Bank of Baroda revises fixed deposits rates by up to 0.25 pc

State-owned Bank of Baroda (BoB) on Friday revised fixed deposits rates by up to 0.25 per cent on select maturities.

Fixed deposit rate on maturity between 271 days and one year will go up by 0.15 per cent to 7.75 per cent from existing 7.60 per cent, BoB said in a filing on the BSE.

However, the bank has reduced the interest rate by 0.25 per cent to 8.75 per cent from 9 per cent for term deposit between 1 and 3 years.

The rate has been reduced by similar percentage points, to 8.75 per cent, for fixed deposits maturing between 3-10 years, the filing said.

The new rates would be effective from Saturday, it added.

Meanwhile, the largest subsidiary of SBI, State Bank of Bikaner and Jaipur has also slashed interest rates on select maturities by 0.25-1 per cent for fixed deposits.

For deposits maturing between 91 days and 179 days, the bank has slashed interest rates by 0.50 per cent to 7.50 per cent, while for deposits between 180 days and less than one year, the interest rate has been cut to 7.50 per cent from 8.50 per cent previously.

Deposits of one year and less than 3 years will now attract interest rate at 8.75 per cent from 9 per cent earlier. For maturities of three years to five years, the new rate of interest will stand at 8.50 per cent from 9 per cent earlier.