When it comes to safe and fixed returns in the world of investment, the name of Fixed Deposit, i.e., FD, comes first. From small investors to the middle class, everyone prefers an FD to keep their money safe and get fixed interest on it. Its biggest advantage is that there is no risk at all in it, and a guaranteed amount is received on maturity.
Read Here- Planning a Home Loan of ₹13 Lakh from PNB? Know Your Exact EMI Here
Bank of Baroda FD interest rates
If you are planning to get an FD, then the leading public sector bank, Bank of Baroda, can be a better option for you. The bank is currently giving 6.50 percent interest to common citizens and 7 percent to senior citizens on FDs of 1 year duration. This means that investors can trust a fixed return on their money.
How much money will you get on depositing Rs 2 lakh?
Suppose you are a common citizen and deposit Rs 2 lakh in a 1-year FD of Bank of Baroda, then on maturity, you will get a total of Rs 2,13,320. Out of this, Rs 13,320 will be the interest income only. On the other hand, if you are a senior citizen and deposit the same amount, then on maturity, you will get Rs 2,14,372. In this case, you will get Rs 14,372 as interest.
Read Here- The American 7-Seater: A Deep Dive into the Jeep Meridian
What to keep in mind before making an FD
FD is always considered a safe investment option, but it is very important to pay attention to certain things before investing in it. First of all, it is necessary to compare interest rates as different banks and NBFCs fix their own rates. Secondly, it is important to understand the interest payout option so that you can choose the option of monthly, quarterly, or interest on maturity according to your needs. Thirdly, it is very important to know the terms and conditions for premature withdrawal, as many banks charge a penalty for breaking an FD prematurely.
