Bank of Baroda hikes interest rates on retail term deposits by up to 65 bps

Bank of Baroda, one of India's leading public sector banks, on Friday announced an increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 65 basis points across various tenors. These rates are applicable on deposits below Rs 2 crore, with effect from December 26, 2022.

Interest rates have also been hiked on the special scheme Baroda Tiranga Plus Deposit Scheme. The 399 Day Baroda Tiranga Plus deposit scheme now offers interest rates up to 7.80% p.a, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits.

Further, the Bank is offering interest rates up to 7.50% p.a, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits, for a period of 1 year and upto 3 years. Bank of Baroda has increased retail term deposit interest rates for the second time this quarter, including up to 100 bps hike in November 2022. Existing and new customers of Bank of Baroda can open a FD through any of the Bank's branches across India.

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over 150 million through over 46,000 touchpoints spread across 18 countries in five continents. Through Its state-of-the-art digital banking platforms, it provides all banking products and services in a seamless and hassle-free manner.