Bank of Baroda Raises Fixed Deposit Interest Rates; Know Latest FD Rates


State-owned Bank of Baroda has hiked its rates of interest on fastened deposits (FD) for funds beneath Rs 2 crore. The new charges have turn out to be efficient from Thursday (July 28). The financial institution, which has elevated rates of interest throughout tenures, now gives rates of interest within the vary of 3-5.50 per cent for most of the people and three.5-6.50 per cent for senior residents.

The FD rate of interest hike by Bank of Baroda comes after a number of different lenders, together with Kotak Mahindra BankPNB and SBI, additionally raised their charges on deposits and loans. The lenders are elevating the FD charges because the RBI’s Monetary Policy Committee (MPC) hiked the important thing repo charges with a view to management inflation within the nation.
Here are the revised rates of interest (every year) on fastened deposits beneath Rs 2 crore on the Bank of Baroda efficient from July 28:

7 days to 14 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent

15 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent

46 days to 90 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent

91 days to 180 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent

181 days to 270 days – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent

271 days & above and fewer than 1 yr – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent

1 yr – For General Public: 5.30 per cent; For Senior Citizens: 5.80 per cent

Above 1 yr to 400 days – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent

Above 400 days and as much as 2 years – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent

Above 2 years and as much as 3 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent

Above 3 years and as much as 5 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent

Above 5 years to as much as 10 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent

Above 10 years (MACT/ MACAD Court Order schemes solely) – For General Public: 5.10 per cent; For Senior Citizens: 5.60 per cent.

To management inflation, the Reserve Bank of India (RBI) in early June raised the important thing repo charge by 50 foundation factors (bps), which was the second hike inside nearly as month after the central financial institution’s Monetary Policy Committee elevated 40 foundation factors in off-cycle coverage overview in May. The retail inflation in June stood at 7.01 per cent, which is barely decrease than the 7.04 per cent recorded in May however is larger than the RBI’s goal vary of 2-6 per cent.

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