After the RBI reduced the repo rate last year, most banks lowered their FD interest rates.
Despite this, Bank of Baroda continues to offer competitive rates on FDs with tenures ranging from 7 days to 10 years.
Currently, the bank is offering FD interest rates between 3.50 percent and 7.05 percent, depending on the deposit period and the age of the depositor.
One of the most popular options is its special FD schemes, which provide higher returns than regular deposits.
Special FD Schemes with Higher Returns
Bank of Baroda’s 444-day special FD scheme offers the highest interest rate.
Under this scheme, general citizens get 6.45 percent interest.
Senior citizens above 60 years receive 6.95 percent, while very senior citizens above 80 years earn up to 7.05 percent interest.
Apart from this, the bank also offers attractive rates on its 5-year FD scheme.
General citizens earn 6.30 percent, senior citizens get 6.90 percent, and very senior citizens receive 7.00 percent interest on this long-term deposit.
How Rs 1 Lakh Can Grow into Rs 1.41 Lakh
If a general citizen invests Rs 1,00,000 in a 5-year FD with Bank of Baroda, the maturity amount will be Rs 1,36,690.
This means a fixed interest earning of Rs 36,690.
For senior citizens, the same Rs 1,00,000 deposit grows to Rs 1,40,784 in five years, giving an interest income of Rs 40,784.
Very senior citizens benefit the most, as their deposit matures at Rs 1,41,478, which includes a fixed interest of Rs 41,478.
With guaranteed returns and government backing, Bank of Baroda’s FD schemes continue to remain an attractive choice for risk-free investment seekers.