Bank of Baroda increases term deposit rates by 25 basis points

20 Mar 2023 , 08:15 AM

On Friday, Bank of Baroda raised interest rates on selected tenors of domestic retail term deposits, including NRO and NRE term deposits, by 25 basis points.

The rates are effective for deposits under Rs 2 crore starting on March 17, 2023, according to a statement from the public sector lender.

The interest rates on the Baroda Tax Savings Term Deposit and Baroda Advantage Fixed Deposit, two non-callable retail term deposit programs, have also increased, according to the institution.

The new rate for deposits older than three years and up to five years is 6.5%; for senior Indian citizens who are residents, it is 7.15%.

For term deposits of 5 years to 10 years, the new rate is 6.5% and for senior persons, it is 7.5%.

Retail term deposit interest rates had already been raised by the Bank of Baroda by up to 65 basis points in December 2022 and up to 100 basis points in November 2022.

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