Bank of Baroda increased interest on FD: Now you will get up to 7.75% return on fixed deposit, see new interest rates here

Bank of Baroda has increased the interest on fixed deposits (FD). That is, now you will get more interest on FD. Now common citizens will get interest ranging from 4.25% to 7.25% on FD. At the same time, senior citizens will get interest ranging from 4.75% to 7.75% on FD. The new interest rates have come into effect from August 13. Bank of Baroda launches ‘Monsoon Dhamaka’ deposit scheme
Bank of Baroda (BoB) has launched two new deposit schemes named ‘Monsoon Dhamaka’. Under this scheme, 7.15% annual interest will be given on FD for 333 days. At the same time, senior citizens will be given interest at the rate of 7.65% per annum. At the same time, 7.25% annual interest will be given on FD for 399 days. At the same time, senior citizens will be given interest at the rate of 7.75% per annum. Apart from this, the bank is also running a special scheme of 360 days (bob360). Keep these 3 things in mind while making FD 1. Choosing the right tenure is important
Before investing in FD, it is important to think about its tenure. This is because if investors withdraw before maturity, they will have to pay a penalty. Breaking the FD before it matures will attract a penalty of up to 1%. This can reduce the total interest earned on the deposit. 2. Do not invest all the money in a single FD
If you are planning to invest Rs 10 lakh in FD in a single bank, then instead invest in 8 FDs of Rs 1 lakh and 4 FDs of Rs 50 thousand in more than one bank. With this, if you need money in between, you can arrange money by breaking the FD in between as per your need. Your remaining FDs will remain safe. 3. Tax exemption is available on 5 year FD
5 year FD is called tax savings FD. By investing in it, you can claim a deduction of Rs 1.5 lakh from your total income under section 80C of the Income Tax Act. In simple language, understand it like this, you can reduce up to 1.5 lakhs from your total taxable income through section 80C.