Interest rates on retail fixed deposits are raised by 1.25% by Bank of Baroda

Interest rates on retail fixed deposits are raised by 1.25% by Bank of Baroda

Interest rates on retail fixed deposits are raised by 1.25% by Bank of Baroda

The domestic deposit rate was raised by Bank of Baroda by 1.25 percent. NRO (Non-Resident Ordinary) fixed deposits are also included in this. The hike is going to take effect on December 29, 2023. The public sector bank said that deposits under Rs 2 crore will see a hike in deposit interest rates in its regulatory filing.

The domestic deposit rate was raised by Bank of Baroda by 1.25 percent. NRO (Non-Resident Ordinary) fixed deposits are also included in this. The hike is going to take effect on December 29, 2023. The public sector bank said that deposits under Rs 2 crore will see a hike in deposit interest rates in its regulatory filing.

'The rise in retail deposits indicates the bank's commitment to provide greater services to consumers,' said Ravindra Singh Negi, Chief General Manager (Retail Liabilities and NRI Business), Bank of Baroda. We think that by taking this action, the bank will be able to enhance its deposits in addition to drawing in additional clients. The bank's Net Interest Margin (NIM) will improve as a result.

Previously, State Bank (SBI) increased the interest rates on FDs as a way to offer its clients a present for the New Year. Interest rates on a certain FD programs have been raised by SBI by 0.5 percent. The interest rate on deposits maturing in periods of 7 to 45 days has been raised by the bank from 3% to 3.50%, and in periods of 46 to 179 days, it has been raised from 4.50% to 4.75%. As.

For a 180- to 210-day period, the bank has raised the interest rate from 5.25 percent to 5.75 percent. In addition, the interest rate on federal savings accounts (FDs) with maturities ranging from 211 days to less than a year has been raised from 5.75 percent to 6 percent. Deposits with maturities ranging from three to five years now have an interest rate of 6.75 percent instead of 6.50 percent. There has been no change to the rates for other times.