Bank of Baroda hikes interest rates on FDs

Bank of Baroda (BOB), a public sector lender, has raised interest rates on fixed deposits under Rs 2 crore. The new rates are effective as of today, July 28, 2022, according to information posted on the bank’s official website on Thursday. 
 
The bank raised the interest rates on term deposits maturing in 46 days or more to 4.00 percent and fixed deposits maturing in 7 days or less to 45 days from 2.80 percent to 3.00 percent, respectively. According to the website, BOB will now offer an interest rate of 4.65 percent, up from 4.30 percent, a hike of 35 basis points for deposits maturing in 181 days to 270 days, and BoB will now offer an interest rate of 4.65 percent, up from 4.40 percent, a hike of 25 bps for deposits maturing in 271 days and above and less than one year.

Bank of Baroda

While the interest rate on term deposits maturing in more than three years and up to 10 years has increased from 5.35 percent to 5.50 percent, the state lender will still offer a 5.50 percent interest rate on fixed deposits maturing in more than two years and up to three years. 
 
Additionally, the bank raised interest rates across a number of tenors. The current range of FD interest rates for the general public is 3.00 to 5.50 percent, and for senior citizens it is 3.50 to 6.50 percent. 
 
On Thursday, Bank of Baroda shares on the BSE closed 0.55 percent lower at Rs. 117.55 per share.