In celebration of the festive season, Bank of Baroda (BoB) has introduced a special fixed deposit scheme called the BoB Utsav Deposit Scheme. This limited-time offer provides competitive interest rates, especially benefiting senior citizens and super senior citizens by giving them a chance to grow their savings with high-interest rates.
The key highlight is the 7.9% interest rate available for super senior citizens (aged 80 and above), a golden opportunity for this group to maximize their returns.
Key Features of the BoB Utsav Deposit Scheme
- For Regular Citizens: Interest rate of 7.30% per annum.
- For Senior Citizens (Aged 60-80): Interest rate of 7.80% per annum.
- For Super Senior Citizens (Aged 80+): Highest interest rate of 7.90% per annum.
- Non-Callable Deposits: Up to 7.95% interest per annum.
This scheme applies to fixed deposits of less than ₹3 crore and is available for a limited time, making it a perfect option for risk-averse investors looking for guaranteed returns.
Additional Festive Season Offers
- Increased Interest Rates: Bank of Baroda has increased interest rates by 30 basis points (bps) on deposits of 3 to 5 years, now offering up to 6.80% per annum.
- Systematic Deposit Plan (SDP): The BoB SDP allows customers to make monthly contributions while earning higher interest on each deposit over 3 to 5 years.
- Earth Green Term Deposits: The bank’s eco-friendly deposit scheme also gets a 30 bps rate hike for select tenors, encouraging sustainable investment practices.
Debadatta Chand, CEO of Bank of Baroda, stated, “The BoB Utsav Deposit Scheme presents an excellent opportunity for depositors to earn higher interest during this phase of the interest rate cycle. The increased rates, particularly for 3-5-year terms, provide a safe and competitive way to grow your savings over time.”
Top Bank FD Rates for 2024
| Bank | Regular FD Rate | Senior Citizen FD Rate | Super Senior Citizen FD Rate |
|---|---|---|---|
| Bank of Baroda | 7.30% | 7.80% | 7.90% |
| HDFC Bank | 6.60% | 7.10% | N/A |
| Axis Bank | 6.85% | 7.35% | N/A |
| SBI Bank | 6.50% | 7.00% | N/A |
Advantages of Fixed Deposits from Banks
- Guaranteed Returns: Market volatility won’t affect your earnings.
- Security at Maturity: Receive your full investment plus interest at the end of the term.
- Special Rates for Senior Citizens: Extra benefits for senior citizens, allowing them to secure their financial future with higher returns.
How to Open an FD Account
- Online: Log in to your BoB Net Banking account and open an FD within minutes. No additional KYC needed.
- Offline: Visit your nearest Bank of Baroda branch, fill out an FD application, and submit it with the necessary documents.
Disclaimer
The interest rates provided in this article are accurate as of October 2024. Rates may vary, so please check with the bank before investing.