Public sector lender, Bank of Baroda (BoB) revised its interest rates on fixed deposits (FDs) effective 20 July 2019. Bank of Baroda offers interest rates ranging from 4.50% p.a. to 6.60% p.a. for FD with tenures ranging from seven days to 10 years. The bank has reduced the rate of interest across all maturities. FD rates of Bank of Baroda now range from 5.25% p.a. to 6.25% p.a. on deposits with a tenure of 7 days to less than one year. These deposits are known as short-term deposits as they have a tenure of less than 1 year. Earlier, the bank was offering 5. 50% p.a. to 6.50% p.a. for these term deposits.

For one-year term deposit, Bank of Baroda has reduced its interest rate from 6.70% to 6.45%. Bank of Baroda is offering the highest rate of 6.60% on FDs with a tenure of above 1 year to 400 days. Before the current revision, the bank was offering an interest of 6.85% on these term deposits.

On FDs maturing in above 400 days and up to 2 years, BoB is offering an interest rate of 6.55%. Prior to 20 July revision, BoB was offering a 6.80% rate of interest. For two- to five-year deposits, Bank of Baroda has reduced the interest rate from 6.70% to 6.45%.

Bank of Baroda FD interest rates for long-term deposits with tenure of 5 years to 10 years offer good returns.
Bank of Baroda FD interest rates for long-term deposits with tenure of 5 years to 10 years offer good returns.

On FD deposits from 5 years to 10 years, Bank of Baroda is offering 6.45% p.a., earlier it was offering an interest rate of 6.70%. The bank offers special interest rate on FD for senior citizens.

Taking a cue from RBI June 6 rate cut, top lenders like ICICI Bank, Axis Bank, HDFC Bank, Punjab National Bank, IDFC First Bank and Kotak Mahindra Bank revised their interest rates on fixed deposits.

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