Bank of Baroda CDs Available Nationwide

Last week, DA reader, ichealm, posted about Bank of Baroda’s nationally available competitive CDs. Bank of Baroda structures the terms of its CDs to give maximum flexibility, with terms (in monthly increments) of 1-month up to 10-years available. Currently, the most competitive CD is the 1-year to less than 2-year CD, which earns 1.50% APY. (Actually, the 1.50% APY applies to the majority of terms offered.) The minimum opening deposit is $1k, with “no ceiling on the maximum amount” that can be deposited.

As stated on page 7 of the application PDF, the Early Withdrawal Penalty reads as follows:

Principal may not be withdrawn, in whole or part, before the account matures unless the Bank consents to the withdrawal. It has been our practice to permit such withdrawals for reasons of need (purchase of a home or car, payment of medical bills, etc.). This practice is in no way binding on the Bank in the future and the Bank reserves the right to refuse such withdrawals.

The amount of interest payable on such case may be 1% less than the applicable rate at CD origination for which the deposit was actually maintained. Please note that each request for early withdrawal with or without penalty may be evaluated and considered by the bank on case to case basis.

Many thanks to ichaelm for his Forum post about Bank of Baroda.

Availability

Headquartered in India, Bank of Baroda has a single USA branch, located in New York City. According to the Bank’s Certificate of Deposit page, CDs can be opened by any “individual, firm, or corporation” in the USA. Individuals may open a CD either “singly or jointly with another individual.”

Opening a CD can be done at the New York City branch located in mid-town Manhattan. The only option for out-of-area applicants is to submit a multi-page application via snail-mail. Funding a CD is limited to a check sent along with the application – no ACH or wire transfers will be accepted. The rate that will be applied to a new CD will be the APY in effect when the check clears.

Instructions for the distribution of maturing funds can be done by snail-mail or by secure email, using the Bank’s online banking platform. Maturing funds will be distributed by wire or check.

I had difficulty in getting information from the Bank of Baroda. The phone tree continually sent me to voice mail, no matter which option I chose. None of the messages or the email I sent were answered. When I finally chose the “operator” option, I spoke with a very knowledgeable gentleman who had worked at Bank of Baroda for 32 years. He was able to answer all my questions and volunteered a great deal of information about the Bank.

Bank Overview

DA does not have any financial health information about Bank of Baroda (FDIC Certificate #33681), as it is a branch of a foreign bank. Bank of Baroda has been FDIC insured since 1979.

Bank of Baroda was established in 1908 by Sayajirao Gaekwad III, the Maharaja of Baroda. Bank of Baroda is currently India’s third largest public sector bank, with assets in excess of $225 billion. The Bank’s New York branch was opened in 1979 and is one of more than 5,300 branches located in 25 countries.

Known as “India’s International Bank,” Bank of Baroda, makes rupee remittance services in the USA a priority.

From offering Funds remittance to India from USA to Online rupee remittance to India from USA, to even offering SWIFT or rapid funds to India from USA, we are experts in this domain.

How the CD Compares

When compared to 200 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Bank of Baroda's 1-2 year CD APY* currently ranks first.

The above rates are accurate as of 6/22/2020.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process all the changes quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.