Bank of Baroda has raised the interest on ‘Baroda Tax Savings Term Deposit’ for 5 to 10 years tenure to 5.65 percent, up by 0.15 percent.
On Wednesday, the Bank of Baroda was asked to raise the interest rates on retail term deposits of Rs 2 crore or less and by up to 0.20 percent. Therefore, the new rates have come into effect on September 13, 2022.
Furthermore, the one-year tenure domestic and NRO (Non-Resident Ordinary) term deposit will offer an interest of 5.50 percent, compared to 5.30 percent earlier. Deposits for above 400 days to 3 years will earn an interest of 5.50 percent, when compared to 5.45 percent earlier. For 3 years to 10 years, the new rate is 5.65 percent, increased by 0.15 percent when compared to earlier. For senior citizens, there will be a higher rate of interest for one-year deposits at 6 percent when compared to 5.80 percent which was available earlier.
Similarly, for additional tenures related to resident senior citizens, the new rates will range from 6-6.65 percent as against 5.95-6.50 percent. The bank has also raised the interest on “Baroda Tax Savings Term Deposit” for 5 to 10 years tenure to 5.65 percent, increased by 0.15 percent. For senior citizens, the deposits will earn up to 6.65 percent.
Again, the lender has also hiked the savings rate on Baroda Advantage Fixed Deposit of Rs 15 lakh and less than Rs 2 crore for domestic, NRO and NRE (Non-Resident External) account holders to up to 5.80 percent from 5.65 percent. Meanwhile, the Baroda Tiranga Deposit Scheme, which is available in two tenure buckets gives interest rates of 5.75 percent per annum for 444 days and 6 percent per annum for 555 days, continues to be available till 31st December 2022.
The lender said, “Senior citizens earn an additional interest rate of 0.50 percent per annum, while Non-Callable Deposits get 0.15 percent per annum more.”