Bank of Baroda has increased the interest rate on fixed deposits of less than Rs 2 crore (BOB). According to the bank’s official website, the new rates go into effect today, July 28, 2022. As a result of the change, the bank raised interest rates on a variety of tenors and is now guaranteeing interest rates ranging from 3.00% to 5.50% for the general public and 3.50% to 6.50% for senior citizens.
BoB FD Rates
The bank raised the interest rate on fixed deposits maturing in 7 days to 45 days from 2.80 percent to 3.00 percent, and term deposits maturing in 46 days to 180 days from 3.70 percent to 4.00 percent. Bank of Baroda will now offer an interest rate of 4.65 percent, up from 4.30 percent, a 35 basis point increase, on deposits maturing in 181 days to 270 days, and an interest rate of 4.65 percent, up from 4.40 percent, a 25 basis point increase, on deposits maturing in 271 days and above and less than a year.
Deposits maturing in one year will now earn 5.30 percent, up from 5 percent previously, a 30 basis point increase, while fixed deposits maturing in two years or more will continue to earn 5.45 percent. The interest rate on fixed deposits maturing in more than two years and up to three years will remain at 5.50 percent, while the interest rate on term deposits maturing in more than three years and up to ten years has increased from 5.35 percent to 5.50 percent at BoB.
Elderly people will continue to receive a 0.50 percent bonus on deposits maturing in 7 days and up to 3 years, a 0.50 percent bonus on deposits maturing in 3 to 5 years, and a 0.50 percent bonus on deposits maturing in 5 to 10 years. On fixed deposits maturing in more than 5 years and up to 10 years, senior citizens will receive the maximum interest rate of 6.50 percent.