Bank of Baroda has announced an increase in retail term deposit interest rates. Domestic fixed deposits under Rs 2 crore now have higher rates. The new rates are valid from December 26, 2022, according to a Bank of Baroda website.

After the hike, the bank will now offer interest rate between 3% to 7% to regular citizens for tenure ranging from 7 days to 10 years.

Bank of Baroda FD Rates

The bank offers a 3.00% interest rate on fixed deposits maturing in 7 days to 45 days, and a 4.00% interest rate on term deposits maturing in 46 days to 180 days. Bank of Baroda will now give an interest rate of 5.25% on deposits maturing between 181 and 270 days, and an interest rate of 5.75% on deposits maturing in 271 days & above and less than 1 year.

Deposits maturing in one year to 3 years will now earn 6.75%, while fixed deposits maturing in two years or more will continue to earn 5.45%. The interest rate on term deposits maturing in more than three years and up to ten years has climbed from 6.25% at BoB.

Under the Baroda Tiranga Deposit Scheme, Bank of Baroda also provides interest rates up of 6.75% p.a. on 444-day and 555 Day deposits. BoB offers 7.05% on 399 days tenure for regular citizens.

Source: Bank website

Senior citizen FD rates

After the hike, the bank will now offer interest rate between 3.5% t0 7.55% to regular citizens for tenure ranging from 7days to 10 years.

According to the Bank of Baroda website, for senior citizens * incl. additional ROI 0.50%, # incl. additional ROI of 0.50+0.15, ** incl. additional ROI of 0.50%+0.30%, *** incl. additional ROI of 0.50%+0.50%.

As per the website, “Additional 30bps over & above 50bps being paid to Senior Citizens for Retail Term Deposits of tenor Above 5 Years to 10 years has been increased to 50bps as per ALCO Meeting deliberations dated 22.12.2022 and accordingly will be paid 100bps (50bps+50bps) w.e.f. 26.12.2022 (Fresh & Renewals).”