Actually, the new FD scheme of Bank of Baroda (BoB) can be a great opportunity for you. This bank has recently launched a special fixed deposit scheme, in which attractive interest rates are being offered to investors.

Launched under the name of ‘BoB Square Drive Deposit Scheme’, the duration of this scheme has been kept at 444 days, which is specially designed for those investors who are looking for fixed returns. Different interest rates have been fixed for common citizens, senior citizens and super senior citizens in this scheme.

-Where the interest rate for common citizens is 7.15% per annum.

-Senior citizens will get 7.65% and investors above 80 years (super senior citizens) will get 7.75% interest.

The special thing is that if you choose the option of non-callable deposit, the interest rates become even more attractive. In this option, common citizens will get 7.20%, senior citizens will get 7.70% and super senior citizens will get 7.80% annual interest.

Bank of Baroda has also made this scheme available on digital platforms, so that customers can open it through any branch or internet banking. Not only this, new customers can also open it online through video KYC, without any additional process. If you want to invest your savings in a scheme that gives stable and attractive returns, then definitely check out this new FD scheme of Bank of Baroda.

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New Delhi. If you are a customer of Bank of Baroda and use a credit card for airport lounge access, then you need to be cautious. Actually, the government bank Bank of Baroda has given a big shock to its credit card (BoB Credit Card) users. Some changes have been made in the rules of credit card by Bank of Baroda. The new rules will come into effect from January 1, 2025.

From January 1, 2025, you will have to spend a certain amount with your Bank of Baroda credit card to get free lounge access at domestic airports in India. BoB credit cards will now have to spend Rs 20,000 to Rs 40,000 in the previous calendar quarter to get complimentary lounge access at domestic airports.

A quarterly discount on newly issued cards

According to bobcard’s website, in case of newly issued cards, the minimum spade criteria for lounge usage has been waived for the calendar quarter of card issuance. This discount is applicable only for new cards that are issued during the calendar quarter and is not applicable for upgrades from one card product to another.

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Many banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), Bank of Baroda (BoB) offer 50 basis points (0.50 basis points) to senior citizens for FDs of 7 to 10 years compared to normal customers. per cent) pay additional interest. Let us take a look at the interest rates offered to senior citizens on these special FDs.

SBI Special FD Scheme for Senior Citizens

We Care, the special FD scheme of State Bank of India, offers an additional 30 bps interest rate to senior citizens on their FDs for a tenure of 5 years or more. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable on FD will be 7.50 per cent.

These interest rates are effective from February 15, 2023. SBI Amrit Kalash FD scheme comes with a special tenor of 400 days, on which general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60%.

HDFC Bank Special FD Scheme for Senior Citizen

HDFC Bank’s special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers 75 bps higher rate of interest on these deposits. According to the bank’s website, the last date for investing in the Senior Citizen Care FD scheme has been extended till July 7, 2023.

HDFC Bank offers an interest rate of 7.75% to senior citizens for tenure between 5 years and 1 day to 10 years. These rates are effective from May 29, 2023. Apart from this, HDFC Bank has also introduced two special edition FDs with tenures of 35 and 55 months which offer interest rates of 7.70% and 7.75% respectively to senior citizens.

ICICI Bank Special FD Scheme for Senior Citizens

ICICI Bank’s Special FD Scheme for Senior Citizens – ICICI Bank Golden Years FD Scheme offers 80 bps higher interest rate. ICICI Bank Golden Year FD scheme offers 7.50 per cent interest annually. These interest rates are effective from February 24, 2023.

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For some time, the issue of privatization of public sector banks is being discussed loudly. The central government has merged 27 public sector banks into 12 banks within just three years by merging several big public sector banks under banking reforms. By the way, the government has also said that the banking sector will be recognized as a strategic sector regarding the issue of privatization.

Once again the news regarding the privatization of banks has intensified. Preparations are being made for big planning by the Government of India regarding the banks.

In this connection, NITI Aayog has also issued a list, in which it has been told that in the coming time, which banks will be privatized and which will be kept out of the list.

These banks will not be privatised-

According to the list released by NITI Aayog, the government will privatize Punjab National Bank (PNB), Union Bank (Union Bank), Canara Bank (SBI), Bank of Baroda (BOB) ) and will not privatize Indian Bank.

These are included in the list of privatization –

Along with this, the commission has also written in the notice that all those banks which were part of the bank consolidation of the country will be kept out of the list of privatization. It was announced in the budget speech by Finance Minister Nirmala Sitharaman that two public sector banks and a general insurance company would be privatised. The current disinvestment target for FY22 announced by the government is Rs 1.75 lakh crore.

This bank will be privatized –

Government and LIC together are trying to sell 60.72 percent stake in IDBI Bank. Last month, the government had said it would allow a consortium of foreign funds and investment firms to acquire more than 51 per cent ownership of IDBI Bank. Sources said the Department of Investment and Public Asset Management (DIPAM) may invite financial bids for IDBI Bank in early 2023.

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This scheme has come into effect from 1st November. This includes interest rate of 0.5 per cent on deposits for senior citizens and 0.25 per cent for non-callable deposits. This scheme is for retail term deposits of less than Rs 2 crore. Bank of Baroda has increased the premium on non-callable retail term deposits from 0.15% p.a. to 0.25% p.a.

Hence, non-callable deposits will now get 0.25% additional interest per annum. Ajay K Khurana, Executive Director, Bank of Baroda said, “In an environment of rising interest rates, we are happy to offer our customers a higher rate of interest so that they can earn higher returns on their savings. Baroda Tiranga Plus Deposit Scheme offers high interest rates and assured returns.

On non-callable deposits, the Bank has also decided to increase the non-callable premium on retail term deposits from 0.15% to 0.25%, providing further benefits to the customers.

IDBI Bank: Amrit Mahotsav Deposit Scheme

Private sector lender IDBI Bank has introduced Amrit Mahotsav FD (Amrit Mahotsav Deposits) scheme for its customers. The bank is offering increased interest rates on deposits under this scheme. Under this scheme, customers will be able to make deposits for 700 days and they will get interest at the rate of 7.50 per cent. This offer is for a limited time.

Unity Small Finance Bank introduced Shagun 366 Meanwhile, Unity Small Finance Bank is now offering 8.30% interest on deposits of 366 days to senior citizens. The bank recently launched a new scheme – Shagun 366, i.e. 1 year, 1 day fixed deposit. The scheme offers a return of 7.80% p.a. while senior citizens will get 8.30% interest over a period of 366 days. However, this offer will be available only for deposits booked up to November 30, 2022.

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The banks which have increased the interest rates on FD so far include State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India, IDFC First Bank. Here we are telling you about 4 banks which are giving more than 7 percent interest.

Bank Of Baroda FD Rates

Bank of Baroda (BOB) has launched “Baroda Tiranga Plus Deposit Scheme” with interest rates of 7.50% p.a. for 399 days with effect from 1st November 2022. It also includes an additional interest of 0.50% p.a. and 0.25% interest for senior citizens. Bank of Baroda 399 days Tiranga Plus deposit scheme is getting interest rate of 6.75% for general public, 7.25% for senior citizens. General public, NRE/NRO depositors will get an interest rate of 7% and senior citizens will get an interest rate of 7.50%.

FD rates of Bank of India

Bank of India (BOI) has come up with FD with higher interest rate. BoI has come up with ‘Star Super Triple Seven Fixed Deposit’. In this newly launched scheme, customers are being given interest up to 7.25% for general public and 7.75% for senior citizens on deposits for 777 days.

Union Bank Of India FD Rates

Union Bank of India offers 3% to 7% interest on FDs with maturities ranging from 7 days to 10 years. 7% interest is available on FDs maturing in 599 days.

Canara Bank FD Rates

Canara Bank has launched a special FD scheme of 666 days. According to this scheme, the bank is offering an interest rate of 7% to its general customers. Canara Bank is offering 7.5% interest on deposits to senior citizens.

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