Bank of Baroda Increases Interest Rates on Retail Term Deposits by Up to 65 Basis Points
Interest Rates hiked on the Baroda Tiranga Plus Deposit Scheme as well. Baroda Tiranga Plus now offers up to 7.80% p.a. for 399 Days
Bank of Baroda (Bank), one of India’s leading public sector banks, announced an increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 65 basis points across various tenors. These rates are applicable on deposits below Rs 2 crore, with effect from December 26, 2022.
Interest rates have also been hiked on the special scheme Baroda Tiranga Plus Deposit Scheme. The 399 Day Baroda Tiranga Plus deposit scheme now offers interest rates up to 7.80% p.a, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits.
Further, the Bank is offering interest rates up to 7.50% p.a, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits, for a period of 1 year and upto 3 years.
Bank of Baroda has increased retail term deposit interest rates for the second time this quarter, including up to 100 bps hike in November 2022.
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).
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. 26.12.2022 | |||||
| Tenors | Resident/ General Public | Resident Indian Senior Citizen | Increase by | ||
| Old Rate(% p.a.) | New Rate (% p.a.) (w.e.f. 26.12.2022) | Old Rate(% p.a.) | New Rate (% p.a.) (w.e.f. 26.12.2022) | ||
| 211 to 270 days | 5.25 | 5.75 | 5.75* | 6.25* | +50bps |
| 271 days to less than 1 Year | 5.50 | 5.75 | 6.00* | 6.25* | +25bps |
| 1 Year | 6.10 | 6.75 | 6.60* | 7.25* | +65bps |
| Above 1 Year to 400 days | 6.10 | 6.75 | 6.60* | 7.25* | +65bps |
| Above 400 days to 2 Years | 6.10 | 6.75 | 6.60* | 7.25* | +65bps |
| Above 2 Years to 3 Years | 6.25 | 6.75 | 6.75* | 7.25* | +50bps |
| Above 3 Years to 5 Years | 6.10 | 6.25 | 6.75# | 6.90# | +15bps |
| Above 5 Years to 10 Years | 6.10 | 6.25 | 6.90** | 7.25*** | +15bps (+35bps for senior citizens) |
| Above 10 Years | 6.10 | 6.25 | 6.60* | 6.75* | +15bps |
| Baroda Tiranga – 444 Days (Scheme ends on 31.12.22) | 6.10 | 6.75 | 6.60* | 7.25* | +65bps |
| Baroda Tiranga – 555 Days (Scheme ends on 31.12.22) | 6.10 | 6.75 | 6.60* | 7.25* | +65bps |
| Baroda Tiranga Plus – 399 Days | 6.75 | 7.05 | 7.25* | 7.55* | +30bps |
| (*incl. additional ROI 0.50% , #incl. additional ROI of 0.50+0.15, **additional ROI of 0.50% +0.30%, ***incl. additional ROI of 0.50% + 0.50%) | |||||
