In today’s time of financial uncertainty, everyone is looking for safe investment options. People do not want to take risks in the stock market or real estate. In this situation, Fixed Deposits have become a trusted choice for many.
One of the government banks in the country, Bank of Baroda, has brought a special scheme. If you deposit just ₹1 lakh, you will get ₹15,114 as interest in 2 years.
What Are the Features of This Scheme?
Many banks are giving less interest now. But Bank of Baroda has started new fixed deposit (FD) schemes for people. You can keep money in FD from 7 days to 10 years. The interest rate starts from 3.50% and goes up to 7.20%.
The 2-year FD scheme is the best one. In this, normal people get 6.50% interest. Senior citizens get 7.00% interest. People above 80 years (super senior citizens) get 7.10% interest.
If a normal person keeps ₹1 lakh for 2 years, they will get ₹13,763 as interest. So, they will get ₹1,13,763 at the end. If a senior citizen keeps ₹1 lakh, they will get ₹14,888 interest. So, the total amount will be ₹1,14,888. If a super senior citizen keeps the same amount, they will get ₹15,114 interest. Their final amount will be around ₹1,15,114.
Why Is This Scheme Popular?
This scheme is from a government bank, so it is safe. It also gives more interest to senior and super senior citizens. The 2-year interest rate is also high. That is why many people are choosing this for saving money for the future, like for education, health, or other needs.
How to Start?
To open this FD, you can go to any Bank of Baroda branch. You can also apply online on their website or mobile app. You will need your Aadhaar card, PAN card, and bank details. If you want to save money safely and get good returns, this FD scheme is a good choice.