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Bank of Baroda FD Rates Hike: The country’s largest public sector bank i.e. Bank of Baroda has given great news to its customers. The bank has decided to increase the interest rate on its FDs below Rs 2 crore. The bank has increased its FD rates by 20 basis points i.e. 0.20% on its different tenures. These new rates have come into effect from 13 September 2022. Significantly, to control the rising inflation in the country, the Reserve Bank of India is continuously increasing its repo rate. The total central bank has increased by 1.50% in the months of May, June and August.
The direct effect of the increase in the repo rate by the RBI is visible in the interest rates of the deposit scheme offered by the bank. In the last few months, many banks have increased the interest rates of their savings account and fixed deposit schemes. Along with this, people have to pay higher interest rates on loans as well. Due to this, the burden of EMI is also increasing on the customers. In view of the increasing repo rate, Bank of Baroda has also increased its FD rates (Bank of Baroda FD Rates Hike). The bank offers 3.00% to 5.50% interest rate on FDs of 7 days to 10 years to its customers. If you are also planning to do FD in the bank, then we are giving you information about its interest rates-
Rate of interest available on FD of less than Rs 2 crore-
- 7-14 day FD-3.00%
- 15-45 days FD-3.00%
- 46-90 days FD-4.00%
- FD of 91-180 days – 4.00%
- FD of 181-270 days – 4.65%
- 271-1 FD of less than 4.65%
- 1 year FD-5.50%
- FD of 1 to 400 days – 5.50%
- 400 days to 2 years – 5.50%
- FD of 2 to 3 years – 5.55%
- FD of 3 to 5 years – 5.65%
- FD of 5 to 10 years – 5.65%
This interest rate is available on Baroda Tricolor Deposit Scheme-
Bank of Baroda has started a special deposit scheme on the completion of 75 years of independence. The name of this scheme is Baroda Tiranga Deposit Scheme. Under this scheme, the bank is offering an interest rate of 5.75% to the general citizens of the country for a period of 444 days. Apart from this, 6.00% interest rate on FD of 555 days is being offered to ordinary citizens. On FD of 444 days, 0.50% higher interest rate is offered to senior citizens as compared to normal citizens. In this case, 6.25% interest rate is available on the FD of this period. At the same time, an interest rate of 6.50% is being offered by the bank to senior citizens on FDs of 555 days.
Many banks increased FD rates-
The continuous increase in the repo rate is directly affecting the bank’s FD rates. In the recent times, many banks like Axis Bank, Indian Overseas Bank have increased their FD rates. Axis Bank has increased its FD by 25 basis points on its FDs less than 2 crores. These new rates have come into effect from 9 September 2022.
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