Bank of Baroda FD Update: One of the names of guaranteed investments is Fixed Deposit. In short, it is commonly known as FD. The exact return that will come is never compromised. Along with this, it is also a safe investment medium. The only drawback is that if you suddenly need to withdraw, you have to pay some penalties.
However, this time Bank of Baroda (BoB) has launched a completely new Fixed Deposit (FD) plan. It is completely different from the conventional FD. In this, investors will be able to withdraw money easily when needed. This means that they will not have to break the FD before the time and will not have to pay a penalty. According to the information provided by the bank, in this liquid FD, the bank will give interest at the rate of 6.85% on 1-year deposits to general customers. At the same time, senior citizens will get 7.35% interest on 1-year deposits and 7.40% on 5-year deposits.
Partial withdrawal facility available – The bank said that the Liquid FD scheme provides depositors with the facility of partial withdrawal without closing the entire FD, which ensures that depositors can meet their immediate financial needs as and when required. At the same time, it maintains the balance at the contracted rate to earn interest. According to the bank, this FD scheme will ensure that depositors benefit from higher returns, lower prepayment penalties and immediate access to money when needed.
Key Features of Liquid FD
Liquid FD is designed to give customers more flexibility. You can start this FD with just Rs 5,000. The tenure can be 12 to 60 months. If needed, you can withdraw money in multiples of Rs 1,000 anytime.
There is no prepayment penalty on premature withdrawals up to Rs 5 lakh, as long as the FD has completed 12 months.
Scheme Details
- Minimum Deposit: Rs 5,000
Maximum Deposit: No upper limit - Minimum Tenure: 12 months
Maximum Tenure: 60 months
Premature / Partial Withdrawal:
Allowed in multiples of Rs 1,000
Can be done any number of times during the FD tenure