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 tenors. These rates are applicable on deposits below Rs 2 crore, with effect from March 17, 2023, the pubic sector lender said in a statement.
Interest rates have also been hiked on the Baroda Tax Savings Term Deposit as well as Baroda Advantage Fixed Deposit, a non-callable retail term deposit scheme.
The new rate on deposits of above 3 years to 5 years is 6.5 percent and for resident Indian senior citizens, it is 7.15 percent.
For term deposits of 5 years to 10 years, the new rate is 6.5 percent and for senior citizens, it is 7.5 percent.
Bank of Baroda had earlier increased retail term deposit interest rates in December 2022 by up to 65 basis points and in November 2022 by up to 100 basis points.