Bank of Baroda raises interest rates on fixed deposits

Bank of Baroda (BoB), a public sector bank, has hiked interest rates on fixed deposits below Rs 2 crore. The Bank of Baroda has hiked interest rates on June 8, 2022, after the Reserve Bank of India raised the repo rate. The bank has hiked interest rates on fixed deposits of one to three years. The revised rates will apply to new and renewed deposits. The revised rates came into effect from June 15.

Deposits maturing in seven days to 45 days will earn 2.80 per cent interest and maturities maturing in 46 to 180 days will earn 3.70 per cent interest. Fixed deposits with a maturity of 181 days to 270 days earn an interest rate of 4.30 per cent. Deposits with a maturity of 271 days to one year earn an interest rate of 4.40 per cent.

One year fixed deposits earn 5 per cent interest and one to two year fixed deposits earn 5.45 per cent. Deposits of two to three years earn an interest rate of 5.50 per cent. The bank offers an interest rate of 5.35 per cent for deposits of up to 10 years.

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