look news india
New Delhi/Business Desk: In today’s uncertain times, where the fluctuations in the stock market increase the heartbeats of the investors, Fixed Deposit (FD) still remains the biggest symbol of security and confidence for middle class families. Strengthening this trust further, public sector giant ‘Bank of Baroda’ (BoB) has introduced a great FD scheme for its customers. The bank claims that if an investor deposits an amount of ₹ 1,00,000 under this scheme, he can get a hefty interest of up to ₹ 23,508 on maturity. Let us know what this scheme is and how you can take advantage of it.
Mathematics of investment period and interest rates
The biggest feature of this FD scheme of Bank of Baroda is its flexible time limit. The bank gives its customers the freedom to invest for a minimum of 7 days to a maximum of 10 years. Currently the interest rates of the bank start from 3.50 percent and go up to 7.20 percent. According to market experts, at present FD with a tenure of 3 years is becoming the most popular. The reason for this is that it is giving better and balanced returns over the long term, which helps investors fight inflation.
Senior citizens’ silver: will get additional interest
Keeping special care of the elderly and super senior citizens, the bank has given additional relaxation in interest rates. While ordinary citizens are getting about 6.50 percent interest on 3-year FD, senior citizens (above 60 years) are being given benefits of up to 7.00 percent. This rate is even more attractive for ‘Super Senior’ citizens above 80 years of age, who are getting interest at the rate of around 7.10 percent. The special thing is that in this scheme, interest is calculated on ‘Quarterly Compounding’ basis, due to which your principal grows rapidly over time.
Guaranteed returns and security
Being a government bank, your capital deposited in Bank of Baroda remains completely safe. Unlike the stock market or mutual funds, while investing in FD you only know how much amount you will get on maturity. On an investment of ₹1,00,000, a typical investor can earn assured interest ranging from ₹21,000 to ₹23,508 depending on the tenure. Additionally, if you suddenly need money before maturity, you don’t need to break the FD; You can also avail the facility of taking loan from the bank against your deposit amount.
How to Start Investing: Easy Application Process
If you also want to increase your savings in a safe manner by taking advantage of this scheme, then its process is very simple. You can get information by visiting the official website of Bank of Baroda, mobile banking app or the nearest branch. To apply you will only need basic KYC documents like Aadhar Card, PAN Card and your latest photograph. As soon as you deposit the investment amount, the bank issues you a digital or physical FD receipt, which is the official proof of your investment.