Bank of Baroda is offering excellent returns to its customers through its Fixed Deposit (FD) scheme. If you invest ₹2 lakh in an FD with this government bank, you can earn up to ₹30,228 in fixed interest as a Super Senior Citizen over a 2-year period. The bank's scheme is popular as a safe investment option and offers different interest rates for various age groups.
Bank of Baroda: has maintained attractive interest rates on fixed deposit accounts. This government bank offers FD schemes with tenures ranging from 7 days to 10 years, with interest rates ranging from 3.50 percent to 7.20 percent. In particular, the bank has maintained excellent interest rates on FD schemes of 444 days and 2 years. By depositing ₹2 lakh, a Super Senior Citizen will get a fixed interest of up to ₹30,228 in a period of 2 years, which makes this safe investment option even more attractive.
Bank of Baroda's FD Scheme: Tenure and Interest Rates
Bank of Baroda offers several options to its fixed deposit customers. Customers can open FD accounts for a period ranging from 7 days to 10 years. The bank is offering the highest interest on FD of 444 days, in which general citizens get 6.60 percent, senior citizens get 7.10 percent and super senior citizens get 7.20 percent. On a 2-year FD, these interest rates are 6.50 percent, 7.00 percent and 7.10 percent respectively. These rates provide investors with better returns and assurance of safe investment.
Calculation of Interest on Depositing ₹2 Lakh
If you make an FD of ₹2 lakh in Bank of Baroda and your age is less than 60 years, then on a 2-year FD, you will receive a total of ₹2,27,528 at the time of maturity, which includes ₹27,528 as interest. On the other hand, if your age is above 60 years, then as a senior citizen you will get an interest of ₹29,776 and the maturity amount will be ₹2,29,776. For Super Senior Citizens (above 80 years), this interest goes up to ₹30,228, making the total maturity amount ₹2,30,228. This scheme ensures safe and fixed returns for investors.
Why is FD still a popular investment option?
Despite the increasing trend of mutual funds and the stock market, the popularity of FDs has not decreased. The reason for this is its safety and fixed returns. In FD, investors deposit their amount in the bank for a fixed period and receive the entire principal back with interest at the specified time. This scheme is suitable for those who want to avoid risk and are looking for stable income. Bank of Baroda's government bank FD scheme is considered very reliable in this regard.
Special benefits for senior citizens
Bank of Baroda offers special interest rates for senior citizens. It tries to provide financial security and better returns by giving higher interest rates to senior citizens above 60 years and super senior citizens above 80 years. This special facility proves helpful in bringing stability to the income of elderly investors.
FD Opening Process and Important Points
Opening an FD account in Bank of Baroda is very easy. Customers can open an FD account by visiting a bank branch or through online mode. The investor has to apply only with proof of their identity and address. After selecting the interest rate and tenure, the deposit amount is fixed. On maturity, the investor gets the amount back including interest. The security, transparency and certain benefits of FD make it popular among investors.
