With the festive season around the corner, banks have increased their rate of interest on fixed deposits to add some festive spark for investors. Public sector institution Bank of Baroda has raised the interest rates of fixed deposits by up to 20 basis points across tenors for amounts less than Rs 2 cr. The revised interest rates are effective from September 13, 2022. Bank of Baroda has increased the interest rates on retail term deposits of amounts below Rs 2 crore by up to 0.20 %. With the new changes, the one-year tenor domestic and Non-Resident Ordinary term deposit will offer a higher interest of 5.50 percent as compared to 5.30 percent earlier, the bank officials said.
Deposits from 400 days up to 1095 days will earn an interest of 5.50 per cent and for the time period above 3 years to 10 years, the new rate is 5.65 percent. Senior citizens will be able to avail of a higher rate of interest at 6 percent for an annual deposit. Similarly, for other tenors applicable to resident senior citizens, the revised rates will range from 6-6.65 percent as against 5.95-6.50 percent previously.
Among the other schemes, the bank has also hiked the interest on ‘Baroda Tax Savings Term Deposit’ for 5 to 10 years tenor to 5.65 per cent from 5.50 percent. For senior citizens, the deposits will earn further benefits of up to 6.65 per cent.
Talking about the Baroda Tiranga Deposit Scheme, that is currently available in two tenor buckets — offering interest rates of 5.75 per cent annually for 444 days and 6 per cent per annully for 555 days – will be available till end of this year.
