FD Hike: If you are a Bank of Baroda customer, you will get higher returns than before. Actually, the bank has increased its FD interest rates by up to one per cent.
New Delhi. After increasing the repo rate from RBI, now public and private sector banks are increasing the rates of Fixed Deposit (FD). In this series, the public sector Bank of Baroda has increased its FD interest rates by up to one percent. The bank has now increased the interest rates on FDs by one per cent. The new rates of the bank have come into effect from November 14, 2022.
The bank said in a statement released on Monday that interest rates have also been increased by 0.25 per cent on bulk savings deposits of more than Rs 50 crore and less than Rs 200 crore. Apart from this, domestic and non-resident ordinary (NRO) FDs of 10 years and above will now get interest at the rate of 6.10 percent. It was earlier 5.10 per cent.
FD rates of Bank of Baroda
At the same time, interest will be given at the rate of 6.10 percent on deposits of more than one to two years. Earlier this rate was 5.50 percent. Along with this, the interest on FDs of 2 to 3 years has also been increased by 0.70 percent to 6.25 percent. At the same time, according to the bank, senior citizens will get 0.50 percent more interest on each category.
RBI has increased the repo rate for the fourth time in a row
It is noteworthy that in order to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased FD rates
It is notable that recently RBL Bank, Axis Bank, CSB Bank Limited, Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of rate hike has started after the increase in repo rates by RBI.
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