Following closely on the heels of SBI, and private sector lenders, HDFC Bank and ICICI Bank, Bank of Baroda has announced a hike in fixed deposit (FD) interest rates. The public sector lender has revised interest rates on fixed deposits (FDs) with effect from 25 February. After this revision, Bank of Baroda latest FD interest rates range from 2.80 per cent to 5.25 per cent for maturities between 7 days and 10 years. Bank of Baroda gives interest rate of 2.80 per cent on FDs maturing in 7 days to 45 days. For maturity periods 46 days to 180 days and 181 days to 270 days, BoB gives an interest rate of 3.7 per cent, 4.30 per cent respectively. On FDs maturing in 271 days or more but less than 1 year it is 4.4 per cent.
For deposits maturing in one year it is 5 per cent. Bank of Baroda gives an interest rate of 5.1 per cent for duration above 1 year and upto three years. Bank of Baroda is offering the highest rate of 5.25 per cent on FDs with a tenure of above 3 years and upto 5 years. For FDs maturing in above 5 years and upto 10 years, BoB gives 5.25 per cent interest rate.
The bank offers special interest rate on FD for senior citizens. Senior citizens get an additional interest of 0.50 per cent on domestic term deposits of less than Rs 2 crore for all tenors.
Bank of Baroda Latest FD Interest Rates (below Rs 2 crore) for General Public
7 days to 14 days: For General Public – 2.80 per cent; For Senior Citizens – 3.30 per cent
15 days to 29 days: For General Public – 2.80 per cent; For Senior Citizens – 3.00 per cent
30 days to 45 days: For General Public – 3.70 per cent; For Senior Citizens – 3.50 per cent
46 days to 60 days: For General Public – 3.70 per cent; For Senior Citizens – 3.50 per cent
61 days to 90 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
91 days to 120 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
6 months 1 days to 9 months: For General Public – 4.30 per cent; For Senior Citizens – 4.80 per cent
9 months 1 day to less than a year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year: For General Public – 5.00 per cent; For Senior Citizens – 5.50 per cent
1 year 1 day to 2 years: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
2 years 1 day to 3 years: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
3 years 1 day to 5 years: For General Public – 5.25 per cent; For Senior Citizens – 5.75 per cent
5 years 1 day to 10 years: For General Public – 5.25 per cent; For Senior Citizens – 5.75 per cent
Above 10 years (for MACT/MACAD Court Order schemes only): For General Public – 5.10
Meanwhile, revised rate of interest on slab-wise saving banks accounts upto Rs 1 lakh is 2.75 per cent and giving a 2.85 per cent interest rate above Rs 1 lakh to Rs 200 crore.
Is it a Good Time to Invest in Bank Fixed Deposits?
If you’re planning to open a new FD or renew a current one, you should choose a shorter term deposit, such as one year or less, so that your money isn’t tied in at a low rate for too long. When short- to medium-term rates climb, you can start lengthening the terms of your FDs.
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