Bank of Baroda FD Rates: The Monetary Policy Committee (MPC) of the Central Reserve Bank (RBI) has not made any change in the repo rate for the fourth consecutive time. The repo rate remains stable at 6.50 percent.
Bank of Baroda FD Rates: The Monetary Policy Committee (MPC) of the Central Reserve Bank (RBI) has not made any change in the repo rate for the fourth consecutive time. The repo rate remains stable at 6.50 percent. Investors making fixed deposits (FD) in banks during the festive season have started getting the benefit of this decision of the Reserve Bank. Public sector Bank of Baroda has increased the interest on FD. With this, depositors will now be able to earn more profits than before.
How much did the interest rate increase?
Bank of Baroda (BOI) has announced an increase of 50 basis points on FDs less than Rs 2 crore. After this amendment, general customers are getting interest up to 7.25 percent on Bank of Baroda FD. At the same time, senior citizens will get up to 7.75 percent interest on FD. According to the official website of the bank, the new FD rates are effective from today i.e. 9 October 2023. Earlier on May 12, 2023, the bank had revised its FD rates.
How much interest for what period
The bank offers 3% interest rate on FDs kept for 7 days to 14 days. The interest rate for FDs kept for 15 days to 45 days has increased by 50 basis points to 3.5%. The bank has increased the interest rates on FDs maturing in 46 days to 180 days by 50 basis points from 4.5% to 5%. Similarly, on FDs of 181 days to 210 days, the rate has been increased by 25 basis points from 5.25% to 5.50%. Apart from this, deposits maturing between 211 days to 270 days will now get 6% interest, which is 25 basis points more than the earlier 5.75%.
For a period of 2 years
The bank will continue to offer an interest rate of 6.75% on FDs maturing for two years, while the bank has increased the interest rate on FDs maturing for the next two years and three years by 20 basis points. Now the interest rate for this period has increased from 7.05% to 7.25%. The bank offers an interest rate of 6.50% on deposits for tenures between 3 years and up to 10 years.
