Bank of Baroda today announced an increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors up to 3 years. These rates are applicable on deposits below Rs 2 crore, with effect from October 9.
The Bank is offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens, which includes 0.50% p.a. of additional interest for senior citizens and 0.15% for non-callable deposits. The Bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior Citizens will earn 7.80% p.a. on non-callable deposits under the scheme.
Read More: Is Post Office Monthly Income Account Better For Your Needs? Know Features & Eligibility
Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda, said, “We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3-year investment tenor, Senior Citizen depositors can now earn up to 7.90% p.a., which is one of the best in the industry. This is an opportune time for existing and new customers to place new deposits at one of India’s leading banks and lock in a higher interest rate on their deposits.”
Bank of Baroda had earlier increased retail term deposit interest rates in May 2023 and March 2023.
Read More: Hassle-Free Ways To Claim Insurance
Existing and new customers of the Bank of Baroda can open a new FD through any of the Bank’s branches across India to avail of this offering. Existing customers can also open an online FD via the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet).
Bank of Baroda’s Revised Fixed Deposit Interest Rates for the following Time Buckets:
Resident Indian Senior Citizens get additional ROI of 0.50+0.15 (65 basis points) for term deposits above 3 Years and up to 5 Years and additional ROI of 0.50%+0.50% (100 basis points) for term deposits above 5 Years and up to 10 Years.
Read More: Fixed vs term deposits: Comparing interest rates, tenures and suitability for your savings goals
The Bank has also increased bulk deposit interest rates (for deposits from Rs 2 crore to Rs 10 crore by up to 1% (100 basis points) across various tenors.
