Bank of Baroda (BOB) has increased interest rates on retail term deposits of various durations by up to 0.65 per cent. The bank said in a statement on Monday that now the customer will get 6.75 per cent interest on deposits with a tenure of 1 year.
Public sector Bank of Baroda (BOB) has increased interest rates on retail term deposits of various durations by up to 0.65 per cent. The bank said in a statement on Monday that now the customer will get 6.75 per cent interest on deposits with a tenure of 1 year. Till now this rate is 6.10 percent. These rates will be applicable on fixed deposits of less than Rs 2 crore. The new rates will be applicable from 26 December 2022.
Interest increased on the special scheme of the bank
The bank issued a statement saying that interest rates have also been increased on the special scheme Baroda Tricolor Plus Deposit Scheme. Interest will now be available at the rate of up to 7.80 percent per annum on the 399-day Baroda Tricolor Plus Deposit Scheme. According to the statement, this includes interest of 0.50 per cent per annum for senior citizens and 0.25 per cent for non-callable deposits.
Bank of Baroda said in a statement that apart from this, the bank is paying interest rate of up to 7.50 per cent for deposits of one year and three years. Bank of Baroda has increased interest rates on retail term deposits for the second time in this quarter. In November 2022, it was increased by up to 100 basis points.
Earlier, Kotak Mahindra Bank had increased the interest
Apart from this, let us tell you that Kotak Mahindra Bank has recently increased the interest rates again on FDs of less than Rs 2 crore. The increased interest rates will be applicable on domestic deposits as well as NRO and NRE deposits. The new interest rates have come into effect from December 15. The bank will pay 7 percent interest on FD deposits for 390 days from now. People will also get the same interest on deposits of up to 23 months. At the same time, the interest rate of FD for senior citizens will be 7.5 percent.
Where up to 5.75 percent interest will be available on FDs of up to 180 days in Kotak Mahindra Bank. At the same time, it will increase to 6 percent on FD of 364 days. While the interest on FDs of 365 days to 389 days will be 6.75 percent. For all these periods, senior citizens will get 0.50 percent additional interest on FD.
