The new rates of Bank of Baroda (BoB) have come into effect from 29 December 2023. This interest rate is for fixed deposits up to Rs 2 crore.
Days after the country’s largest bank SBI increased the interest rates on some fixed deposits, state-owned Bank of Baroda (BoB) has increased the interest rates on fixed deposits (FDs) for different maturity periods by up to 1.25 per cent. Has given. According to Bhasha news, BOB said in a statement that from December 29, 2023, the interest rate on fixed deposits up to Rs 2 crore on various maturity periods was increased from 0.10 percent to 125 basis points.
The increased interest rates are applicable on deposits of less than Rs 2 crore. According to the stock exchange filing, the increase in interest rates will mainly apply to FDs with short time maturity. FD rates are especially applicable for maturities with tenure of less than one year. Bank of Baroda has increased the interest rates on FDs with maturity between seven days to 14 days from 3% to 4.25%. The bank is giving 4.75% interest to senior citizens on the same period. Earlier this interest rate was 3.50 percent.
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There will be benefit on short maturity
Similarly, the interest rate on FDs with maturity between 15 days to 45 days has been increased from 3.50% to 4.50%. Senior citizens are being offered an interest rate of 5% for this tenure, earlier it was 4%. The increase in interest rates on short maturity FDs will benefit investors who deposit money in short maturity FDs. Both existing and new customers can take advantage of the new rate offered by the bank.
New interest rates of Bank of Baroda
| Tenors | Residents / General Public | Resident Indian Sr. Citizen |
|---|---|---|
| 7 days to 14 days | 4.25 | 4.75* |
| 15 days to 45 days | 4.50 | 5.00* |
| 46 days to 90 days | 5.50 | 6.00* |
| 91 days to 180 days | 5.60 | 6.10* |
| 181 days to 210 days | 5.75 | 6.25* |
| 211 days to 270 days | 6.15 | 6.65* |
| 271 days & above and less than 1 year | 6.25 | 6.75* |
| 1 year | 6.85 | 7.35* |
| Above 1 year to 400 days | 6.85 | 7.35* |
| Above 400 days and upto 2 Years | 6.85 | 7.35* |
| Above 2 Years and upto 3 Years | 7.25 | 7.75* |
| Above 3 Years and upto 5 Years | 6.50 | 7.15 # |
| Above 5 Years and upto 10 Years | 6.50 | 7.50*** |
| Above 10 years (MACT/MACAD Court Order schemes only) |
6.25 | 6.75* |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.15 | 7.65* |
Before this, interest rates have been increased by SBI and Axis Bank. SBI has increased the interest rate for FDs maturing in 45 days by 50 basis points. Before this, Bank of India, DCB Bank and Federal Bank have also increased the interest rates.
