Public lender Bank of Baroda on Friday announced an increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by 25 basis points on select tenors. These rates are applicable on deposits below Rs 2 crore, with effect from March 17, 2023.
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The bank also hiked the interest rates on the Baroda Tax Savings Term Deposit as well as Baroda Advantage Fixed Deposit, a Non-Callable Retail Term Deposit Scheme.
Bank of Baroda has earlier increased retail term deposit interest rates in December 2022 by up to 65 bps and in November 2022 by up to 100 bps.
Existing and new customers of Bank of Baroda can open a FD through any of the Bank’s branches across India. An online FD can also be opened by existing customers via the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet), the bank said.
Bank of Baroda’s revised fixed deposit interest rates for the following time buckets:
| Domestic Term Deposits, including NRO, below Rs 2 crore (Fresh & Renewal) – (Callable) w.e.f. 17.03.2023 | |||||
| Tenors | Resident/ General Public | Resident Indian Senior Citizen | Increase by | ||
| Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | ||
| Above 3 Years to 5 Years | 6.25 | 6.50 | 6.90 | 7.15 | +25bps |
| Above 5 Years to 10 Years | 6.25 | 6.50 | 7.25 | 7.50 | +25bps |
| For NRE Term Deposits (Rupee) (Callable) ROI for amount below Rs 2 crore (Fresh and Renewal) w.e.f. 17.03.2023 | |||
| Tenors | Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | Increase by |
| Above 3 Years to 5 Years | 6.25 | 6.50 | +25bps |
| Above 5 Years to 10 Years | 6.25 | 6.50 | +25bps |
| Baroda Tax Savings Term Deposit (Fresh & Renewal) | |||||
| Tenors | Resident/ General Public | Resident Indian Senior Citizen | Increase by | ||
| Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | ||
| For 5 Years | 6.25 | 6.50 | 6.90 | 7.15 | +25bps |
| Above 5 Years to up to 10 Years | 6.25 | 6.50 | 7.25 | 7.50 | +25bps |
| Baroda Advantage Fixed Deposit (Domestic including NRO, NRE(TD) Accounts) (Non-Callable) ROI in %(Minimum Single Deposit Rs 15.01 lakh & below Rs 2 Crore) w.e.f. 17.03.2023 (Fresh & Renewal) | |||||
| Tenors | Resident/ General PublicIncluding NRO, NRE (TD) | Resident Indian Senior Citizen | Increase by | ||
| Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | Old Rate(% p.a.) | New Rate (% p.a.)(w.e.f. 17.03.2023) | ||
| Above 3 Years to 5 Years | 6.50 | 6.75 | 7.15 | 7.40 | +25bps |
| Above 5 Years to 10 Years | 6.50 | 6.75 | 7.50 | 7.75 | +25bps |
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