Bank of Baroda has hiked interest rates on fixed deposit (FD) rates by up to 50 basis points (bps) across various tenors for up to 3 years. These rates are applicable on deposits below ₹2 crore, with effect from October 9, 2023.
“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,” said Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda.
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. 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.
Bank of Baroda’s latest FD interest rates effective 9 October, 2023
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Bank of Baroda had earlier increased retail term deposit interest rates in May 2023 and March 2023.
The Bank has also increased bulk deposit interest rates (for deposits from ₹ 2 crore to ₹ 10 crore by up to 1% (100 basis points) across various tenors.
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. An online FD can also be opened by existing customers via the Bank’s Mobile app (BoB World)/ Net Banking (BoB World Internet).
Private lenders Yes Bank, and HDFC Bank have slashed the fixed deposit interest rate on selected tenure for deposits below ₹2 crore. IndusInd Bank, and Punjab & Sindh Bank have also revised FD interest rates on their term deposits in October 2023.
RBI holds repo rate for the fourth time in a row
The Reserve Bank of India (RBI) left interest rates unchanged on 6 October for the fourth time in a row. The benchmark repo rate has stood at 6.50 percent since February 2023.
Bank of Baroda has also commenced its festive campaign “BOB Ke Sang Tyohaar Ki Umang” and has launched innovative schemes. The festive campaign will run up to 31st December, 2023 and the Bank is seeing an encouraging response from customers.
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Updated: 10 Oct 2023, 09:34 AM IST