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Bank of Baroda Extends Special FD Scheme For Senior Citizens Till 31st March 2022

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Bank of Baroda, India's prominent public sector bank, has extended its special fixed deposit scheme for elderly residents until March 31, 2022. Bank of Baroda has been offering a 1% additional interest rate on Fixed Deposits of more than 5 years to up to 10 years tenure to Senior Citizens since June 2020, which has recently been extended till the said date. The bank has also announced that, in order to give efficient access to all the elderly, it would provide them with all types of doorstep banking services for free throughout the month of October.

 

Benefits for senior citizens

Benefits for senior citizens

BoB is honoring senior people by giving special offers such as higher interest rates on FDs, complimentary services under Doorstep Banking, and concessions under the Senior Citizen Privilege Account, among other initiatives to honour senior citizens on behalf of the occasion of "International Day for the Elderly" on October 1, 2021.

They can also use Video KYC on BoB World to set up an account from the comfort of their own home. Conveying his wishes for a happy, healthy & long life to all senior citizens on the occasion of International Day for the Elderly, Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, "Bank of Baroda has always been at the forefront to give the best of services and is continuously enhancing its product offering to Senior Citizens. Covid Pandemic has severely affected all segments, particularly the senior citizens who are most vulnerable and dependent on the interest rate earning from fixed deposits. Taking care of the elderly is an integral part of our country's ethos and we are happy to take this tradition forward by strengthening our offerings and services to best suit the needs of our senior citizens."

Bank of Baroda FD Rates For Senior Citizens
 

Bank of Baroda FD Rates For Senior Citizens

The Bank of Baroda is presently offering an additional rate to resident senior citizens with deposits of less than Rs.2.00 crores at a rate of 0.50 percent for deposits maturing in less than 5 years and 1.00 percent for deposits maturing in 5 years to up to 10 years. This offer is valid until 31.03.2022. The following are the Bank of Baroda fixed deposit interest rates for senior citizens, which are in force from November 16, 2020.

TenorsInterest rates in % p.a.
7 days to 14 days3.3
15 days to 45 days3.3
46 days to 90 days4.2
91 days to 180 days4.2
181 days to 270 days4.8
271 days & above and less than 1 year4.9
1 year5.4
Above 1 year to 400 days5.5
Above 400 days and upto 2 Years5.5
Above 2 Years and upto 3 Years5.6
Above 3 Years and upto 5 Years5.75
Above 5 Years and upto 10 Years6.25
Source: Bank Website, (w.e.f. 16.11.2020)

Bank of Baroda FD Rates For Regular Customers

Bank of Baroda FD Rates For Regular Customers

For a deposit amount of less than Rs 2 Cr, BoB is offering the following interest rates to the general public on their deposits maturing in 7 days to 10 years.

TenorsInterest rates in % p.a.
7 days to 14 days2.8
15 days to 45 days2.8
46 days to 90 days3.7
91 days to 180 days3.7
181 days to 270 days4.3
271 days & above and less than 1 year4.4
1 year4.9
Above 1 year to 400 days5
Above 400 days and upto 2 Years5
Above 2 Years and upto 3 Years5.1
Above 3 Years and upto 5 Years5.25
Above 5 Years and upto 10 Years5.25
Source: Bank Website, (w.e.f. 16.11.2020)

Bank of Baroda Tax Savings Term Deposit

Bank of Baroda Tax Savings Term Deposit

BoB also allows tax savings term deposit with no premature withdrawal option and with a lock-in period of 5 years. Under this kind of deposit, senior citizen rate is also applicable for resident Indian senior citizens. BoB is currently offering an additional interest rate of 0.50% for all tenors in below 5 years and 1.00% for tax savings term deposits maturing in above 5 years to up to 10 years and valid till 30.09.2021. Customers who withdraw deposits worth more than Rs.1.00 crore prematurely must provide the bank with 31 days' notice and pay a penalty of 1.5 percent of the relevant rate of interest for the period the deposit is maintained with the bank. The most recent interest rates on tax savings term deposit of BoB are listed below.

TenorsDeposit [Per Annum] less than Rs 2 Cr.Sr. Citizen(w.e.f 16.11.2020)
For 5 years5.255.75
Above 5 years to up to 10 years5.256.25
Baroda Tax Savings Term Deposit (w.e.f. 16.11.2020)

Story first published: Friday, October 8, 2021, 10:06 [IST]
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