BOB hikes interest rates by 0.20% for deposits under Rs2 crore

15 Sept 2022 , 10:51 AM

Retail term deposits under Rs2 crore now have interest rates up to 0.20% higher thanks to Bank of Baroda. Starting on September 13, 2022, the new rates will be in effect. The interest rate on domestic and NRO (Non-Resident Ordinary) term deposits with a one-year maturity will increase to 5.50% from 5.30%, the bank announced on Wednesday.

Deposits with terms longer than 400 days and up to three years will now receive 5.50% instead of 5.45%. The new rate is 5.65%, up 0.15%, for terms longer than three years and up to ten years. Senior people will now get a higher rate of interest on one-year deposits, up from 5.80% to 6%. Similar to other tenors, the revised rates for resident elderly persons will vary from 6-6.65% as opposed to 5.95-6.50%.

The interest rate on the "Baroda Tax Savings Term Deposit" for 5 to 10 years has also increased at the bank, rising by 0.15% to 5.65%. Deposits made by older folks will earn up to 6.65%. Additionally, the lender raised the savings rate on Baroda Advantage Fixed Deposits for domestic, NRO, and NRE (Non-Resident External) account holders from 5.65 % to up to 5.80 % for sums between Rs15 lakh and Rs2 crore.

The Baroda Tiranga Deposit Scheme, which has two tenor buckets and offers interest rates of 5.75% for tenors of 444 days and 555 days, is still in effect as of December 31, 2022. According to the lender, Non-Callable Deposits receive an additional 0.15% per year in interest, while Senior Citizens earn an additional 0.50% per year.

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