New Delhi. There is good news for those who have put their hard earned money in the bank. Actually, there is a chance to earn more interest with the public sector Bank of Baroda. Bank (BoB) has increased interest rates on domestic retail time deposits by 25 basis points. The new rates came into effect on March 17, 2023.
Bank of Baroda has increased interest rates on selected term deposits. Deposits on which interest rates have increased include non-resident ordinary account (NRO) time deposits and non-resident external time deposits (NRE). The bank said in a statement that these fees would apply to deposits of less than Rs 2 crore.
The interest rates of these schemes also increased
Interest rates have also been increased on the Bank of Baroda Tax Savings Time Deposit and the Baroda Advantage Fixed Deposit. The interest rate on deposits for a period of 3 years to 5 years will now be 6.5 percent. In the case of the elderly Indian resident, it is 7.15 per cent. The interest rate on term deposits for a term of 5 to 10 years will be 6.5 percent while for the elderly it will be 7.5 percent.
The bank had also raised interest rates on retail time deposits in December.
Let us tell you that Bank of Baroda had previously increased interest rates on retail time deposits by 65 basis points in December 2022 and by 100 basis points in November 2022.
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The repurchase rate may increase again
Point out that from May 2022 to February 2023, RBI has increased the repo rate by 2.50 percent. The RBI is expected to raise the April MPC by 0.25 percent.
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Tags: bank of baroda
FIRST POSTED: Mar 19, 2023 22:07 IST
