Bank of Baroda launches 555-day FD paying 6.75 percent to customers

Bank of Baroda launched a 555-day fixed deposit scheme, named the 'bob Golden Goal Deposit Scheme', that offered 6.75 percent annual interest to general customers on callable deposits (6.80 percent on non-callable deposits) and higher rates for senior citizens, and that accepted deposits through online channels and at branches.

The scheme applies to retail term deposits below Rs 3 crore, and the state-owned bank said it was designed to provide depositors with an attractive investment avenue backed by assured returns. The scheme was available to the general public, while senior citizens qualified for enhanced interest, according to the bank's announcement reported by The Hindu BusinessLine.

SCHEME DETAILS AND DISTRIBUTION

Customers can open the deposit through the bob World mobile app, bob World Internet net banking or at any Bank of Baroda branch, and new-to-bank customers can open one online through the bank's website without opening a savings account.

Senior citizens earn 7.25 percent and super senior citizens (aged 80 and above) 7.35 percent on callable deposits, rising to 7.30 percent and 7.40 percent respectively on non-callable deposits. "In today's evolving interest rate environment, the 'bob Golden Goal Deposit Scheme' offers depositors an attractive opportunity to lock in higher rates," said Beena Vaheed, Executive Director of Bank of Baroda.

Sources: The Hindu BusinessLine; Bank of Baroda