Bank of Baroda Savings Scheme: If you’re considering investing in an FD, this news may be important for you. The country’s second-largest public sector bank, Bank of Baroda, is offering excellent interest rates on FDs. Investments with BOB can be made for a minimum of 7 days and a maximum of 10 years. Interest rates on BOB FD accounts range from 3.50% to 7.20%. By investing ₹2 lakh in a BOB fixed deposit, you can earn a guaranteed interest rate of up to ₹84,349.
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How much interest is earned on a 5-year investment?
Investing in FDs is quite profitable. Therefore, investing in a 444-day FD with BOB will yield the highest interest. It should be noted that BOB is offering 6.60% interest on 444-day fixed deposits to ordinary citizens, 7.10% to senior citizens, and 7.20% to super senior citizens. On 5-year fixed deposits, BOB is offering 6.40% interest to ordinary citizens, 7% to senior citizens, and 7.10% to super senior citizens.
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How much interest will be earned on an investment of 2 lakh rupees?
If ordinary citizens invest ₹2 lakh in a 5-year FD with BOB, they will receive ₹2,74,729 upon maturity. Of this, ₹74,729 will be received as interest. Similarly, if senior citizens invest ₹2 lakh in an FD, they will receive ₹2,82,956 upon maturity. Of this, ₹82,956 will be received solely from interest. On the other hand, if a super senior citizen invests ₹2 lakh in the BoB FD scheme for 5 years, he will receive a total of ₹2,84,349 upon maturity. Of this, ₹84,349 will be received from interest alone.