Bank of Baroda rolls out Utsav Deposit Scheme to offer up to 7.90% interest on FDs. Check details here | Mint
Source: Live Mint
Bank of Baroda has rolled out BOB Utsav Deposit Scheme which has a 400-day tenure. The state lender offers an interest of 7.30 percent for the general public on this special deposit scheme.
Interest rates for senior citizens
Senior citizens are entitled to receive an extra 50 basis points i.e., 7.80 percent on this scheme, while super senior citizens are entitled to receive 7.90 percent on this.
Interest rates on other tenures
Interest rates on other tenures continue to be the same. Bank of Baroda offers the highest interest rate (besides BOB Utsav Deposit Scheme) of 7.15 percent on deposits with a tenure between 2 to 3 years.
The bank offers an interest of 7 percent on deposits of tenure between 1 year to 2 years. When the tenure is between 3-5 years, the bank offers 6.8 percent on term deposits. And when the tenure is between 5-10 years, the bank offers 6.5 percent.
Additionally, 1-year FDs fetch an interest of 6.85 percent to depositors. When the tenure is anywhere between 271 days to less than one year, the interest rate reduces to 6.5 percent. It further reduces to 6.25 percent when the tenure is between 211 days to 270 days.
On an FD of tenure between 181 days to 210 days, the bank offers 5.75 percent. When the tenure further falls in the range of 91 to 180 days, the interest rate is 5.60 percent. This further falls to 5.5 percent when the tenure is between 46 days to 90 days.
When the tenure is between 15 days to 45 days, the bank offers 4.5 percent, which declines further to 4.25 percent when the tenure is shortest i.e., 7 to 14 days.
These latest interest rates came into force on October 14, 2024. And all these rates increase by another 50 basis points when the depositor is a senior citizen.
It is noteworthy to mention here that Union Bank of India offers the highest interest rate of 7.4 percent on its special fixed deposit of 333-day tenure.
