There is good news for those depositing money under the FD scheme in Bank of Baroda. The bank has increased the interest rates on FDs by 5 to 10 basis points.
New Delhi. A good news has come for those who have invested in a savings scheme between the EMI and loan rates getting expensive due to the increase in the repo rate. Now those investing their money under FD savings scheme will get the benefit of more interest. The major public sector bank, BoB ie Bank of Baroda is giving its customers the benefit of higher interest rates on FD than ever before.
Bank of Baroda increased interest on FD
There is good news for those depositing money under the FD scheme in Bank of Baroda. The bank has increased the interest rates on FDs by 5 to 10 basis points.
The bank is giving the benefit of interest rate of 2.75 percent to its customers on savings account amount up to Rs 1 lakh. At the same time, the bank is giving the benefit of 2.75 percent interest to the customers on the amount above Rs 1 lakh and less than Rs 100 crore. Whereas on deposits of Rs 100-200 crore, interest is being given by the bank at the rate of 2.90 percent.
At the same time, the bank is giving the benefit of interest rate of 3.05 percent for deposits of 200 crores and above but less than 500 crores. Let us inform that earlier, the bank used to give an interest rate of 3.25 percent on savings account amount of 500 crores and above, which has now been reduced to 3.35 percent. However, this interest rate is only on less than 1,000 crores.
Apart from this, the interest rate on Rs 1,000 crore and above was 3.30 percent, but it has been increased to 3.35 percent with an increase of 5 basis points. Bank of Baroda has also increased the interest rates on fixed deposits of less than 2 crores on June 16, 2022. The interest rates on bank deposits have gone up to 2.80-5.35 percent. At the same time, the interest rates for senior citizens are 3.30-6.35 percent.
HDFC Bank also increased interest
Along with Bank of Baroda, HDFC Bank, the largest private sector bank, has also increased interest rates on fixed deposits of less than Rs 2 crore. After the revision on June 17, 2022, the bank has increased the interest rates over several tenors and is currently offering interest rates ranging from 2.75 per cent to 5.75 per cent for general public and 3.25 per cent to 6.50 per cent for senior citizens.
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