BoB FD Rates Hike: The bank has increased FD rates below Rs 2 crore by 50 basis points. These new rates have come into effect from October 9. Now the customers who have already opened FD will get increased interest.
BoB FD Rates Hike: Government bank, Bank of Baroda has given good news to its customers before the festive season. The bank has increased the interest rates on its fixed deposits from October 9, 2023. Last week, the Reserve Bank of India did not make any change in the repo rate for the fourth consecutive time, after which the bank gave good news by increasing the interest rates for investors investing in fixed deposits.
What is the increase in FD interest? (BoB FD Rates)
The bank has increased the interest rate on FD below Rs 2 crore by 50 basis points. These new rates have come into effect from October 9. Now the customers who have already opened FD will get increased interest. Whereas new customers will get this much interest from the first time itself. Bank of Baroda is now giving a maximum return of 7.25% to general customers on FD of 2 to 3 years, while senior citizens are getting returns up to 7.75%.
Bank of Baroda Fixed Deposit Rates
| Tenors | Residents / General Public | Resident Indian Sr. Citizen |
|---|---|---|
| 7 days to 14 days | 3.00 | 3.50* |
| 15 days to 45 days | 3.50 | 4.00* |
| 46 days to 90 days | 5.00 | 5.50* |
| 91 days to 180 days | 5.00 | 5.50* |
| 181 days to 210 days | 5.50 | 6.00* |
| 211 days to 270 days | 6.00 | 6.50* |
| 271 days & above and less than 1 year | 6.25 | 6.75* |
| 1 year | 6.75 | 7.25* |
| Above 1 year to 400 days | 6.75 | 7.25* |
| Above 400 days and upto 2 Years | 6.75 | 7.25* |
| Above 2 Years and upto 3 Years | 7.25 | 7.75* |
| Above 3 Years and upto 5 Years | 6.50 | 7.15 # |
| Above 5 Years and upto 10 Years | 6.50 | 7.50*** |
| Above 10 years (MACT/MACAD Court Order schemes only) |
6.25 | 6.75* |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.15 | 7.65* |
How much return will you get on 3 years investment?
The bank is giving 7.25% return on three year FD and 7.75% return to senior citizens. If you are investing Rs 5, 7 and 10 lakh in a three-year FD, then how much return will you get, let us see-
1. If you make an FD of Rs 5 lakh for three years, then your total maturity amount will be Rs 6,20,273, in which interest income will be Rs 1,20,273. If a senior citizen invests this much, he will get Rs 6,29,474, the interest income will be Rs 1,29,474.
2. If you make an FD of Rs 7 lakh for three years, you will get returns of Rs 8,68,383. Rs 1,68,383 will be earned from interest. Senior citizens will get Rs 8,81,263 on FD on maturity, Rs 1,81,263 will be received from interest.
3. If you make an FD of Rs 10 lakh for 3 years, you will get Rs 12,40,547, out of which you will get Rs 2,40,547 from interest. Senior Citizen FD will yield Rs 12,58,948, where interest will be Rs 2,58,948.
