BoB FD Rate Hike: As Bank of Baroda hikes fixed deposit interest rates, know how much you can earn on FDs of Rs 5, 7 and 10 lakh

BoB FD Rates Hike: Ahead of the start of the festive season on October 15, Bank of Baroda (BoB) gave its customers a gift as it increased the interest rates on its fixed deposits (FDs) w.e.f. October 9, 2023. The bank took the decision after the Reserve Bank of India did not make any change in the repo rate in its monetary policy meeting last week.

What are Bank of Baroda's increased interest rates on FDs? 

The bank has increased the interest rate on FDs below Rs 2 crore by 50 basis points.

The existing Bank of Baroda customers with FDs will also benefit from increased interest rates.

The bank is now giving a maximum return of 7.25 per cent to its customers on FDs of 2 to 3 years, while senior citizens are getting returns up to 7.75 per cent for the same duration.

Bank of Baroda Fixed Deposit Rates

How much return will you get on a 3-year investment?

How much will you earn on a three-year investment in FD if you are investing Rs 5, 7, and 10 lakh? Let's see the calculation:

1. If you invest Rs 5 lakh in an FD for three years, your total maturity amount will be Rs 6,20,273, which will also include an interest income of Rs 1,20,273. If a senior citizen invests Rs 5 lakh, they will get Rs 6,29,474 on maturity, including an interest amount of Rs 1,29,474.
2. If you invest Rs 7 lakh in an FD for three years, you will get returns of Rs 8,68,383, with Rs 1,68,383 as interest. For the same amount, senior citizens will get Rs 8,81,263 on maturity, including Rs 1,81,263 as interest.
3. If you invest Rs 10 lakh in an FD for 3 years, you will get Rs 12,40,547 on maturity, out of which Rs 2,40,547 will come from interest. Senior citizen FD will yield Rs 12,58,948, where interest will be Rs 2,58,948.