State-run lender Bank of Baroda is offering strong returns on its fixed deposits, with a particularly attractive rate on its 444-day tenure scheme. On FD accounts below Rs 3 crore, the bank's interest rates range from 3.50 percent to 7.35 percent. Customers can open an FD account with the bank for a minimum tenure of just 7 days and a maximum tenure of up to 10 years. Here is a break-up of how much interest the 444-day FD scheme pays across different age groups, along with the maximum amount that can be deposited under it.
Interest on the 444-day FD by age group
Bank of Baroda's 444-day FD scheme carries interest rates ranging from 6.45 percent to 7.05 percent, depending on the depositor's age. General customers up to 59 years of age earn 6.45 percent interest under this scheme. Senior citizens aged 60 years or above get a higher rate of 6.95 percent. The biggest beneficiaries are super senior citizens aged 80 years or above, who earn the highest rate of 7.05 percent on this tenure. In short, the older the depositor, the better the return on offer.
Maximum deposit allowed
There is a cap on how much can be invested in this 444-day scheme. Customers can deposit a maximum of Rs 3 crore under this particular FD plan. Anyone looking to park a larger sum needs to keep this limit in mind, as it applies specifically to this scheme.
Why senior and super senior citizens earn more
Bank of Baroda generally pays senior citizens 0.50 percent more interest than it pays general customers. On top of that, for select tenures, super senior citizens get an additional 0.10 percent interest over what senior citizens earn. This is exactly why the 444-day scheme shows a clear gap in rates across the three age categories.
How rates vary across different tenures
Bank of Baroda's overall FD interest rates vary depending on the tenure chosen. For accounts below Rs 3 crore, the lowest rate of 3.50 percent applies to the shortest tenures, while the highest rate of 7.35 percent is offered on certain select tenures. Within this broad range, the 444-day scheme stands out as one of the better-paying options for depositors.
Rates were last revised in June
Bank of Baroda last revised the interest rates on its FD schemes in June this year. Banks across the country typically adjust their FD interest rates in line with the repo rate set by the Reserve Bank of India (RBI). Whenever the RBI changes the repo rate, both deposit and loan interest rates offered by banks tend to move up or down accordingly.
