Bank of Baroda (BoB) has increased interest rates on domestic retail term deposits, including Non-Resident Ordinary and Non-Resident External term deposits, by up to 65 basis points (bps) across various tenors.
These rates are applicable on deposits below ₹2 crore, with effect from December 26, 2022.
The public sector bank has increased retail term deposit interest rates for the second time this quarter, including up to 100 bps hike in November 2022, per the Bank’s statement.
With the latest revision, the highest interest rate that the bank is offering is 7.05 per cent on the “399 Days Baroda Tiranga Plus deposit scheme” (earlier deposit rate: 6.75 per cent). Senior citizens will earn 7.80 per cent interest on this deposit (including the usual mark-up of 50 bps for senior citizens and 25 bps for non-callable deposits).
The 444 days and 555 days Tiranga Plus deposit schemes, which will end on December 31, 2022, will fetch 6.75 per cent interest against 6.10 per cent earlier.