Good news for those who want to invest money in Fixed Deposits (FD)! Bank of Baroda, a public sector bank, has introduced a new deposit plan.
Starting Monday, the bank will provide an interest rate ranging from 7.10 percent to 7.60 percent for a 360-day deposit period.
Senior citizens will enjoy an additional 0.50 percent interest. It’s important to note that this plan is applicable for deposits less than Rs 2 crore.
Wondering how much interest you’ll get? According to a statement by Bank of Baroda, their special short-term retail deposit scheme offers a 7.60 percent per annum interest rate for senior citizens and 7.10 percent for others.
Jaideep Dutta Roy, Executive Director at Bank of Baroda, mentioned that the ‘BOB 360’ scheme will help boost the bank’s share in short-term retail term deposits.
Interested in opening an account? Both existing and new customers can avail of the ‘BOB360’ deposit scheme at any branch, online, or through the mobile app.
Noteworthy is the fact that the bank is currently offering a 4.25 percent interest rate on FDs with a duration of 7 to 14 days.
It’s worth mentioning that in November of the previous year, the bank had increased its interest rates on deposits.
