.2.00 Crores and more, but the same mature on different dates, then it will not tantamount to splitting of Bulk Deposit. Also multiple deposits created on same day aggregating Rs.2.00 Crores and more with same maturity period but for different specific purposes will not tantamount to splitting of Bulk Deposit, provided the customer submits supportive documents for the same.

Settlement of Dues in Deceased Deposit Account
  • If the depositor has registered nomination with the Bank, the balance outstanding in the account of the deceased depositor will be transferred to the account of nominee after the Bank satisfies about the identity of the nominee etc. Payment is made to nominee as representative of legal heirs.
  • The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
  • In a Joint Deposit Account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor”, “former / latter or survivor”, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
  • In a Term Deposit account held in joint names if operating instructions is “either or survivor”, “Former or survivor” when one of the depositor dies, the payment will be made to survivor on maturity. If prepayment is demanded, it will be allowed only after obtaining consent of legal heirs of the deceased.
  • In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Bank’s Board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities.

Interest Payable on Term Deposit in Deceased Account
  • In the event of death of the depositor before the date of maturity of Deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity till the date of payment, the Bank shall pay simple interest at the applicable rate as on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity, as per the Bank’s policy in this regard.
  • However, in the case of death of the depositor after the date of maturity of the overdue deposit, the Bank shall pay interest at Savings Bank Deposit rate applicable on the date of maturity from the date of maturity till the date of payment.

Premature Withdrawal of Term Deposit

The Bank on request from the depositor, at its discretion may allow withdrawal of Term deposit before completion of the period of the Deposit agreed upon at the time of placing the deposit. The components of penalty shall be clearly brought to the notice of the depositors at the time of acceptance of deposits and if not, no penalty shall be levied. Penal Interest Rate Policy for premature withdrawal of Term Deposit is as under

  • No penalty for prepayment of deposit upto Rs. 5 lacs which remained with the Bank for a minimum period of 12 months. In such cases the rate of interest applicable for premature payment without penalty will be rate ruling on the date of accepting of deposits (i.e. the date of contract) for period for which the deposit has actually remained with the Bank or the Contracted Rate whichever is lower.
  • For premature withdrawal of all deposits which have remained for less than 12 months and also all deposits of the face value exceeding Rs 5 lacs, interest will be paid one percent less than the rate which was applicable at the time of placing the Deposit for the period for which the deposit has actually run or contracted rate, whichever is lower..
  • Penalty is waived on settlement of claims in the deceased depositor’s accounts and two or more joint depositors where one of the depositor has died, Interest is paid at applicable rate.
  • Penalty for prepayment of Term deposit for Rs 1 Crore and above (for any period) will be allowed as per the discretion of Bank. In case of premature payment of deposits for Rs.1 Crore and above the following conditions will have to be complied with
    • A penalty on premature close of deposit for Rs.1 Crore and above will be levied @1.5% from the applicable rate of interest for which the deposit has remained with the Bank.
    • The customer has to give a withdrawal notice of minimum 31 days prior to withdrawal of deposits except Flexi Fixed Deposit and deposits for the period up to 31 days.
    • However, the customer will have the window of 14 days from date of opening of FD or Renewal of FD for relook. The condition of 31 days’ notice will not be applicable during window of relook. He will be allowed to prematurely close the deposit within 14 days from the date of issue but interest will not be payable if deposit prematurely withdrawn within 7 days. If the deposit is withdrawn after 7 days, interest will be paid for the period it remains with the Bank. The applicable rate of interest will be prevailing card rate on date of deposit or renewal of deposit minus 1.5% penalty. After 14 days the Regional authority has power to take decision to allow the premature closure of the account subject to application of penalty of 1.5% on the applicable rate.
  • In normal circumstances premature closure of a joint deposit shall be permitted only if all the deposit holders sign a request to that effect. In the case of Term deposits with operating instructions Either Or Survivor, Former Or Survivor, Latter Or Survivor and Anyone Or Survivor and in the event of death of one of the joint holders, in the absence of relevant mandate, premature closure of such deposit will be allowed only if the legal heirs of the deceased agree for such premature closure. In cases where relevant mandate is available with the Bank, premature closure of such deposits shall be allowed in the favour of survivors.

Frequently Asked Questions (FAQs)

  • What is a Suvidha fixed deposit?

    With the benefit of high flexibility for the depositor to withdraw the money whenever he chooses, the Suvidha Fixed Deposit product is similar to the current RIRD Scheme. It combines the benefit of easy liquidity associated with a savings bank deposit with the benefit of a higher rate of interest on a fixed deposit.

  • How to open a Suvidha Fixed Deposit account?

    Existing clients can visit the base branch to open a Suvidha Fixed Deposit account. Additionally, new clients can open a savings account before opening a Suvidha Fixed Deposit account by going to the nearest branch.

  • What is the maximum and minimum deposit amount under Suvidha Fixed Deposit?

    There is no maximum deposit amount; the minimum deposit is Rs. 5000.

  • Can I open a Suvidha FD account in the name of a minor?

    A Suvidha FD account can be opened on behalf of a minor.

  • Who is eligible to open an account under this FD scheme?

    Fixed deposits are available to anyone, including,

    • Minors, in a single or joint name,
    • A Hindu undivided family,
    • A sole proprietorship or partnership business,
    • A public or private limited company,
    • An association, club, a trust, or a registered society.

    However, Suvidha FD is not open to NRIs.

  • What is the maximum and minimum tenure of investment in Suvidha FD?

    The investment period ranges from 12 months to 60 months in length.

  • How will I get the interest amount in Suvidha FD?

     Every six months, as is done under the RIRD scheme, the interest due on the deposit at the agreed-upon rate will be credited to your account with the benefit of quarterly compounding.

    (Subject to tax deduction at source, as applicable, in accordance with the current income tax regulations.)

  • What will happen to my money if I close my Suvidha FD before maturity?

    In such a situation, you are required to pay a penalty. It differs from situation to situation. The interest will be paid after subtracting a penalty of 1% from the applicable rate or the contracted rate. whichever is less

    1. Prepayment of deposits starting at one unit at Rs 1,000 and its multiples. The prepaid deposit unit will be regarded as a partial withdrawal, and interest will be paid on the unit or units that were withdrawn for the period that the deposit unit was held by the bank at the rate in effect at the time of deposit, less 1%. The amount of interest due will be determined using a quarterly compounding formula.

    2. Premature withdrawals from the Suvidha FD are free of fees up to Rs. 5 lakhs. The sum is held in escrow for a minimum of 12 months.  With the exception of this, premature withdrawals typically incur an interest rate that is 1% less than the applicable rate as specified in the deposit terms.
  • Is TDS applicable to the interest earned on the Suvidha fixed deposit?

    Yes, TDS is levied on Suvidha fixed deposits in accordance with Income Tax Department regulations.

  • Can I take a loan against Suvidha's fixed deposit?

    Yes, the investor can borrow up to 95% of the deposit value against the Suvidha fixed deposit.

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