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Bank of Baroda hikes interest rates for FDs; check senior citizen rates & other details

Bank of Baroda hikes interest rates for FDs; check senior citizen rates & other details

Bank of Baroda hikes interest rates for FDs; check senior citizen rates & other details
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By CNBCTV18.com Mar 24, 2022 6:10:24 PM IST (Published)

For tenures above 5 years up to 10 years, senior citizens will receive a 6.35% interest rate, which is 1% above the regular rate.

The Bank of Baroda (BoB), a public sector bank, has hiked the interest rates on fixed deposits. The bank has announced that the revised rates will be effective from March 22, 2022. Bank of Baroda has introduced a hike of 10 basis points or 0.10 percent for FDs less than Rs 2 crore. For instance, while previously the bank offered a 5.25 percent interest rate on deposits maturing after three years (and up to 10 years), post-revision the interest rate will be 5.35 percent.

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Here are the revised BOB fixed deposit rates:

FDs maturing between 7-14 days: 2.80 percent.

FDs maturing between 15-45 days: 2.80 percent.

FDs maturing between 46-90 days: 3.70 percent.

FDs maturing between 91-180 days: 3.70 percent.

FDs maturing between 181-270 days: 4.30 percent

FDs maturing between 271 days and above and less than 1 year: 4.40 percent

FDs maturing in 1 year: 5.00 percent

FDs with tenure above 1 up to 400 days: 5.2 percent

FDs with tenure above 400 days up to 2 years: 5.2 percent

FDs with tenure above 2 years up to 3 years: 5.2 percent

FDs with tenure above 3 years up to 5 years: 5.35 percent

FDs with tenure above 5 years up to 10 years: 5.35 percent

Interest rates for senior citizens

All banks offer an increased special interest rate of an extra 0.50 percent or 50 bps on FDs for senior citizens. For Bank of Baroda FDs, senior citizens will also get an additional interest of 0.50 percent on FDs of less than Rs 2 crore for all periods.

However, for the tenure of above three years up to five years, senior citizens will get an interest rate of 6 percent, which is 0.65 percent more than the normal rate. For the tenure above five years up to 10 years, senior citizens will receive a 6.35 percent interest rate, which is 1 percent above the regular rate. All the remaining tenures will get an additional interest of 0.50 percent over the normal rate. 

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