Public sector Bank of Baroda (BoB) hiked interest rates on savings bank accounts. The bank issued this announcement on June 15, 2022 and as a result of the amendment, savings account interest rates have been increased by 5 to 10 basis points.
BoB Savings Account Interest Rates
The bank will continue to offer an interest rate of 2.75 per cent on savings account balances up to Rs. 1.00 lakh and above less than 1.00 lakh 100 crores. BoB will offer an interest rate of 2.90 per cent on savings bank deposits of Rs 100 crore and below Rs 200 crore, an increase of 5 basis points from 2.85 per cent earlier. In addition, for deposits of 200 crores and above but less than 500 crore, the bank will continue to give 3.05 percent interest rate. Earlier, the bank had offered an interest rate of 3.25 per cent on the savings account balance of 500 crore and above 1,000 crore, but this rate has been increased to 3.35 per cent, which is an increase of 10 per cent. First, the interest rate on the savings account balance 1,000 crore and above was 3.30 per cent, but has been increased to 3.35 per cent, an increase of 5 basis points.
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BoB also increased interest rates on fixed deposits of less than 2 crore on June 16, 2022. After the revision, the bank now offers a regular rate of 2.80 per cent to 5.35 per cent and a senior citizen rate of 3.30 per cent to 6.35 per cent on deposits maturing in 7 days to 10 years. The bank offers a maximum interest rate of 5.50 percent to the general public on deposits of more than 2 years and up to 3 years and 6.35 percent on deposits of more than 5 years and up to 10 years. senior citizen.