This Special Senior Citizen FD Scheme Is Ending In March: Check Details

Under the debt category, older folks prefer secure instruments such as fixed deposits, which not only provide steady interest rates but also assure deposit safety. Financial institutions provide senior citizens with higher interest rates on fixed deposits over and above the standard rate. As a consequence, for short to long-term financial goals, a fixed deposit plan is essential to have in a portfolio for producing returns that are not market-dependent. Fixed deposit investors have been witnessing a low-interest rate regime of banks carried by COVID-19 for the last two years; however, in order to attract senior citizens, leading banks had launched special fixed deposit schemes for them, promising additional premium over and above the existing 50 bps. These special fixed deposit plans are only available for a limited time, thus we've selected a special FD scheme for senior citizens of Bank of Baroda (BoB) that will expire on March 31, 2022.

BoB Fixed Deposit For Resident Senior Citizens

The public sector lender Bank of Baroda (BoB) offers a unique deposit option for Resident Indian Senior Citizens. The bank offers an additional rate of 0.50 percent on fixed deposits of less than Rs 2 Cr maturing in 7 days to 5 years. Senior citizens can earn interest rates ranging from 3.30 percent to 5.75 percent on deposits ranging from 7 days to 5 years. Whereas on deposits maturing in 5 to 10 years, the bank offers an additional rate of 1%, implying that senior people would receive an interest rate of 6.25 percent rather than 5.75 percent on their deposits. According to the bank's official website "1.00% for "Above 5 years to up to 10 years" tenor and valid till 31.03.2022." BoB has mentioned on its website that "In the current challenging situation brought by COVID-19, Bank has agreed to continue to pay additional rate to Resident Senior Citizen for less than RS.2.00 Crores."

BOB FD Rates For Senior Citizens

As of February 25, 2022, the Bank of Baroda is giving the following interest rates to elderly persons on fixed deposits of less than Rs 2 crore.

Tenors	Interest rate in % p.a. (w.e.f. 25.02.2022)
7 days to 14 days	3.3
15 days to 45 days	3.3
46 days to 90 days	4.2
91 days to 180 days	4.2
181 days to 270 days	4.8
271 days & above and less than 1 year	4.9
1 year	5.5
Above 1 year to 400 days	5.6
Above 400 days and upto 2 Years	5.6
Above 2 Years and upto 3 Years	5.6
Above 3 Years and upto 5 Years	5.75
Above 5 Years and upto 10 Years	6.25
Source: Bank Website.