New Delhi: Bank of Baroda announced to increase the interest rates for various Fixed Deposits (FDs) with the immediate effect from October 09. The new rates will provide benefits to thousands of customers across India.
A Fixed Deposit is a type of savings account where you deposit a lump sum amount for a fixed period. In return, the bank pays you a predetermined interest rate. These deposits are considered safe investments because they offer guaranteed returns.
When it comes to saving money and earning a safe and steady return on your savings, fixed deposits (FDs) are a popular choice among many Indians. Bank of Baroda (BOB) offers a range of fixed deposit options, and it’s essential to understand their interest rates and tenures.
BOB New Fixed Deposit Rates
As of October 9, 2023, BOB offers competitive interest rates on its fixed deposits. These rates may vary depending on the deposit amount and tenure. Here’s a simplified breakdown:
For deposits of 7 days to 14 days, the interest rate is 3.00% for general customers and 3.50% for senior citizens.
For deposits of 15 days to 45 days, the rate is 3.50% for general customers and 4.00% for senior citizens.
For longer tenures, the interest rates increase gradually, with the highest rate being 7.50% for deposits above 5 years and up to 10 years.
|Tenors||Residents/General Public (In Percentage)||Resident Indian Sr. Citizens (In Percentage)|
|7 days to 14 days||3.00||3.50|
|15 days to 45 days||3.50||4.00|
|46 days to 90 days||5.00||5.50|
|91 days to 180 days||5.00||5.50|
|181 days to 210 days||5.50||6.00|
|211 days to 270 days||6.00||6.50|
|271 days & above less than 1 year||6.25||6.75|
|Above 1 year to 400 days||6.75||7.25|
Above 400 days and upto 2 Years
|Above 2 years and upto 3 years||7.25||7.75|
|Above 3 years and 5 years||6.50||7.15|
|Above 5 years and upto 10 years||6.50||7.50|
|Above 10 years||6.25||6.75|
|399 days (baroda Tiranga Plus Deposit Scheme)||7.15||7.65|
Special Deposit Schemes
BOB also offers unique deposit schemes, such as the “Baroda Tiranga Plus Deposit Scheme.” For a deposit period of 399 days under this scheme, the interest rate is 7.15% for general customers and 7.65% for senior citizens.
Senior Citizen Benefits
Senior citizens enjoy slightly higher interest rates compared to the general public. So, if you’re a senior citizen, you can earn more on your fixed deposits at BOB.
How to Open a BOB Fixed Deposit
Opening a fixed deposit at Bank of Baroda is a straightforward process. You can visit your nearest BOB branch or use the online banking platform to open an FD account. Make sure to provide your KYC documents and choose the tenure and deposit amount that suits your financial goals.