New Delhi: The third largest nationalized bank in India, Bank of Baroda has hiked fixed deposit interest rates on domestic term deposits, including NRO and NRE Term Deposits. The interest rate of deposits below Rs 2 crore were hiked by up to 40 basis points. The new rates would be applicable with immediate effect.
Interest rates have also been hiked on saving deposits of Rs 100 crore and above to less than Rs 200 crore and Rs 500 crore and above by 5-10 basis points.
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Earlier on last week, the Reserve Bank of India (RBI) had hiked the repo rate. RBI had hiked the repo rate by 0.50% to 4.90%. Repo is the short term lending rate RBI charges to the banks.
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