Bank of Baroda raises interest rates for deposits less than Rs 2 crore by 0.20 percent

Senior citizens can earn an extra annual interest of 0.50 percent per year for Non-Callable Savings, while Callable Deposits receive 0.15 percent per year more, according to the lender.

Bank of Baroda has increased the interest rate on term deposits for retail customers less than Rs 2 crore by up to 0.20 percent. The new rates will taken effect on September 13th 2022.

The one-year domestic tenor as well as the NRO (Non-Resident Ordinary) term deposit will provide an interest rate of 5.50 per cent, an increase from 5.30 percent previously the bank announced on Wednesday.

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Deposits of more than 400 days up to 3 years will be rewarded with an interest rate of 5.50 percent, which is up from 5.45 per cent. For deposits that are more than 3 years old to 10-years, the current rate is 5.65 per cent, increasing by 0.15 percent.

Senior citizens will be able to benefit from the higher rate of interest. will be a more substantial rate of interest on one-year deposits of 6 percent instead of 5.80 percent earlier.

Similar to other tenors that are applicable for senior citizens living in residence and their families, the new rates be 6-6.65 percent, as opposed to 5.95-6.50 percent.

In addition The bank also increased the interest rate for the “Baroda Tax Savings and Term Deposit’ up to 10 years tenor , to 5.65 percent, increasing by 0.15 percent. Senior citizens can benefit from the deposits can yield up to 6.65 percent.

The lender also increased the savings rate for Baroda Advantage Fixed Deposits of 15 lakh, and less than 2.35 crore in domestic accounts, NRO and NRE (Non-Resident External) account holders as high as 5.80 percent from 5.65 percent.

Baroda Tiranga Deposit Scheme, that is available in two buckets of tenor -which offer an interest of 5.75 percent per year in 444-day periods and 6 per cent annum for 555 consecutive daysand will be accessible until the 31st of December 2022.

Senior citizens are able to earn an additional annual interest of 0.50 per cent annually for Non-Callable deposits, while Callable Deposits receive 0.15 percent per year greater, as per the lender.

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