Bank of Baroda has revised fixed deposit interest rates with effect from October 3, 2024, making it an attractive option for both the general public and senior citizens.
The new interest rate will be applicable on domestic fixed deposits including NRO deposits below Rs 300 crore. For short-term deposits from 7 to 14 days, residents receive 4.25% and senior citizens receive 4.75%.
Interest rates also increase as tenure increases, and seniors benefit from higher returns over different periods of time. For example, one- to two-year deposits currently yield 7% for residents and 7.50% for seniors.
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The revised interest rate includes an additional interest rate for senior citizens, with deposits of up to three years receiving an additional interest rate of up to 0.50%, and long-term deposit rates becoming even higher. The move aims to expand savings opportunities for all customers, especially senior citizens, and encourage them to invest in term deposits.
Important points:
Effective date: October 3, 2024.
Short-term deposits:
7 to 14 days: 4.25% (residents), 4.75% (elderly).
15-45 days: 4.50% (residents), 5.00% (seniors).
Long term deposit:
1 year: 6.85% (residents), 7.35% (elderly).
More than 5 years but less than 10 years: 6.50% (residents), 7.50% (elderly).
Additional interest rate for senior citizens: up to 0.50% for deposits of up to 3 years and increases further for longer terms. See the table below.
Tenor Resident/General Resident Indian Senior National 7 days to 14 days 4.254.75*15 days to 45 days 4.55.00*46 days to 90 days5.56.00*91 days to 180 days5.66.10*181 days to 210 days Days5.756.25*211 days to 270 days6.256.75*271 days or more Less than 1 year (excluding 360 days)6.57.00*360 days (bob360)7.17.60*1 Years6.857.35*1 More than 400 77.50*more than 400 days and up to 2 years77.50*more than 2 years up to 3 years7.157.65*3 years more than 5 years6.57.15 #5 more than 10 years 6.57.50**More than 10 years (MACT/MACAD)
(Court Ordered Schemes Only)6.256.75*
This revision of fixed deposit interest rates by Bank of Baroda signals its commitment to provide better financial options to its customers, especially the senior citizens.
