Bank of Baroda has increased interest rates on its special 555-day fixed deposit scheme, bob Golden Goal, by 10 basis points (bps) across customer categories and deposit options.
The revised rates came into effect on November 12.
The scheme is available for retail term deposits below ₹3 crore. Following the revision, the interest rate for general customers, including non-resident Indians (NRIs) holding NRO and NRE accounts, is 6.85% per annum for callable deposits and 6.90% for non-callable deposits.
Resident senior citizens will earn 7.35% per annum on callable deposits and 7.40% on non-callable deposits. For resident super senior citizens aged 80 years and above, the rates have been revised to 7.45% and 7.50%, respectively.
The highest interest rate of 7.50% is available to resident super senior citizens opting for non-callable deposits.
Bank of Baroda 555-day FD interest rates
| Depositor category | Callable | Non-callable |
|---|---|---|
| General customers, NRO and NRE | 6.85% | 6.90% |
| Resident senior citizens | 7.35% | 7.40% |
| Resident super senior citizens (80 years and above) | 7.45% | 7.50% |
The revised rates represent an increase of 10 bps over the earlier rates. The bank said interest rates on all other deposit tenures remain unchanged.
What is the difference between callable and non-callable FDs?
Callable fixed deposits allow depositors to withdraw their money before maturity, subject to the bank’s applicable premature withdrawal rules and penalties.
Non-callable deposits do not offer the same premature withdrawal facility, except in specified circumstances. Banks generally offer a slightly higher interest rate on non-callable deposits in return for this restriction.
Beena Vaheed, Executive Director, Bank of Baroda, said the revision is intended to offer higher returns to customers looking for assured returns over the medium term. She added that the move is also aimed at strengthening the bank’s deposit base while supporting its asset-liability management strategy.
Customers can open the 555-day deposit through Bank of Baroda’s bob World mobile banking app, bob World Internet net banking or by visiting a bank branch.
New-to-bank customers can also open a fixed deposit through the bank’s website without first opening a savings account.