Bank of Baroda raises interest rate on FDs by up to 1%

State-owned Bank of Baroda (BoB) on Monday increased its retail term deposit interest rates by up to 100 basis points or 1 percentage point in line with hardening rates.

Interest rates have also been hiked on bulk saving deposits of Rs 50 crore and above to less than Rs 200 crore by up to 25 basis points, BoB said in a statement.

The 10-year and above tenor domestic and NRO (Non-Resident Ordinary) term deposit will now offer an interest of 6.10 percent, up from 5.10 percent earlier. Deposits for above 1-2 years will earn an interest of 6.10 percent, up from 5.50 percent. For 2-3 years, the new rate is 6.25 percent, up by 70 basis points.

Interest rate for 3-10 years maturity have been increased by 45 basis points to 6.10 percent, it said. At the short end, it said, 46-180 days term deposit will earn 50 basis points more at 4.50 percent. Senior citizens will earn 50 basis points higher interest rates in each slab.