The BoB raised interest rates by 10 basis points (bps) to offer the general public a 5% interest rate on term deposits maturing in one year, up from 4.90% previously. On term deposits maturing in one year to 2 years, the bank now grants an interest rate of 5.10% compared to the previous 5%.
For National Term Deposits and NRO [Per Annum] [Fresh & Renewal] [Callable] (ROI in %) – Below Rs. Two Crores
According to the bank’s press release:
“In the current difficult situation caused by COVID-19, the Bank has agreed to continue paying an additional rate to resident elderly for less than Rs. 2.00 crore as below:
1. 0.50% for all terms up to 5 years.
2. 1.00% for the duration “above 5 years up to 10 years” and valid until 31.03.2022.
3. Senior Citizen Preferential Rate applies to “Senior Indian Residents” only.
Baroda Advantage fixed deposit
Fixed deposit amounting to Rs. 15.01 lakh to Rs. 2 crore, it raised the interest rate by 10 basis points (bps).
Bank of Baroda raised its interest rate by 10 basis points (bps) to offer the general public an interest rate of 5.05 on one-year fixed deposits, up from 4.95% previously. The bank raised the interest rate on term deposits maturing in one to two years from 5.05% to 5.15%.
For Baroda Advantage Fixed Deposit Accounts (Domestic/NRO/NRE) (Non-refundable) Fee and Renewal – Minimum Rs. 15.01 lakh below Rs. 2 crore
NRE Term (Rupee)
NRE rupee deposit interest rates (up to Rs 2 crore) were also increased by 10 basis points.
NRE Term Deposits (Rupee) [Fresh & Renewal] [Callable] (ROI in %) – Below Rs. 2 crores
Bank of Baroda has also raised interest rates on savings accounts with balances above Rs 100 crore.
Revised interest rate on SB deposits per tile (wef 25/02/2022)
Source: BoB press release
Another bank that has recently revised interest rates on its savings accounts is the Punjab National Bank (PNB). The Punjab National Bank (PNB) has cut interest rates on national and NRI savings accounts. The interest rate on savings accounts with balances below Rs 10 lakh has been lowered to 2.75% per annum, and for an amount high at Rs 10 lakh, the interest rate offered 2.80% , according to the PNB website. These rates are in effect as of February 16, 2022.
Also Read: HDFC Bank vs SBI vs ICICI Bank vs PNB: Savings Account Interest Rate Comparison
Other banks that have raised FD rates
Over the past two weeks, various banks such as HDFC Bank, State Bank of India (SBI), IndusInd Bank, IDBI Bank, etc. increased interest rates on various FD mandates. Others too may soon follow suit.
Also Read: SBI, HDFC Bank, IndusInd Bank and Others Hike FD Interest Rates: What Should Investors Do?