Leading public sector lender, Bank of Baroda has hiked interest rates on domestic retail term deposits by up to 30 bps on selective tenures. This also includes NRO and NRE Term Deposits. Also, the bank has hiked the interest rates on its Baroda Tiranga Plus Deposit Scheme which has a tenure of 399 days. The new rates have come into effect from May 12.
On retail term deposits below ₹2 crore, the bank is offering a 7.05% rate from May 12th than compared to earlier 6.75%. This is for tenure above 2 years to 3 years. For the same, senior citizens will earn 7.55% from earlier 7.25%.
Meanwhile, in case of deposits below ₹2 crore, the interest rate is 7.25% (general category) and 7.75% (senior citizens under Baroda Tiranga Plus – 399 Days scheme. Earlier, the rates were 7.05% and 7.55% respectively.
Further, the bank said, interest rates have also been hiked on the Baroda Tiranga Plus Deposit Scheme.
The 399 Day Baroda Tiranga Plus deposit scheme now offers interest rates up to 7.90% per annum, which includes 0.50% per annum for senior citizens and 0.15% for non-callable deposits.
Under Baroda Advantage Fixed Deposits, which includes minimum deposits of ₹15.01 lakh to below ₹2 crore, the interest rate is 7.30% for the general category from earlier 7%, while senior citizens earn up to 7.80% from earlier 7.50% on tenures from more than 2 years to 3 years.
For the same deposits from ₹15.01 lakh to below ₹2 crore, in the Baroda Tiranga Plus scheme – 399 days, general category and senior citizens earn 7.40% and 7.90% now — as compared to 7.80% and 7.40% earlier.
According to the bank, existing and new customers of Bank of Baroda can 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).
Earlier, the bank increased term deposit rates in March this year and December 2022.
BoB serves its global customer base of over 150 million through over 46,000 touchpoints spread across 17 countries in five continents.