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Business News/ Money / Personal Finance/  Bank of Baroda, Union Bank hike fixed deposit interest rates. Check latest FD rates here
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Bank of Baroda, Union Bank hike fixed deposit interest rates. Check latest FD rates here

Bank of Baroda has increased interest rates on fixed deposits (FDs) by up to 125 basis points (bps) on various maturity buckets, whereas Union Bank of India hiked interest rates by up to 25 bps on its FDs on certain tenures

Bank of Baroda, Union Bank hike fixed deposit interest rates (iStock)Premium
Bank of Baroda, Union Bank hike fixed deposit interest rates (iStock)

Bank of Baroda has hiked interest rates on retail term deposits from 10 basis points to up to 125 basis points on various maturity buckets.These rates are applicable on deposits below 2 crore with effect from today, December 29.

The increase in rates is largely focused on shorter-term maturity buckets, specifically those less than 1 year. Increasing interest rates in shorter-term maturities will not only greatly benefit depositors who keep deposits for shorter maturities.

Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, “The decision to increase retail term deposit rates underscores Bank of Baroda's commitment to offering higher value to our customers, while strategically managing our deposit portfolio. We believe this step will not only attract more customers as they earn more on their savings, but will also help the Bank optimise its cost of deposits, thereby safeguarding our NIM."

Existing and new customers of Bank of Baroda can take advantage of the higher rates and open an FD through any of the Bank’s branches across India. An online FD can also be opened by existing customers via the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet).

Bank of Baroda latest FD rates

After the latest hike, BoB offers an interest range ranging from 4.25 % to 7.255 to general customers.

7D to 14D 4.25%

15D to 45D 4.50%

46D to 90D 5.50%

91D to 180D 5.60%

181D to 210D 5.75%

211D to 270D 6.15%

271D to less than 1Y 6.25%

1Y 6.85%

Above 1Y to 400D 6.85%

Above 400D to 2Y 6.85%

Above 2Y to 3Y 7.25%

Above 3Y to 5Y 6.50%

Above 5Y to 10Y 6.50%

Above 10Y (MACAD only) 6.25%

399D (Tiranga Plus) 7.15%

Bank of Baroda latest FD rates for Senior citizens

Bank of Baroda offers senior citizens an interest rate ranging from 4.75% to 7.75% on deposits maturing in seven days to ten years.

Union Bank hikes FD rates

Union Bank of India hiked interest rates by up to 25 basis points (bps) on its fixed deposits (FDs) on certain tenures for amounts less than 2 crore. These rates are with effect from December 27. After the latest hike, the bank is offering an interest rate ranging from 3% 7.25% on FDs maturing in seven days to ten years.

Union Bank latest FD rates

7-14 Days 3.00%

15-30 Days 3.00%

31-45 Days 3.00%

46-90 Days 4.05%

91-120 Days 4.30%

121-180 Days 4.40%

181 Days to < 1 year 5.25%

1 year 6.75%

>1 year to 398 Days 6.75%

399 Days 7.25%

400 Days to 2 year 6.50%

> 2 year to 3 Years 6.50%

> 3 Year to 5 years 6.50%

>5 Years to 10 Years 6.50%

Union Bank FD rates for senior citizens

Union Bank of India offers an additional rate component to resident senior and super senior citizens on term deposits up to 5 crore in all of its domestic term deposits scheme.The additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates.

SBI hikes FD rates by up to 50 bps

The State Bank of India (SBI) has hiked interest rates on fixed deposits (FDs). This interest rate is applicable on FDs below 2 crore, and is effective from 27 December 2023.

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Published: 29 Dec 2023, 01:09 PM IST
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