Bank of Baroda has rolled out BOB Utsav deposit scheme with a validity period of 400 days. The country’s financial institutions are offering an interest rate of 7.30 per cent to the general public for this special deposit scheme.
Interest rates for seniors
Senior citizens are entitled to an additional 50 basis points, or 7.80 per cent, under the scheme, and super senior citizens are entitled to 7.90 per cent under the scheme.
Interest rates for other periods
Interest rates for other periods remain the same. Bank of Baroda offers the highest interest rate of 7.15 per cent (apart from BOB Utsav deposit scheme) for deposits of 2-3 years.
The bank offers 7% interest on deposits for a period of 1 to 2 years. For a holding period of 3-5 years, the bank offers fixed deposits of 6.8%. And if you have 5-10 years of service, the bank will offer you 6.5 percent.
Moreover, the 1-year FD earns interest of 6.85 per cent to the depositor. If the holding period is between 271 days and less than one year, the interest rate drops to 6.5%. If the tenure is between 211 and 270 days, the rate is further reduced to 6.25%.
For FDs with a tenure of 181 days to 210 days, the bank offers 5.75 per cent. If the holding period is further between 91 and 180 days, the interest rate will be 5.60%. If the tenure is between 46 and 90 days, this rate drops further to 5.5%.
If the holding period is between 15 and 45 days, the bank will offer 4.5 percent, which drops further to 4.25 percent for the shortest holding period, i.e. between 7 and 14 days.
These latest rates went into effect on October 14, 2024. And if the saver is a senior citizen, all of these rates increase by an additional 50 basis points.
What is noteworthy here is that Union Bank is offering the highest interest rate of 7.4 per cent on special term deposits for 333 days.
