Bank of Baroda Hikes Interest Rates on Fixed Deposits: Public Sector Bank, Bank of Baroda (BoB) has announced an increase in interest rates on Fixed Deposits (FD). This increase in interest rates has been done for FDs of less than Rs 2 crore. According to the official website of the bank, the new rates have come into effect from today i.e. 28 July 2022. According to the BOB website, the bank has increased the interest rates for several tenors. Now the general public will get interest from 3.00 percent to 5.50 percent on FD and from 3.50 percent to 6.50 percent for senior citizens.
BoB’s New FD Rates
- The bank has increased the interest rate on FDs maturing in 7 days to 45 days from 2.80 percent to 3.00 percent and on FDs maturing in 46 days to 180 days from 3.70 percent to 4.00 percent.
- Customers will now get 4.65 percent interest on deposits from 181 days to 270 days. It has been increased by 35 basis points.
- Customers will now get 4.65% interest on deposits maturing in 271 days and above and less than 1 year. This rate was earlier 4.40 percent.
- The interest rate on FDs maturing in 1 year has been reduced to 5.30%, which was earlier 5 percent. It has been increased by 30 bps.
- FDs maturing in more than 1 year to 2 years will continue to get an interest rate of 5.45 percent.
- Interest will continue to accrue at the rate of 5.50 percent on FDs maturing more than two years and for three years. At the same time, the interest rate on FDs maturing more than three years and up to ten years has increased from 5.35 to 5.50 percent.
Senior citizens will get this much return
Senior citizens will get 0.50 percent more interest than the normal rate on FDs maturing in 7 days and 3 years. Whereas the amount maturing in 3 to 5 years will continue to get an additional interest of 0.50 percent +0.15 percent. Deposits maturing in 5 to 10 years will get 0.50 percent +0.50 percent interest. Senior citizens will get a maximum interest rate of 6.50 percent on FDs maturing more than 5 years and up to 10 years.
