The Bank of Baroda, India’s second-largest government bank by market capitalization, is offering a savings scheme that provides a fixed interest of Rs 16,022 on a deposit of just Rs 1 lakh. This scheme is a 2-year fixed deposit (FD) plan that offers an interest rate of 7.00% to ordinary citizens and 7.50% to senior citizens. The interest rates offered by Bank of Baroda on its FD schemes range from 4.25% to 7.65%, depending on the tenure of the deposit.
The 2-year FD scheme is a lucrative option for those looking to invest their savings for a fixed period. By depositing Rs 1 lakh, an ordinary citizen under the age of 60 can earn a total of Rs 1,14,888 on maturity, which includes the principal amount and the interest earned. This translates to a fixed interest of Rs 16,022 over the 2-year period.
It’s worth noting that the interest rates offered by Bank of Baroda have been revised after the Reserve Bank of India reduced the repo rate. Despite this, the bank’s FD schemes remain an attractive option for those looking to earn a fixed return on their investments. Senior citizens can earn an even higher interest rate of 7.50% on the 2-year FD scheme, making it an attractive option for retired individuals looking to supplement their income.
Overall, the Bank of Baroda’s 2-year FD scheme offers a competitive interest rate and a fixed return on investment, making it a popular choice among savers. With a deposit of just Rs 1 lakh, individuals can earn a significant interest of Rs 16,022 over a period of 2 years, making it a worthwhile investment option for those looking to grow their savings.