Bank of Baroda FD Scheme : Bank of Baroda has launched a remarkable ‘Dhakad’ Fixed Deposit Scheme with a tenure of precisely 666 days—offering exceptional interest rates that make it a compelling option for various categories of investors.
Attractive Interest Rates for All Investor Types
This 666‑day Dhakad FD is structured to deliver generous interest rates across different age groups:
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Super Senior Citizens (aged 80 years or above) enjoy the highest yield at 7.95% per annum, provided the deposit amount is below ₹2 crore.
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Senior Citizens receive a substantial rate of 7.80% per annum.
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General (Regular) Customers also benefit from a strong rate of 7.30% per annum.
These yields significantly outpace standard terms available for other tenures, making this scheme especially appealing for long-term fixed-income investments.
Bank of Baroda FD Scheme : Convenience of Early Closure and Loans
Flexibility is another key highlight of this scheme. Investors have the option of:
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Premature withdrawal (subject to applicable penalties or conditions, as per the bank’s policy).
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Taking a loan against the FD, should immediate liquidity be needed before maturity.
These features enhance the scheme’s convenience and usability for depositors who may need access to funds during the tenure.
Bank of Baroda FD Scheme : Where to Apply
Customers interested in opening this Dhakad 666‑day FD have multiple access points:
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Visit any nearby Bank of Baroda branch to open the FD offline.
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Use digital channels like the BOB Omni Neo app or Internet banking to apply online from the comfort of home.
This seamless omnichannel availability ensures ease of access for all customer segments.
Bank of Baroda FD Scheme : How It Compares: Bank of India’s Current FD Landscape
For context, it’s helpful to examine Bank of India’s FD offerings, which present more conventional deposit options:
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1‑year tenure, deposits up to ₹2 crore: 6.8% interest.
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1‑year tenure, deposits above ₹2 crore (and up to ₹10 crore): 7.25% interest.
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1‑year tenure, deposits above ₹10 crore: 7.67% interest (this appears under specialized schemes).
Across tenures ranging from 7 days to 10 years, Bank of India’s interest rates span 3% to 7.67%. In comparison, Bank of Baroda’s 666‑day Dhakad FD offers interest rates that clearly rise above these conventional yields—especially for senior and super senior citizens.
What Makes It ‘Dhakad’?
The scheme is aptly named Dhakad—a Hindi word implying strength or boldness—because:
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It delivers unusually high interest rates for a mid-term fixed deposit.
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It includes added customer-first features like premature access and against‑FD loans.
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It stands out in the current fixed-income landscape where most standard tenures (like 1 year or 444 days) offer lower returns.
For senior and super senior citizens, who typically seek stable margins over inflation, this scheme can be particularly attractive.
Sample Scenario: Why 666 Days Can Be Useful
Suppose a senior citizen wants to park ₹1 crore for roughly two years but is able to commit only 666 days. Here’s how things work out:
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At 7.80% p.a., the every‑day effective rate compounds considerably over nearly 1.82 years (666 days).
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In contrast, a 1‑year FD at 7.35% followed by reinvestment (at prevailing rates) could end up yielding less overall, especially if rates dip.
Similarly, for a super senior citizen, locking in at 7.95% p.a. over 666 days could yield significantly higher maturity value than rolling over shorter tenures or locking in standard one‑year rates at lower percentages.
Important Considerations
While this Dhakad FD looks compelling, a few prudent notes:
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Confirm Final Rates & Terms: Rates are subject to change—always verify the exact percentage and conditions with your nearest branch or through official channels.
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Premature Withdrawal Charges: If you exit the FD prematurely, penalty terms may apply (often 1% or more on interest). These terms can vary by bank and scheme.
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Tax Impact: Interest earned on FDs is fully taxable. Consider the post-tax yield, especially if you fall in a higher income tax bracket.
Summary Table
| Customer Category | Interest Rate (p.a.) | Key Benefits |
|---|---|---|
| Super Senior Citizens (80+) | 7.95% | Highest yield, plus loan & early withdrawal options |
| Senior Citizens (60‑79) | 7.80% | Strong yield, flexible features |
| General Public | 7.30% | Competitive long‑term return with convenience features |
Final Thoughts
Bank of Baroda’s ‘Dhakad’ 666‑day FD scheme is undoubtedly a standout offering in the world of fixed deposits. With robust interest rates—especially for senior and super senior citizens—and the combined flexibility of premature access and loan against deposit, it’s a strategic option for those seeking both returns and accessibility.
If you’re considering a fixed-income investment and can commit to approximately 22 months (666 days), this scheme could deliver higher effective yields than many standard FDs or reinvestment options—making it an attractive proposition worth exploring further!
Let me know if you’d like help calculating maturity amounts, comparing with other deposits, or understanding the tax implications in more detail.