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Leading public sector banker, Bank of Baroda (BoB) has hiked its retail term deposits interest rates by a maximum of 100 basis points with effect from November 14. BoB hiked rates on bulk saving deposits, along with fixed deposits below ₹2 crore for both senior citizens and the general category. Also, BoB’s Tiranga deposit and tax saving schemes have witnessed a revision in interest rates.
Check out the latest interest rates:
BoB savings deposits:
With effect from November 14, BoB is now offering a 2.75% rate on bulk saving deposits up to ₹1 lakh and less than ₹50 crore, while the rate is set at 3% on deposits between ₹50 crore to less than ₹200 crore.
On savings deposits between ₹200 crore to less than ₹500 crore, the rate is set at 3.05%. While the interest rate is 3.35% on deposits from ₹500 crore to ₹1,000 crore and above.
FDs below ₹2 crore to general category:
From Monday onward, BoB is offering a 6.10% rate on tenures from 1 year to 2 years, and another set of tenures from above 3 years to 10 years. A 6.10% rate is also offered on FDs above 10 years however they are MACT/MACAD Court Order schemes only.
BoB is offering a 6.25% rate — which is the highest for the general category — on above 2 years to 3 years tenures.
Further, tenures from 271 days to above and less than 1 year — has an interest rate of 5.50%, while tenures from 181 days to 270 days — has a rate of 5.25%.
On tenures from 46 days to 180 days, the interest rate is set at 4.50%. While on the shorter period from 7 days to 45 days, the rate is around 3% per annum.
FDs below ₹2 crore for senior citizens:
Elderlies receive higher rates on their FDs below ₹2 crore. The highest rate offered would be 6.90% on above 5 years to 10 years tenure, while the rate is set at 6.75% on above 2 years to 5 years. The bank is offering 6.60% on tenures from 1 year to 2 years. Also, the bank is giving a 6.60% rate on the above 10 years tenure (MACT/MACAD – Court order schemes only).
Further, the bank is offering a 6% rate on 271 days to less than 1 year, 5.75% on 181 days to 270 days, and 5% on 46 days to 180 days. Also, the rate is 3.50% on 7 days to 45 days tenures.
Also, BoB said on its website that additional 50 basis points being paid to Senior Citizens for deposits of tenor above 5 Years to 10 years over & above 50 basis points has been decreased to 30 basis points as per the Last ALCO Meeting deliberations and accordingly will be paid 80 basis points (50bps+30bps) with effect from November 14, 2022.
Baroda Tiranga Deposit Scheme:
The bank is offering a callable rate of 6.10% under this scheme on tenures 444 days and 555 days to the general category, while the rate comes at 6.60% for senior citizens on these tenures.
The non-callable rate is 6.35% on these tenures for the general category and 6.85% for senior citizens.
It needs to be noted that, there is no premature withdrawal allowed in this scheme. Also, the minimum deposit is from ₹15.01 lakh to a maximum of ₹199.99 lakh.
Baroda Tax Savings Term Deposit:
To the general category, the bank is offering 6.10% for 5 years tenure and above 5 years to 10 years with effect from November 14.
For senior citizens, the rate is 6.75% for 5 years tenure; and 6.90% for above 5 years to 10 years.
Premature withdrawal is not allowed before the completion of 5-year except in case of the death of the customer.
FCNR rates:
It needs to be noted that on its website, the Bank has stated that Foreign Currency Non-resident Deposit – FCNR(B) latest rates are in effect from October 16 to November 15, 2022. The FCNR rates vary from 0.10% to 4% and depend upon world currencies. A revision in FCNR rates can be expected on November 15.
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