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Public sector lender Bank of Baroda has hiked the deposit rates by up to 1.75 per cent with effect from today.
Deposits of 46-90 days maturity would carry an interest rate of 6.25 per cent from the existing 4.5 per cent, BoB said in a regulatory filing to the BSE.
Besides, customers will get 9 per cent interest rate on deposits of 1-3 years and 3-10 years.
Interest rates for deposits of 271 days to less than a year would fetch an interest rate of 7.75 per cent against 7.50 per cent earlier.
Earlier this month, Punjab National Bank (PNB) had hiked the interest rates on deposits by 0.25 per cent to 9 per cent for maturity of one year.
However, the country’s largest lender State Bank of India (SBI) had lowered the interest rates on domestic term deposits with a maturity of five years and more by 0.25 per cent to 8.50 per cent.
The decisions to alter deposits rates have come after the Reserve Bank, in its first quarterly monetary policy review last month, kept the key interest rates unchanged.
RBI, however, had lowered the Statutory Liquidity Ratio (SLR), the portion of deposits that banks are required to invest in government bonds, by one per cent to 23 per cent.
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