The Bank of Baroda increased interest rates on retail term deposits under Rs 2 crore by up to 0.20 percent. Since September 13, 2022, the new rates have been in effect.
Domestic and NRO (Non-Resident Ordinary) term deposits with a one-year maturity will now pay an interest rate of 5.50 percent, up from the previous rate of 5.30 percent, the bank announced on Wednesday.
Deposits for above 400 days to 3 years will earn an interest of 5.50 per cent, up from 5.45 per cent. For above 3 years to 10 years, the new rate is 5.65 per cent, up by 0.15 per cent.
For senior citizens, there will be a higher rate of interest for one-year deposits at 6 percent from 5.80 per cent earlier.
The new rates will range in 6-6.65 percent as against 5.95-6.50 per cent for other tenants applicable on resident senior citizens.
The bank has also raised the interest on ‘Baroda Tax Saving Term Deposit’ to 5.65 per cent, up by 0.15 per cent for 5 to 10 years. For senior citizens, the deposits will earn up to 6.65 per cent.
Additionally, the lender raised the savings rate on Baroda Advantage Fixed Deposits for domestic, NRO, and NRE (Non-Resident External) account holders from 5.65 percent to up to 5.80 percent for sums between Rs 15 lakh and Rs 2 crore.
The Baroda Tiranga Deposit Scheme, which has two tenor buckets and offers interest rates of 5.75 percent annually for tenors of 444 days and 555 days, is still in effect as of December 31, 2022.
Senior citizens earn an additional interest rate of 0.50 per cent per annum, while Non-Callable Deposits get 0.15 per cent per annum more, said the lender.
(with inputs from PTI)
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