Senior Citizen Fixed Deposit interest rate offered by the Bank of Baroda has increased up to 7.8%. In a statement today, the Bank of Baroda (BoB) said it has increased interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 65 basis points across various tenors. These rates are applicable on deposits below Rs 2 crore, with effect from December 26, 2022.
Bank of Baroda has also hiked interest rates on the special scheme Baroda Tiranga Plus Deposit Scheme. The 399 Day Baroda Tiranga Plus deposit scheme now offers interest rates up to 7.80% per annum, which includes 0.50% per annum for senior citizens and 0.25% for non-callable deposits.
On other deposits, Bank of Baroda is now offering interest rates up to 7.50% per annum, which includes 0.50% per annum for senior citizens and 0.25% for non-callable deposits, for a period of 1 year and up to 3 years.
This is the second time in the ongoing quarter when Bank of Baroda has increased retail term deposit interest rates, including up to 100 bps hike in November 2022.
BoB said that existing and new customers of Bank of Baroda can open a 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).
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Bank of Baroda FD rate hike: Highlights
- For Retail Term Deposits of tenor above 3 years to 5 years, Senior Citizens will get 65 bps extra. For Retail Term Deposits of tenor above 5 years to 10 years, Senior Citizens will get 100 bps extra.
- Under Baroda Advantage Fixed Deposits (Non-Callable), for Retail Term Deposits of tenor above 3 years to 5 years, Senior Citizens will get 65 bps extra and for Retail Term Deposits of tenor above 5 years to 10 years, Senior Citizens will get 100 bps extra.
- Baroda Trianga Plus FD plan of 399 days is offering 7.8% interest on non-callable deposits to senior citizens.
- For 5-year tax-saving deposits, BoB is offering up to 7.25% interest to senior citizens.
