Bank of Baroda FD Scheme : Bank of Baroda has recently launched a special fixed deposit scheme — a “Dhakad FD” — with a tenure of 666 days, offering remarkably high interest rates. If you are considering investing in this 666‑day Dhakad FD, this scheme could be extremely attractive. Below is a detailed description of how much interest the bank offers for ordinary citizens and for senior categories, along with additional features.
Bank of Baroda FD Scheme : The 666‑Day Dhakad FD : Interest Rates for Different Categories
The standout feature of this FD is its aggressive interest offering. Under the 666‑day Dhakad FD:
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For ordinary citizens (i.e. general public), Bank of Baroda is offering 7.30% per annum as the “bumper” interest rate.
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For senior citizens (generally those aged 60 years and above but less than 80), the interest rate offered is 7.80% per annum.
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For super senior citizens (aged 80 years or more), especially for deposits up to ₹2 crore, the rate is 7.95% per annum.
Thus, the scheme provides escalating benefits depending on age — senior and super senior categories earn a premium over the general public rate.
Bank of Baroda FD Scheme : Features & Flexibility: Loan & Premature Withdrawal
One of the appealing advantages of this FD scheme is that Bank of Baroda allows loans against the FD and also premature withdrawal (partial or full before maturity) under certain conditions. This flexibility can be a relief if a need for liquidity arises.
To participate, you can visit any branch of Bank of Baroda or use their digital channels (Omni app / Internet Banking) to open this special 666‑day FD.
Bank of Baroda FD Scheme : Context: Other FD Offerings & Comparisons
For context, ordinary FD tenures in banks across India range from as short as 7 days to as long as 10 years, with interest rates typically spanning between around 3% to 7.67% (depending on bank, tenure, citizen category).
In fact, Bank of Baroda’s current FD rate card (for tenures up to 10 years, for deposits under ₹3 crore) offers interest rates from 4.25% up to 7.30% for general public, and 4.75% to 7.80% for senior citizens.
So, the 7.30% for 666 days aligns well with the upper end of their existing FD rates.
As for other banks, for example Bank of India currently offers varying rates (for tenures like 1 year, 450 days etc.) for different deposit slabs.
Why the 666-Day Scheme Is “Dhakad” (Powerful)
Here are some reasons it could be considered a “powerful” FD scheme:
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Above‑Average Rate
A general public rate of 7.30% for about 1.8 years is quite competitive in the current landscape of fixed income products. -
Age Benefits
Senior and super senior investors get a substantial premium (0.50% or more) over the base rate, making it especially beneficial for older investors. -
Flexibility
The availability of loan against deposit and premature withdrawal makes it more usable in real life, as you are not fully locked out of funds in case of emergencies. -
Digital & Branch Access
You can start it via branches or via the bank’s digital channels — decent accessibility. -
Differentiated product offering
A 666-day tenure is unusual (not a round number like 1 year, 2 years) and it may be designed to capture deposits for a period when banks typically don’t compete aggressively.
Things to Watch / Caveats
While this scheme sounds attractive, you should keep in mind:
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Taxation: Interest earned is taxable as per your income tax slab. The bank will deduct TDS if applicable. So your effective post-tax return will be lower.
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Premature withdrawal terms: The rate reduction or penalty may apply if you break the FD early — you should check the exact terms in the FD agreement.
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Compounding / payout frequency: Whether the interest is compounded quarterly or paid at maturity or periodic — that affects your effective yield.
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Bank’s credit & stability: While Bank of Baroda is a reputed public sector bank, you must be comfortable with the bank’s credibility.
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Inflation: Even 7.30% might be eaten up partly by inflation, so real return (after inflation) may be modest.
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Limits / ceilings: The offered rates (especially for super senior citizens) may have caps or conditions (e.g. deposit amount threshold).
Sample Illustration
To illustrate, suppose you invest ₹1,00,000 (one lakh) in the 666‑day Dhakad FD as a general public investor at 7.30%. Let’s assume interest is paid at maturity (simple interest for simplicity):
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Interest = Principal × Rate × (Days / 365)
= 1,00,000 × 7.30% × (666 / 365)
= 1,00,000 × 0.073 × 1.8252 ≈ ₹13,34, i.e. ₹13,345 (approx). -
So your maturity amount would be ~ ₹1,13,345 (less TDS / tax).
If you were a senior citizen getting 7.80%, similar math yields ~ ₹1,00,000 × 0.078 × 1.8252 = ₹14,24, i.e. ₹14,248 approx, so maturity ~ ₹1,14,248.
These are simplistic estimates; actual compounding (if quarterly) or payout method may change slightly.
Final Thoughts & Advice
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Yes, this 666‑day Dhakad FD by Bank of Baroda is quite a compelling option for fixed income investors seeking safety and higher yields — especially for those in senior categories.
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Before investing, read the terms & conditions carefully (especially around premature withdrawal, interest payout, eligibility, penalties).
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Check how interest is calculated (simple vs compounding) and whether the TDS policy will impact you.
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Compare with other banks’ FDs for similar tenures — if someone offers more with the same safety, you might choose that.
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Because this is a relatively novel tenure, also keep in mind liquidity needs — ensure you don’t need the money in the 666‑day window unless prepared for penalties.
