Investing in Fixed Deposits (FDs) is often considered one of the safest ways to preserve hard-earned money while ensuring guaranteed returns. Recognising the need for attractive interest rates, the Bank of Baroda, a public sector bank, has recently introduced a special FD scheme named Bob 360.
Launched on January 15, the Bob 360 Deposit Scheme is a short-term retail deposit offering an annual interest rate of up to 7.60% for senior citizens and 7.10% for the general public over 360 days. The competitive rates apply to retail deposits below Rs 2 crore, with a minimum investment of Rs 1,000 and a maximum limit of Rs 2 crore.
Joydeep Dutto Roy, Executive Director of the Bank of Baroda, shared that the primary goal of Bob 360 is to enhance the bank’s share of short-term retail term deposits and manage the cost of deposits effectively. Both existing and new customers of the Bank of Baroda can avail themselves of the Bob 360 scheme at any branch nationwide. Additionally, customers have the convenience of opening an FD account online through the bank’s net banking facility, and existing customers can also do so through the mobile application.
For general customers, the Bank of Baroda offers various interest rates on Fixed Deposits based on the tenure:
7 days to 14 days – 4.25%
15 days to 45 days – 4.50%
46 days to 90 days – 5.50%
91 days to 180 days – 5.60%
181 days to 210 days – 5.75%
211 days to 270 days – 6.15%
271 days and above and less than 1 year – 6.25%
1 year – 6.85%
1 year to more than 400 days – 6.75%
More than 400 days and up to 2 years – 6.75%
2 years to more than 3 years and up to 5 years – 7.25%
Above 3 years and up to 5 years – 6.50%
Above 5 years to 10 years – 6.50%
Above 10 years (Court Order Scheme) – 6.25%
399 days (Baroda Tricolor Plus Deposit Scheme) – 7.16%
This initiative by the Bank of Baroda provides investors with an opportunity to benefit from competitive interest rates, reinforcing the bank’s commitment to offering attractive and secure financial solutions.
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