Public sector lender Bank of Baroda today hiked deposit rates by up to 1.75% with effect from today.
Now deposits of 46-90 days maturity would have interest rates of 6.25%, up from existing 4.50%, BoB said in a regulatory filing to the BSE.
Besides, customers will get 9% interest rate on deposits of 1-3 year and 3-10 year.
Interest rates for deposits of 271 days to less than a year would fetch interest rate of 7.75%, higher than 7.50% earlier.
Earlier this month, Punjab National Bank (PNB) had hiked the interest rates on deposits by 0.25% to 9% for maturity of one year with effect from today.
However, country's largest lender State Bank of India (SBI) had lowered rates on domestic term deposits of maturity of five years and more by 0.25% to 8.50%.
The decisions to alter deposits rates have come after the Reserve Bank, in its first quarterly monetary policy review last month, kept key interest rate unchanged.
RBI, however, had lowered the Statutory Liquidity Ratio (SLR), the portion of deposits that banks are required to invest in government bonds, by one% to 23%.
