Bank of Baroda has revised its fixed deposit rates, effective from October 3, 2024, offering attractive options for both the general public and senior citizens.
The new rates apply to domestic term deposits, including NRO deposits below Rs 3 crores. For short-term deposits ranging from 7 to 14 days, residents will earn 4.25%, while senior citizens will receive 4.75%.
As the tenure increases, the rates also rise, with senior citizens benefiting from higher returns across various tenors. For example, deposits between 1 and 2 years now yield 7% for residents and 7.50% for senior citizens.
The revised rates include additional interest for senior citizens, with up to 0.50% extra for deposits up to 3 years and higher rates for longer tenors. This move aims to enhance savings opportunities for all customers, especially senior citizens, encouraging them to invest in fixed deposits.
Key Points:
Effective Date: October 3, 2024.
Short-Term Deposits:
7 to 14 days: 4.25% (Residents), 4.75% (Senior Citizens).
15 to 45 days: 4.50% (Residents), 5.00% (Senior Citizens).
Longer Deposits:
1 year: 6.85% (Residents), 7.35% (Senior Citizens).
Above 5 years to 10 years: 6.50% (Residents), 7.50% (Senior Citizens).
Additional Interest for Senior Citizens: Up to 0.50% for deposits up to 3 years, plus more for longer tenors. Take a look at this below table:
| Tenors | Residents / General Public | Resident Indian Sr. Citizen |
| 7 days to 14 days | 4.25 | 4.75* |
| 15 days to 45 days | 4.5 | 5.00* |
| 46 days to 90 days | 5.5 | 6.00* |
| 91 days to 180 days | 5.6 | 6.10* |
| 181 days to 210 days | 5.75 | 6.25* |
| 211 days to 270 days | 6.25 | 6.75* |
| 271 days & above and less than 1 year (except 360 Days) | 6.5 | 7.00* |
| 360 Days (bob360) | 7.1 | 7.60* |
| 1 year | 6.85 | 7.35* |
| Above 1 year to 400 days | 7 | 7.50* |
| Above 400 days and upto 2 Years | 7 | 7.50* |
| Above 2 Years and upto 3 Years | 7.15 | 7.65* |
| Above 3 Years and upto 5 Years | 6.5 | 7.15 # |
| Above 5 Years and upto 10 Years | 6.5 | 7.50** |
| Above 10 years (MACT/MACAD Court Order schemes only) | 6.25 | 6.75* |
This revision by Bank of Baroda in fixed deposit rates shows a commitment to provide better financial options for customers, particularly senior citizens.