Bank of Baroda hikes FD interest rates again; senior citizen, NRI, other depositors to get more returns

Bank of Baroda has hiked its interest rates on domestic fixed deposits (FDs) of less than Rs 2 Crore for both senior citizens and regular customers.  

Senior citizens will now get 25 bps more interest on fixed deposits of various tenured offered by Bank of Baroda (BoB). The public sector bank has increased interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by 25 basis points on various tenors. The new rates will be applicable on deposits from March 17, 2023.  

The new interest rate will range from 3 per cent to 6.25 per cent for fixed deposits maturing in 7 days to 10 years for the general public and 3.50 per cent to 6.75 for senior citizens.  

The bank has also introduced Baroda Tiranga Plus Deposit Plan, under which the bank will give a maximum interest rate of 7.05 per cent for the general public and 7.55 per cent for senior citizens on a special 399-day term. Bank of Baroda has earlier increased retail term deposit interest rates in December 2022 by up to 65 bps and in November 2022 by up to 100 bps. 

Existing and new customers of Bank of Baroda can open a FD through any of the Bank’s branches across India. An online FD can also be opened by existing customers via the Bank’s Mobile app (bob World)/ Net Banking 

For deposits maturing between seven days and 45 days, the bank is offering an interest rate of 3 per cent. FDs maturing between 46 days and 180 days will get an interest rate of 4.5 per cent. Bank of Baroda will offer an interest rate of 5.25 per cent for fixed deposits maturing between 181 days and 210 days. Fixed deposits maturing between 211 days and less than one year, will get an interest rate of 5.75 per cent. For fixed deposits maturing between one year and up to three years, the bank will offer an interest rate of 6.75 per cent.