Good News For Senior Citizens! Bank Of Baroda Raises FD Interest Rates; Check New Rates Here
The Bank Of Baroda is offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens, which includes 0.50% p.a. of additional interest for senior citizens and 0.15% for non-callable deposits.
New Delhi: Bank of Baroda has raised interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors of up to 3 years. These rates are applicable on deposits below Rs 2 crore, with effect from October 9, 2023, as per a report carried by the Financial Express.
The Bank is offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens, which includes 0.50% p.a. of additional interest for senior citizens and 0.15% for non-callable deposits. The Bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior Citizens will earn 7.80% p.a. on non-callable deposits under the scheme.
“We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3-year investment tenor, Senior Citizen depositors can now earn up to 7.90% p.a., which is one of the best in the industry. This is an opportune time for existing and new customers to place new deposits at one of India’s leading banks and lock in a higher interest rate on their deposits,” Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda was quoted saying in the report.
This is a positive move for senior citizens, who are often dependent on their savings for their livelihood. The higher interest rates will help them to earn more on their investments and improve their financial security.
Here are some of the benefits of investing in Fixed Deposits (FDs) for senior citizens:
- Guaranteed returns: FDs offer guaranteed returns on your investment, which is especially important for senior citizens who may not be able to take on too much risk.
- Regular income: FDs can provide a regular stream of income, which can be helpful for senior citizens who are on a fixed budget.
- Tax benefits: Senior citizens can avail of tax benefits on their FD income.
- Flexibility: FDs are a flexible investment option, as you can choose the tenor and interest payout frequency to suit your needs.
If you are a senior citizen, consider investing in FDs to take advantage of the higher interest rates offered by Bank of Baroda.
RBI’s SAction Against BoB
The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application.
