State-owned Bank of Baroda (BoB) today increased fixed deposit rates on select maturities by 25 basis points.
The interest rate for fixed deposit between 271 days but less than one year has been increased by 25 basis points to 6.25 per cent, BoB informed the Bombay Stock Exchange (BSE).
At the same time, 1-2 year term deposit would attract a rate of 7.25 per cent against existing 7 per cent, it said.
The bank has retained interest rate on tax saving scheme for 5 years at 7.25 per cent.
The revision in deposit rates follows the RBI's move to raise short-term lending (repo) and borrowing (reverse repo) rates in its September monetary review in order to tame inflation by curbing consumer spending.
The bank had last revised its deposit rates in August this year.
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The bank has already raised base rate or the minimum lending rate by 0.5 per cent to 8.5 per cent earlier this week.
Last week, SBI raised deposit rates from 25-75 basis points (0.25-0.75 per cent) across various maturities.
For 91-180 days term deposits, SBI is paying 5.5 per cent interest, up 75 basis points from the existing rate.
Fixed deposits with maturity period between 1 year and 554 days has been raised by 25 basis points to 7 per cent, while deposits for 555 days would attract 7.5 per cent.
The interest rate on term deposits of between 556 days and 1,000 days, under different slabs, has been increased by 50 basis points, going up to 7.75%.