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Fixed Deposits
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Features
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Eligibility
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Documentation
- Fixed Deposit account may be opened with a minimum of Shs.500, 000/-or USD 1,000/- and above. The minimum period for which the deposit is accepted is -30- days and the maximum term is -60- months.
- If a depositor requires advance facility against his/her/their Fixed Deposit with us, it could be granted either by loan or overdraft as per Credit Policy of the Bank. FDRs should be duly discharged by all the depositors.
- Tanzanian above 18 years of age.
- Foreign Individual working in Tanzania with valid documents.
- Account opening form to be filled +specimen card
- Two (2) passport size photos.
- Introducer known to Bank (account holder in our branch)
- Password original for verification
- work permit copy
- Residence permit copy
- letter from employer
- On letter head+rubber stamp
- Name of employee
- Work and residence permit numbers
- Passport number/national ID if he is a residence
- Physical Address proof
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What is a Fixed Deposit at Bank of Baroda Tanzania?
A Fixed deposit is a contract entered into by the Bank with the depositor, to pay on a fixed or determinable future date, the amount of money deposited plus interest accrued thereon. Each time deposit is a separate contract and various deposits in the name of the same depositor or in the names of members of the same family, should not be treated as one deposit.
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Who is eligible to open a Fixed Deposit with Bank of Baroda Tanzania?
- An individual in his / her own name
- More than one individual in their joint names, payable jointly, to any one of them, or to the survivor(s) on maturity
- A guardian on behalf of a minor, with a declaration of the minor’s date of birth
- A partnership firm, a company or association, Government or Semi-Government (Parastatal), etc.
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What are the different tenure options available for Fixed Deposits?
1 year to 3 years
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What interest rates are offered on Fixed Deposits, and how are they determined?
as disclosed in card rates from time to time, and preferential rates depending on Bank's requireent of Funds
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How frequently is interest on Fixed Deposits paid out—monthly, quarterly, or at maturity?
Maturity , Monthly, Quarterly interest can also be taken
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Can I renew my Fixed Deposit automatically upon maturity?
Yes
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Is there a penalty for premature withdrawal of a Fixed Deposit?
Yes , 2% from card rate for the period deposit remained .
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Can I get a loan or overdraft facility against my Fixed Deposit?
Yes
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What documents are required to open a Fixed Deposit account?
existing ac holders to submit FD form / request Letter
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Can I open a Fixed Deposit jointly with another person?
Yes
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Is it possible to split my Fixed Deposit into multiple accounts with different maturities?
Yes, depending on genune requirement
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Does Bank of Baroda Tanzania offer tax benefits on Fixed Deposits?
NO
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How can I track or manage my Fixed Deposits online or via mobile banking?
can only be managed in Branch
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What happens to my Fixed Deposit if the account holder dies before maturity?
court order to be followed for processing death claim
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Can I change the maturity instructions after opening a Fixed Deposit?
NO, only in exceptional case can be done
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How does a Fixed Deposit differ from a Short Deposit scheme at Bank of Baroda Tanzania?
Period is always 1 year or more
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How can I close or prematurely withdraw my Fixed Deposit before maturity?
submit duly signed application/letter for foreclosure
