Bank of Baroda has revised the interest rates on its special 555-day fixed deposit scheme, Golden Goal, offering customers higher returns. The public sector bank has increased rates by 10 basis points across customer categories and deposit options. The revised rates came into effect on November 12.
Under the updated structure, super senior citizens aged 80 years and above can earn up to 7.50% interest on non-callable fixed deposits, making it the highest rate available under this scheme.
New Bank of Baroda FD Interest Rates
For the 555-day Golden Goal FD, general customers will now receive 6.85% interest on callable deposits and 6.90% on non-callable deposits. These rates were previously 6.75% and 6.80%, respectively. The applicable rates also cover NRIs holding NRE and NRO accounts.
Resident senior citizens will earn 7.35% on callable deposits and 7.40% on non-callable deposits, compared with the earlier rates of 7.25% and 7.30%.
For super senior citizens aged 80 years and above, the revised interest rates are 7.45% on callable deposits and 7.50% on non-callable deposits. Earlier, these rates stood at 7.35% and 7.40%, respectively.
This means resident senior citizens receive an additional 0.50 percentage points over general customers, while super senior citizens get an additional 0.60 percentage points.
Who Can Invest in the Golden Goal FD?
The special 555-day fixed deposit scheme is available to individual investors for deposits of up to Rs 3 crore. Bank of Baroda has clarified that the latest revision applies only to the Golden Goal 555-day scheme. Interest rates on its other fixed deposit products remain unchanged.
Callable vs Non-Callable Fixed Deposits
The main difference between callable and non-callable FDs is whether the investor can withdraw the money before the maturity date.
Callable fixed deposits allow premature withdrawals, subject to the bank’s applicable rules and penalties. Non-callable deposits generally do not offer this facility, except in certain specified circumstances.
In return for keeping the money invested until maturity, customers usually receive a slightly higher interest rate on non-callable FDs. Under Bank of Baroda’s Golden Goal scheme, the difference between the two options is 0.05 percentage points.
Why Has Bank of Baroda Increased FD Rates?
According to Bina Waheed, CEO of Bank of Baroda, the rate revision is intended to offer better returns to customers seeking predictable earnings over the medium term.
She also stated that the move is part of the bank’s efforts to strengthen its deposit base and support its asset and liability management strategy.
Disclaimer: The interest rates and other details mentioned in this article are based on the information available at the time of writing. Deposit rates, terms and conditions may change. Investors should check the latest details with Bank of Baroda before making an investment decision.