Even though the Reserve Bank of India has kept the repo rate frozen, the government and private banks of the country are continuously coming up with schemes to earn more in less time. A similar scheme has been launched by government lender Bank of Baroda. In which along with ordinary citizens, senior citizens will also earn huge income in less than a year and the money will also be safe. Even the name of this scheme has been given by the bank. Let us also tell you what name the Bank of Baroda has given to this scheme? And how much will it earn for investors in 360 days?
BOB360 scheme launched
Bank of Baroda has launched a special FD scheme named BOB360. As the name suggests, investors will have to invest in this scheme for 360 days. This means that the investment will yield huge profits in less than a year. In which senior citizens will benefit the most. Those who will get 0.50 percent more returns than ordinary citizens. The special thing is that existing and new customers of the bank can open this deposit scheme named BOB360 in any branch online or with the help of mobile app.
How much return will you get?
In the new deposit scheme of Bank of Baroda, investors will get interest payment in the range of 7.1-7.6 percent per year. Bank of Baroda (BoB) said in a statement that its special short-term retail deposit scheme has offered an interest rate of 7.60 percent per annum for senior citizens and 7.10 percent for general people. This scheme, which opened on Monday, is applicable on retail deposits of less than Rs 2 crore. The bank was earlier offering 6.25 percent interest on bulk deposits of 271 days.
Repo rates are frozen
At present, RBI’s policy rates are high. Also, 5 policy rate meetings have been held since February 2023, but there has been no change in the interest rates. According to experts, inflation still remains a matter of concern for RBI. This means that interest rates can be kept frozen for a long time. RBI continuously increased interest rates from May 2022 to February 2023 and increased the repo rate by 2.50 percent. Right now all eyes are on the US Federal Reserve, which has said that it will cut interest rates three times in the year 2024.