Bank of Baroda launches festive FD scheme with 7.95% returns
Bank of Baroda (BoB) has launched a special festive season fixed deposit scheme, the BoB Utsav Deposit Scheme. The unique 400-day term deposit comes with higher interest rates for a limited period. The scheme aims to offer competitive returns on deposits below ₹3 crore, for different age groups and deposit types.
BoB's festive scheme offers higher interest rates
The BoB Utsav Deposit Scheme offers an attractive interest rate of 7.30% for general citizens. For senior citizens, the rate is set at 7.80%, while super senior citizens (those aged 80 and above) can avail a rate of 7.90%. Further, non-callable deposits under this scheme can earn up to a maximum interest rate of 7.95%.
BoB increases interest rates for term deposits
Apart from the festive scheme, BoB has also hiked interest rates for term deposits in the 3-5 year tenure by 30 basis points (bps). The new rate now stands at 6.80%, up from the previous rate of 6.50%. This revision is part of the bank's strategy to offer more competitive returns to its customers.
BoB introduces super senior citizen category in fixed deposits
In a first, BoB has introduced a Super Senior Citizen category in its fixed deposits. Customers aged 80 years and above will now earn 10 bps more than the senior citizen rate for term deposits between one and five years. The initiative is aimed at providing additional benefits to the bank's older customers.
BoB's Earth Green Term Deposits also see rate hike
BoB's Earth Green Term Deposits have also seen a rate hike, with select tenors witnessing a 30 bps increase. This is part of the bank's continued efforts to provide competitive returns across its suite of products and services. Customers can open these fixed deposits via BoB branches or its digital platforms, including the BoB World app and internet banking.
