Monday, October 9, 2023

Bank of Baroda Revises Interest Rates On Retail Term Deposits

Bank of Baroda (Bank), one of India’s leading public sector banks announced increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors up to 3 years. These rates are applicable on deposits below Rs 2 crore, with effect from October 9, 2023.  

The Bank is offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens, which includes 0.50% p.a. of additional interest for senior citizens and 0.15% for non-callable deposits. The Bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior Citizens will earn 7.80% p.a. on non-callable deposits under the scheme.  

Shri Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, “We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3 years investment tenor, Senior Citizen depositors can now earn up to 7.90% p.a., which is one of the best in the industry. This is an opportune time for existing and new customers to place new deposits at one of India’s leading banks and lock in a higher interest rate on their deposits.” 

Bank of Baroda has also commenced its festive campaign “BOB Ke Sang Tyohaar Ki Umang” and has launched innovative schemes such as the bob LITE Savings Account, the BOB BRO Savings Account, the My Family My Bank/BOB Parivar Account, the Baroda NRI PowerPack Account and the BOB SDP (Systematic Deposit Plan), providing a range of benefits to different customer segments. The festive campaign will run up to 31st December, 2023 and the Bank is seeing an encouraging response from customers. Along with the above schemes, customers can now earn higher interest on their deposits. 

Bank of Baroda had earlier increased retail term deposit interest rates in May 2023 and March 2023. 

Existing and new customers of Bank of Baroda can open a new FD through any of the Bank’s branches across India to avail this offering. An online FD can also be opened by existing customers via the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet).  

Resident Indian Senior Citizens get additional ROI of 0.50+0.15 (65 basis points) for term deposits above 3 Years and up to 5 Years and additional ROI of 0.50%+0.50% (100 basis points) for term deposits above 5 Years and up to 10 Years. 

The Bank has also increased bulk deposit interest rates (for deposits from Rs 2 crore to Rs 10 crore by up to 1% (100 basis points) across various tenors.  

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