Bank of Baroda Revises FD Interest Rates; Senior Citizens to Benefit More

Bank of Baroda has increased the interest rate on its 555-day Fixed Deposit (FD). General customers will now receive an interest rate of 6.85%, while senior citizens can earn up to 7.35%. Read on for full details.

If you are planning to open a Fixed Deposit (FD) with a bank, there is good news for you. Bank of Baroda (BoB) has revised its FD interest rates. The bank has increased the interest rate on its special 555-day FD scheme by 0.10%. The new rates have come into effect as of November 11, 2024.

Following this change, both general customers and senior citizens will earn higher interest than before. Let’s take a look at the returns currently offered on Bank of Baroda’s FDs.

What interest will general customers receive?

Under Bank of Baroda’s 555-day 'bob Golden Goal Deposit Scheme,' general customers will now receive an annual interest rate of 6.85%. Previously, this rate was 6.75%—an increase of 0.10%.

What returns will senior citizens receive?

The bank offers higher interest rates to senior citizens compared to general customers. For a 555-day FD, senior citizens will now earn an annual interest rate of 7.35%. Meanwhile, 'super senior citizens' (aged 80 years or older) will receive an interest rate of 7.45%.

Things to keep in mind before opening an FD

Bank of Baroda offers different interest rates for FDs with varying tenures. Therefore, choose an FD tenure that aligns with your specific needs before investing.

Keep in mind that funds in an FD remain deposited for a fixed period. If you withdraw the money before maturity, a penalty may be applied in accordance with the bank's policies.

Additionally, the interest earned on an FD is subject to taxation. Therefore, before investing, be sure to gather information about interest rates, taxes, and the rules regarding early withdrawal of funds.