Bank of Baroda has increased the domestic deposit rate by 1.25 percent. This also includes NRO (Non-Resident Ordinary) term deposits. This increase will be effective from December 29, 2023. This public sector bank said in its regulatory filing that the increase in deposit interest rates is for deposits less than Rs 2 crore.
Ravindra Singh Negi, Chief General Manager (Retail Liabilities and NRI Business), Bank of Baroda, said, ‘The increase in retail deposits reflects the bank’s commitment to provide better facilities to the customers. We believe that this step will not only help in attracting more and more customers, but will also make it possible for the bank to increase its deposits. In this way, the Net Interest Margin (NIM) of the bank will be better.
Earlier, State Bank (SBI) had also given a New Year gift to the customers by increasing the interest rates on FD. SBI has increased the interest rates on some FD schemes by up to 0.5%. The bank has increased the interest rate on deposits maturing between 7 days to 45 days from 3% to 3.50%, while for deposits maturing between 46 days to 179 days, the rate has been increased from 4.50% to 4.75%.
The bank has increased the interest rate from 5.25 percent to 5.75 percent for the period of 180 days to 210 days. Apart from this, the interest rate on FDs with maturity period between 211 days to less than one year has been increased from 5.75 percent to six percent. The interest rate on deposits maturing between three years to five years has been increased from 6.50 percent to 6.75 percent. Rates for other periods have not been changed.
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