Bank of Baroda hikes interest rates on retail term deposits by 25 bps

Bank of Baroda hikes interest rates on retail term deposits by 25 bps

These rates will come to effect from March 17, 2023 and will be applicable on deposits below Rs 2 crore.

FPJ Web DeskUpdated: Sunday, March 19, 2023, 05:30 PM IST
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Bank of Baroda hikes interest rates on retail term deposits by 25 bps | Wikepedia

Bank of Baroda in a statement announced that it has increased interest rates on domestic retail term deposits, including NRO and NRE term deposits, by 25 basis points on select tenors.

These rates will come to effect from March 17, 2023 and will be applicable on deposits below Rs 2 crore.

The Baroda Tax Saving Term Deposit and Baroda Advantage Fixed Deposit, a non-callable retail term deposit scheme interest rates have also been hiked.

The new rate on deposits of above 3 years to 5 years is 6.5 per cent and for resident Indian senior citizens, it is 7.15 per cent. Whereas for term deposits of above 5 years to 10 years, the new rate is 6.5 per cent and for senior citizens it is 7.5 per cent.

Bank of Baroda had last increased retail term deposit interest rates in December 2022 by up to 65 basis points and in November 2022 by up to 100 basis points.

Bank of Baroda maintains same MCLR as February

Bank of Baroda on March 10 in an exchange filing had announced that it would maintain the last Marginal Cost of Funds Based Lending Rate from last month.

The overnight MCLR is at 7.90 per cent, whereas the one month MCLR is at 8.20 per cent. The MLR for three months, six months and one year will be at 8.30 per cent, 8.40 per cent and 8.55 per cent respectively.

With inputs from PTI

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