Bank of Baroda hikes FD rates by up to 1% effective from 14 Nov. Details here

0

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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

FOLLOW us ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! My droll is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment