Bank of Baroda has raised interest rates on its Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors of up to 3 years. These revised rates are applicable to deposits below Rs 2 crore and took effect from October 9, 2023.
The bank is now offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens. This includes an additional interest of 0.50% p.a. for senior citizens and 0.15% for non-callible deposits. The bank has also adjusted interest rates on its Tiranga Plus Deposit Scheme for 399 days, where senior citizens can earn 7.80% p.a. on non-callable deposits under the scheme.
Bank of Baroda’s highest interest rate for senior citizens is more competitive than those offered by SBI and several other leading banks in India.
Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business at Bank of Baroda, expressed their satisfaction in offering attractive interest rates to customers, allowing them to earn higher assured returns. He highlighted that senior citizen depositors can now earn one of the best interest rates in the industry, particularly for a 2 to 3-year investment tenor.
Bank of Baroda has also launched its festive campaign, “BOB Ke Sang Tyohaar Ki Umang,” which includes various innovative schemes like 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). These schemes cater to different customer segments and offer a range of benefits. The festive campaign runs until December 31, 2023, and has received a positive response from customers.
Bank of Baroda had previously raised retail term deposit interest rates in May 2023 and March 2023. Both existing and new customers of the bank can open a new FD through any of its branches across India or online through the bank’s mobile app (Bob World) or net banking (Bob World Internet) to take advantage of this offering.
