Amid the rising interest rate cycle, state lender Bank of Baroda has recently raised its fixed deposit (FD) interest rates. As the new rates came into effect, the highest interest rate per annum on term deposit will now be 6.25 percent. Now, the term deposits with one-year tenure will offer an interest of 6.10 percent per annum.
As we can see in the table below, term deposits with tenure of anywhere between one to two years will offer an interest of 6.10 percent, whereas the deposits with 2-3 year tenure will give 6.25 percent.
The term deposits for short tenure accrue lower interest rates.
The fixed deposits with a tenure of 7-45 days will earn an interest of 3 percent. Between 46 days to 180 days, the rate of interest will be 4.5 percent. For term deposits of 181 days to less than one year, interest rate will be 5.5 percent. And the fixed deposits with longer than 3 years, the interest rate will be 6.10 percent.
Baroda Tiranga Deposit schemes will also offer an interest of 6.10 percent for a tenure of 444 days and of 555 days. These schemes give a higher interest on non-callable deposits.
The interest rate on non-callable deposits of Baroda Tiranga Deposit Scheme will be 6.35 percent per annum for both the tenures (444 days and 555 days). Like other term deposits, senior citizens are entitled to receive an extra 50 basis points on these rates.
It is worth mentioning here that the state lender has also revised its lending rates and saving rates.
Bank of Baroda (BOB) has revised its lending rates following the revision of its marginal cost of funds-based lending rates with effect from November 12.
After the revision of MCLR on November 12, 2022, the overnight MCLR is now 7.25 percent, one-month MCLR is 7.7 percent, 3-month MCLR is 7.75 percent, 6-month MCLR is 7.90 percent and one-year MCLR is 8.05 percent.
The latest savings bank interest rates for an amount up to ₹50 crore is 2.75 percent. For an amount between ₹50 to 200 crore, the rate of interest is 3 percent.