Fixed deposit, i.e., FD, has always been the first choice of people in the world of investment. The biggest reason for this is its security and fixed interest rate. Like the stock market, there is no risk of fluctuations in it. In such a situation, if you are looking for a reliable investment instrument, then Bank of Baroda’s 5-year FD can prove to be a great option for you.
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Interest rate for general customers
Bank of Baroda is currently providing an interest rate of 6.40 percent to general customers on FDs with a tenure of more than 3 years and up to 5 years. This means that if an investor invests Rs 11 lakh in this scheme now and chooses the option of reinvestment, then after the completion of the five-year period, he will get a total of Rs 15,03,590. This will include his principal amount as well as interest earnings of Rs 4,03,590.
More benefits for senior citizens
Bank of Baroda also gives additional benefits to senior citizen investors on this scheme. Customers aged 60 years or above are being offered an interest rate of 7 percent. According to this, if a senior citizen deposits Rs 11 lakh for five years, then on maturity, he will get a total of Rs 15,79,360. This will also include interest of Rs 4,79,360, which is much better than normal customers.
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Safe and stable means of investment
This FD scheme of the Bank of Baroda is completely safe and reliable. Its biggest advantage is that it is not affected by market fluctuations. At the end of the fixed period, the customer gets a fixed return at the fixed interest rate. This is the reason why this scheme is an attractive option not only for general investors but also for senior citizens who want a stable income after retirement.