Bank of Baroda has increased interest rates on time deposits below Rs 2 crore by up to 0.20 percent. The new rates came into effect on September 13, 2022.
The one-year domestic term deposit and the NRO (Non-Resident Ordinary) term deposit offer an interest rate of 5.50 percent, up from 5.30 percent earlier, the bank said Wednesday.
Deposits over 400 days to 3 years yield an interest of 5.50 percent, an increase of 5.45 percent. For over 3 years to 10 years, the new rate is 5.65 percent, an increase of 0.15 percent.
Seniors have a higher interest rate for one-year deposits of 6 percent, compared to 5.80 percent previously.
Similarly for other terms applicable to resident seniors, the new rates will range from 6-6.65 percent to 5.95-6.50 percent.
The bank has also raised the interest on ‘Baroda Belastingsparen Term Deposit’ with a term of 5 to 10 years to 5.65 percent, an increase of 0.15 percent. For seniors, the deposits will rise to 6.65 percent.
The lender has also increased the savings rate on Baroda Advantage Fixed Deposit of Rs 15 lakh and less than Rs 2 crore for domestic, NRO and NRE (Non-Resident External) account holders to 5.80 percent from 5.65 percent.
Baroda Tiranga Deposit Scheme, which is available in two maturities – with interest rates of 5.75 percent per annum for 444 days and 6 percent per annum for 555 days – will remain available until December 31, 2022.
Seniors earn an additional 0.50 percent per year, while non-demand deposits get 0.15 percent more per year, the lender said.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)