- By Imran Zafar
- Tue, 10 Oct 2023 03:53 PM (IST)
- Source:JND
Bank of Baroda, one of the largest public sector banks in the country, increased the interest rates on its various fixed deposits (FD) by up to 50 basis points (bps) for tenures up to 3 years. The new rates have been implemented on FDs of less than Rs 2 crore from October 9, 2023.
The bank is now offering a maximum interest of 7.25 per cent to its customers on FD of 2 to 3 years, while senior citizens are getting interest of up to 7.75 per cent for the same period. The bank also stated that existing customers will also benefit from the increased interest rates.
The bank also changed the interest rates on its Tiranga Plus Deposit Scheme for 399 days, which is now offering 7.15 per cent interest for general citizens and 7.65 per cent for senior citizens.
The bank said that it increased the interest rates to give its customers an opportunity to earn more profits during the festive season. The bank had raised the interest rates on retail term deposits in May 2023 and March 2023.
The table below shows the new interest rates for different periods of FD:
| Period | New Interest Rate For General Citizens (% p.a) | New Interest Rate For Senior Citizens (%p.a) |
| 7 to 14 days | 3.00 | 3.50 |
| 15 to 45 days | 3.50 | 4.00 |
| 46 to 90 days | 5.00 | 5.50 |
| 91 to 180 days | 5.00 | 5.50 |
| 181 to 210 days | 5.50 | 6.00 |
| 211 to 270 days | 6.00 | 6.50 |
| 271 to less than 1 year | 6.25 | 6.75 |
| From 2 years to 3 years | 7.25 | 7.75 |
| Baroda Tricolor Plus- 399 days | 7.15 | 7.65 |
