Bank Of Baroda has increased the interest rates on its various fixed deposit (FD) tenures. Earlier, the bank had increased the interest rate on retail deposits in May and March 2023. Let us tell you that this new rate has become effective from October 9, 2023 for FDs of less than Rs 2 crore. Read what is the complete news.
Bank of Baroda, one of the largest public sector banks of the country, has given its customers an opportunity to earn more profits during the festive season.
Actually, the bank has increased the interest rates on the tenure of its various fixed deposits (FD). Earlier, Bank of Baroda had increased the interest rates on retail term deposits in May 2023 and March 2023.
How much did the interest rate increase?
Bank of Baroda has increased interest rates on FDs by up to 50 basis points (bps) for various tenures up to 3 years. The bank said that these new rates have been implemented on FDs of less than Rs 2 crore from October 9, 2023.
Also read: Bank of Baroda customers enjoy, bank launches festival offer, attractive offers on home, car and other loans
How much interest rate are you getting now?
After the new rates came into effect, the bank is now giving maximum interest of 7.25 percent to its customers on FD of 2 to 3 years, while senior citizens are getting interest of up to 7.75 percent for the same period. Existing customers will also benefit from the increased interest rates.
Apart from this, the bank has also changed the interest rates on its Tiranga Plus Deposit Scheme for 399 days.
See new interest rate
| Duration | New interest rate for general citizens (% pa) | New interest rate for senior citizens (% pa) |
| 7 days to 14 days | 3.00 | 3.50 |
| 15 days to 45 days | 3.50 | 4.00 |
| 46 days to 90 days | 5.00 | 5.50 |
| 91 days to 180 days | 5.00 | 5.50 |
| 181 days to 210 days | 5.50 | 6.00 |
| 211 days to 270 days | 6.00 | 6.50 |
| 271 days to less than 1 year | 6.25 | 6.75 |
| From 2 years to 3 years | 7.25 | 7.75 |
| Baroda Tricolor Plus- 399 days | 7.15 | 7.65 |
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