Mumbai: The second largest public sector bank in the country, Bank of Baroda (BoB) has raised the interest rates on retail term deposits. The lender has hiked the interest rates of term deposits below Rs 2 crore by up to 0.20%.
BoB will now give 5.50% interest for one-year tenor domestic and NRO (Non-Resident Ordinary) term deposit. Deposits for above 400 days to 3 years will earn an interest of 5.50%. It was at 5.45% now. For above 3 years to 10 years, the new rate is 5.65%, up by 0.15%. For senior citizens, there will be a higher rate of interest for one-year deposits at 6% from 5.80% earlier.
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The bank has also raised the interest on ‘Baroda Tax Savings Term Deposit’ for 5 to 10 years tenor to 5.65%, up by 0.15%. For senior citizens, the deposits will earn up to 6.65%.
The lender has also hiked the savings rate on Baroda Advantage Fixed Deposit of Rs 15 lakh and less than Rs 2 crore for domestic, NRO and NRE (Non-Resident External) account holders to up to 5.80% from 5.65%.
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