Home / Money / Bank of Baroda hikes interest rates up to 0.20% on deposits below 2 crore

Bank of Baroda on Wednesday raised the interest rates on deposits below 2 crore by up to 0.20 per cent. The new interest rates have come into effect on 13 September, Tuesday. In a statement, the Bank of Baroda has said that the one-year tenor domestic and NRO (Non-Resident Ordinary) term deposit will offer an interest of 5.50 per cent, up from 5.30 per cent earlier.

The deposits for above 400 days to 3 years will have an interest of 5.50 per cent imposed on it which is up from 5.45 per cent and 5.65 per cent, up by 0.15 per cent, for 3 years to 10 years.

A higher interest rate has been offered to senior citizens for one-year deposits. The Bank of Baroda offers 6 per cent from 5.80 per cent earlier for the senior citizens for deposits of one-year.

Likewise, for other tenors applicable to resident senior citizens, the new rates will range in 6-6.65 per cent as against 5.95-6.50 per cent.

The Bank of Baroda has also raised the rate of interest on 'Baroda Tax Savings Term Deposit'. The 'Baroda Tax Savings Term Deposit’ has been hiked for 5 to 10 years tenor to 5.65 per cent, up by 0.15 per cent. This deposit will earn up to 6.65 per cent for the senior citizens.

The lender has also hiked the savings rate on Baroda Advantage Fixed Deposit of 15 lakh and less than 2 crore for domestic, NRO and NRE (Non-Resident External) account holders to up to 5.80 per cent from 5.65 per cent.

Baroda Tiranga Deposit Scheme, which offers interest rates of 5.75 per cent per annum for 444 days and 6 per cent per annum for 555 days continues to be available till 31 December, 2022.

The lender said that the senior citizens earn an additional interest rate of 0.50 per cent per annum and the Non-Callable Deposits get 0.15 per cent per annum more.

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