Bank of Baroda hikes interest rates on fixed deposits below Rs 2 crore

Public sector lender Bank of Baroda (BoB) has increased interest rates on fixed deposits below Rs 2 crore, with effect from Thursday, media reports stated citing the bank’s official website said.

The bank increased the interest rate on fixed deposits maturing in 7 days to 45 days from 2.8 per cent to 3 per cent, and on term deposits maturing in 46 days to 180 days from 3.7 per cent to 4 per cent. 

For deposits maturing from 181 days to 270 days, BoB will offer an interest rate of 4.65 per cent, up from 4.3 percent, a hike of 35 basis points and BoB will now offer an interest rate of 4.65 per cent which was earlier 4.4 per cent a hike of 25 bps on deposits maturing in 271 days & above and less than 1 year, the website stated. 

The interest rate for deposits maturing in one year will fetch an interest rate of 5.30 per cent, up from the previous 5 per cent.