Bank of Baroda, the third largest public sector bank, has also announced to increase interest rates on fixed deposits. Earlier, SBI, ICICI, Axis, HDFC Bank including IndusInd Bank had announced to increase interest rates on deposits.
New Delhi : Bank of Baroda, the third largest public sector bank, has also announced a hike in fixed deposit interest rates. The bank has changed the fixed deposit (FD) tenure from 7 days to 10 years. The bank has announced a special FD for senior citizens. Under this, senior citizens will get up to 1% more interest. The new rates have come into effect from March 22.
This change in interest rates
Bank of Baroda (BoB) is now offering 2.80 percent interest on FDs of 7 days to 45 days. Now investors will get 5 percent interest on 1 year deposits. The bank will give 5.1 percent interest on deposits of more than 1 year and up to 3 years. At the same time, the bank is offering 5.35 percent interest on fixed deposits of more than 3 years and up to 10 years.
Higher interest to senior citizens
The bank is offering higher interest on special FDs to senior citizens. Offering an additional 0.5% interest on fixed deposits between 7 days to 3 years and less than Rs 2 crore. The bank is giving 3.3% interest on FDs from 7 days to 45 days and 4.2% interest to senior citizens on FDs from 15 days to 45 days. This rate will be 4.8% on deposits of 181 days to 270 days and 4.9% on FDs of more than 271 days and less than 1 year.
5.5% interest will be available on FDs of 1 year, while an additional 0.65 percent on FDs of 3 years to 5 years and 1 percent additional interest on FDs of 5 years to 10 years is being offered by the bank. The bank is giving 6% interest on FDs of 3 years to 5 years and 6.35% interest on fixed deposits of 5 years to 10 years.
These are the interest rates for ordinary people
- 7 days to 14 days – 2.8%
- 15 days to 45 days – 2.8%
- 46 days to 90 days – 3.7%
- 91 to 180 days – 3.7%
- 181 to 270 days – 4.3%
- More than 271 days and less than one year – 4.4%
- More than one year and less than 400 days – 5.1%
- Above 400 days and up to 2 years – 5.1%
- 2 years to 3 years – 5.1%
- 3 years to 5 years – 5.25%
- 5 years to 10 years – 5.25%
- Above 10 years – 5.1%
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