scorecardresearchBank of Baroda raises FD rates, one-year term deposits to now fetch 6.75

Bank of Baroda raises FD rates, one-year term deposits to now fetch 6.75 percent

Updated: 20 Mar 2023, 01:02 PM IST
TL;DR.

Now the rate of interest varies between 6.5% to 7.05% based on the tenure of deposits. As a special rate, the state lender offers an interest of 7.05% on deposits of 399 days

Banks have been offering a higher interest rates ever since Reserve Bank of India (RBI) started raising repo rates.

Banks have been offering a higher interest rates ever since Reserve Bank of India (RBI) started raising repo rates.

Bank of Baroda recently revised its fixed deposit (FD) interest rates with effect from March 17, 2023. Now the one-year term deposits will offer an interest of 6.75 percent per annum to depositors.

The same rate of interest is now being offered on the term deposits of tenure between one year and up to 3 years.

Between 3 years and 10 years, the rate of interest is 6.5 percent.

As a special rate, the state lender now offers an interest of 7.05 percent on Baroda Tiranga Plus Deposit Scheme for deposits of 399 days.

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These interest rates came into effect from March 17, 2023

It is noteworthy that senior citizens are entitled to receive an extra 50 basis points over and above of regular citizens.

Short-duration deposits

For short-duration term deposits, the rate of interest varies between 3 percent to 5.75 percent.

For deposits between 7 days to 45 days, the rate of interest is 3 percent. For deposits between 46 days and 180 days, the rate of interest is 4.5 percent.

ALSO READ: Banks offering 8.5% interest on FDs: How much should you invest and for how long?

The rate of interest jumps to 5.25 percent for deposits of tenor between 181 days and 210 days. A higher rate of 5.75 percent is offered on deposits that range between 211 days to less than one year.

The above rates are applicable for term deposits including NRO deposits below 2 crore.

Other term deposits

The state lender also revised its interest rates on tax-saving fixed deposits with effect from March 17, 2023. These deposits will now offer an interest of 6.5 percent per annum. Tax-saving FDs have a 5-year lock-in period before which withdrawal is not permitted except in case of account holder’s death.

The bank has also revised the interest rates for non-callable fixed deposits. With effect from March 17, 2023, the bank will now offer 7 percent interest on its non-callable fixed deposits of tenure between one year to 3 years.

For tenure between 3 years to 10 years, the rate of interest on these deposits is 6.75 percent.

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NBFCs offer a higher rate of interest on deposits.
First Published: 20 Mar 2023, 01:02 PM IST