Regardless of Reserve Bank of India (RBI) keeping its repo rate constant at 6.5 per cent, Bank of Baroda raised its MCLR across four tenors by 5 basis points with effect from today i.e., April 12, 2024.
Bank of Baroda’s base rate is now 9.40 percent with effect from Friday. Additionally, BPLR for all the existing accounts is 13.70 percent per annum with effect from April 12, 2023.
New lending rates
With the new rates coming into effect, overnight MCLR is 8.10 percent against 8.05 percent earlier. The 3-month MCLR is now 8.45 percent against 8.40 percent earlier. The six-month MCLR is 8.65 per cent against 8.60 percent earlier. And one-year MCLR is 8.85 percent against 8.80 percent earlier.
Meanwhile, the one-month MCLR remains the same at 8.30 percent.
Home loan
Bank of Baroda offers home loans to non-staff members in the range of 8.40 percent to 10.60 percent for salaried people. The interest rate range is the same for non-salaried borrowers also. In fact, the rate of interest for home improvement loans is also the same.
Interest rates for Baroda home loan (advantage) for amounts above ₹75 lakh range between 8.65 percent to 10.85 percent for both salaried and non-salaried borrowers.
The exact rate of interest depends on the loan limit and CIBIL score of the applicants.
What is MCLR?
Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend. This rate replaced the earlier base rate system in April 2016 to determine the lending rates for commercial banks.
Additionally, Bank of Baroda also introduced the BOB Earth Green Term Deposit Scheme to garner funds for eco-friendly projects. Both current and new customers can start Green Deposit at any branch of Bank of Baroda.
FD rates
Bank of Baroda offers fixed deposit interest rate in the range of 4.25 percent to 7.25 percent per annum. The highest FD rate of 7.25 percent is given when the deposit tenure ranges between 2 to 3 years.
However, the 399-day Baroda Tiranga Plus Deposit Scheme gives an interest of 7.15 percent per annum. The latest rates came into effect from Jan 15, 2024.
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Published: 12 Apr 2024, 04:02 PM IST