Bank of Baroda hikes interest rates on fixed deposits: Check new rates

Bank of Baroda: Interest rates on fixed deposits below Rs 2 crore have been increased by the public sector lender Bank of Baroda (BOB). The new rates are in effect as of today, July 28, 2022, according to the bank’s official website. Bank of (Baroda BOB) hikes interest rates on fixed deposits: Check new rates.

As a result of the adjustment, the bank increased interest rates on a range of tenors and is now guaranteeing an interest rate ranging from 3.00 per cent to 5.50 per cent for the general public and 3.50 per cent to 6.50 per cent for senior citizens. The bank increased the interest rate on fixed deposits maturing in 7 days to 45 days from 2.80 per cent to 3.00 per cent, and on term deposits maturing in 46 days to 180 days from 3.70 per cent to 4.00 per cent.

On deposits maturing from 181 days to 270 days, Bank of Baroda will now offer an interest rate of 4.65 per cent, up from 4.30 per cent, a hike of 35 basis points and BoB will now offer an interest rate of 4.65% which was earlier 4.40% a hike of 25 bps on deposits maturing in 271 days & above and less than 1 year.

Deposits maturing in 1 year will now fetch an interest rate of 5.30% which was 5% earlier a hike of 30 bps and fixed deposits maturing in above 1 year to 2 years will continue to fetch an interest rate of 5.45%. The bank will continue to provide an interest rate of 5.50 per cent on fixed deposits maturing in more than two years and up to three years, while the interest rate on term deposits maturing in more than three years and up to ten years has increased from 5.35 per cent to 5.50 per cent at BoB.

Also Read: CBSE Class 10 2022-23 Syllabus Change: Check Revised Syllabus here

Elderly individuals will continue to receive an additional rate of 0.50 per cent on deposits maturing in 7 days and up to 3 years, an additional ROI of 0.50 per cent +0.15 per cent on deposits maturing in 3 to 5 years, and an additional ROI of 0.50 per cent +0.50 per cent on deposits maturing in 5 to 10 years. Senior individuals will receive the maximum interest rate of 6.50 per cent on fixed deposits maturing in over 5 years and up to 10 years.