Bank of Baroda hikes interest rates on deposits: Check rate, tenure, other details

Public sector lender Bank of Baroda announced on Monday, October 9, that it will increase interest rates on Domestic Retail Term Deposits, which includes NRO and NRE Term Deposits. The increase will be upto 50 basis points across various tenors up to 3 years.

As per the official release, the rates apply to deposits below Rs 2 crore and are effective from October 9, 2023. Bank of Baroda is providing interest rates of up to 7.40 per cent per annum for general citizens and up to 7.90 per cent per annum for senior citizens. This also includes an additional 0.50 per cent per annum interest for senior citizens and 0.15 per cent non-callable deposits.

Additionally, the bank has realigned interest rates for its Tiranga Plus Deposit Scheme for 399 days, where senior citizens can earn 7.80 per cent per annum on non-callable deposits within the scheme.

Announcing this, Ravindra Singh Negi, Chief General Manager, Retail Liabilities & NRI Business, Bank of Baroda, said, “We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3 years investment tenor, senior citizen depositors can now earn up to 7.90 per cent per annum, which is one of the best in the industry. This is an opportune time for existing and new customers to place new deposits at one of India’s leading banks and lock in a higher interest rate on their deposits.”

Bank of Baroda has also started its festive campaign called “BOB Ke Sang Tyohaar Ki Umang” and has launched schemes such as the bob LITE Savings Account, the BOB BRO Savings Account, the My Family My Bank/BOB Parivar Account, the Baroda NRI PowerPack Account, and the BOB SDP (Systematic Deposit Plan), to provide various benefits to different customer segments. This festive campaign will be active until December 31, 2023.

Additionally, with the above-mentioned schemes, customers can now earn higher interest on their deposits. It's worth noting that in March and May this year, Bank of Baroda had increased retail term deposit interest rates.

Both existing and new customers of Bank of Baroda have the option to open new fixed deposits (FDs) through any of the bank’s branches across India to avail themselves of these offerings. Existing customers can also open an online FD through the bank's mobile app (bob World) or via Net Banking (bob World Internet).