New Delhi: Bank of Baroda has increased interest rates on domestic retail term deposits including NRO and NRE term deposits by 25 basis points on select tenor basis. The public sector lender said in a statement that these rates are applicable for deposits below Rs 2 crore with effect from March 17, 2023.
Interest rates have also been hiked on Baroda Tax Saving Term Deposit as well as Baroda Advantage Fixed Deposit, a non-callable retail term deposit scheme.
The new rate for deposits maturing in 3 years to more than 5 years is 6.5 per cent and for resident Indian senior citizens it is 7.15 per cent.
The new rate is 6.5 per cent for fixed deposits of 5 years to 10 years and 7.5 per cent for senior citizens.
Bank of Baroda had earlier increased retail fixed deposit interest rates by up to 65 basis points in December 2022 and by 100 basis points in November 2022.