Before the festive season, Bank of Baroda has great news for its customers. Starting from October 9, 2023, the bank has increased interest rates on its fixed deposits (FDs).
Despite the Reserve Bank of India keeping the repo rate unchanged for the fourth time in a row last week, Bank of Baroda is now offering higher returns to FD investors.
Increased FD Interest Rates (BoB FD Rates)
Bank of Baroda has raised the interest rates on FDs below Rs 2 crore by 50 basis points, and these new rates are effective as of October 9.
Existing customers with FDs will benefit from the increased interest, while new customers will receive these rates from the start.
For general customers, Bank of Baroda now offers a maximum return of 7.25% on FDs ranging from 2 to 3 years. Senior citizens are entitled to even higher returns, up to 7.75%.
Bank of Baroda Fixed Deposit Rates
7 days to 14 days: 3.00% (General Public) / 3.50% (Senior Citizens)
15 days to 45 days: 3.50% (General Public) / 4.00% (Senior Citizens)
46 days to 90 days: 5.00% (General Public) / 5.50% (Senior Citizens)
91 days to 180 days: 5.00% (General Public) / 5.50% (Senior Citizens)
181 days to 210 days: 5.50% (General Public) / 6.00% (Senior Citizens)
211 days to 270 days: 6.00% (General Public) / 6.50% (Senior Citizens)
271 days & above, and less than 1 year: 6.25% (General Public) / 6.75% (Senior Citizens)
1 year: 6.75% (General Public) / 7.25% (Senior Citizens)
Above 1 year to 400 days: 6.75% (General Public) / 7.25% (Senior Citizens)
Above 400 days and up to 2 Years: 6.75% (General Public) / 7.25% (Senior Citizens)
Above 2 Years and up to 3 Years: 7.25% (General Public) / 7.75% (Senior Citizens)
Returns on a 3-Year Investment
For a 3-year FD, Bank of Baroda offers a 7.25% return for general customers and 7.75% for senior citizens. Let’s see the returns on investments of Rs 5 lakh, Rs 7 lakh, and Rs 10 lakh:
Rs 5 Lakh Investment: For a 3-year FD of Rs 5 lakh, the total maturity amount will be Rs 6,20,273, with an interest income of Rs 1,20,273. Senior citizens will receive Rs 6,29,474, with an interest income of Rs 1,29,474.
Rs 7 Lakh Investment: A 3-year FD of Rs 7 lakh will yield returns of Rs 8,68,383, including an interest income of Rs 1,68,383.
Senior citizens will receive Rs 8,81,263 on maturity, with an interest income of Rs 1,81,263.
Rs 10 Lakh Investment: With a 3-year FD of Rs 10 lakh, you will get Rs 12,40,547, including Rs 2,40,547 from interest.
Senior citizens will receive Rs 12,58,948, with an interest income of Rs 2,58,948.
