Bank of Baroda hikes interest rates on 1 to 3 years of fixed deposits
2 min read . Updated: 17 Jun 2022, 03:11 PM IST
Premium- Bank of Baroda (BoB), a public sector lender, has increased interest rates on fixed deposits of less than ₹2 crore.
Bank of Baroda (BoB), a public sector lender, has increased interest rates on fixed deposits of less than ₹2 crore. The bank made this declaration on June 15, 2022, and following the adjustment, the bank has hiked interest rates on fixed deposit tenors ranging from more than one to three years. Domestic & NRO Term Callable Deposits, both fresh & renewal will be subject to the amended rates.
BoB FD Rates
The bank will continue to give a 2.80 per cent interest rate on deposits maturing in 7 to 45 days, and a 3.70 per cent interest rate on deposits maturing in 46 to 180 days. Fixed deposits maturing in 181 days to 270 days will earn a 4.30 per cent interest rate, while deposits maturing in 271 days or more and less than a year would get a 4.40 per cent interest rate. Fixed deposits of one year will continue to collect 5.00 per cent, while fixed deposits of one to two years will earn 5.45 per cent, up from 5.20 per cent before, representing a 25 basis point increase. Bank of Baroda will now provide an interest rate of 5.50 per cent on deposits of more than 2 years and up to 3 years, up from 5.2 per cent previously, a 30 basis point increase. The bank will continue to offer a 5.35 per cent interest rate on term deposits maturing in above 3 Years and up to 5 Years and above 5 Years and up to 10 Years.
BoB FD Rates For Senior Citizens
Senior citizens will receive an additional rate of 0.50 per cent on fixed deposits of less than ₹2 Cr maturing in 7 days to 3 Years, an additional rate benefit of 0.50 per cent +0.15 per cent a total of 65 bps on maturity period of above 3 Years and up to 5 Years, and an additional rate benefit of 0.50 per cent +0.50 per cent a total of 100 bps on maturity period of above 5 years and up to 10 years. Senior citizens will get an interest rate of 3.30 per cent to 6.35 per cent on fixed deposits maturing in 7 days to 10 years.
BoB savings account holders should also be reminded that the bank has increased interest rates on savings accounts. Savings account interest rates have been raised by 5 to 10 basis points as a result of the modification announced on June 15, 2022.
