Bank of Baroda and other banks hike interest rates on FDs; details here

Following continuous increases in the repo rate by the Reserve Bank of India (RBI), lenders have begun boosting the interest rates on fixed deposits (FDs). The State Bank of India (SBI), Bank of Baroda (BOB), HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India, and IDFC First Bank are a few of the banks that recently hiked interest rates on term deposits. Bank of Baroda, the leading lender in the list, has introduced the “Baroda Tiranga Plus Deposit Scheme,” which offers higher standard interest rates of up to 7.50 per cent p.a. for 399 days. The scheme came into effect on 1 November 2022.

As per the Baroda Tiranga Plus Deposit Scheme of 399 Days, BoB will offer an interest rate of 6.75 per cent for the general public and 7.25 per cent for senior citizens under the callable option, while under the non-callable option, the general public, NRE or NRO depositors will receive an interest rate of 7 per cent and senior citizens will receive an interest rate of 7.50 per cent.

Two distinct tensors of 444 and 555 days are included in the scheme. In contrast to the callable deposits maturing in 555 days, which will have standard interest rates of 6.00 per cent and 6.50 per cent for senior citizens, the callable deposits maturing in 444 days will offer interest rates of 5.75 per cent to the general public and 6.25 per cent to elderly citizens.

Among others, the Bank of India, under their newly-announced ‘Star Super Triple Seven Fixed Deposit’ scheme, will provide an interest rate of 7.25 per cent for normal depositors and up to 7.75 per cent for senior citizens on a deposit for 777 days. A new 666-day fixed deposit plan has also been introduced by Canara Bank. As per the scheme, the lender will charge its regular customers an interest rate of 7 per cent, while senior citizens will be given an interest rate of 7.5 per cent on their deposits.

Union Bank of India now offers interest rates ranging from 3 per cent to 7 per cent on a maturity of 599 days. Punjab and Sind Bank will now offer an interest rate of 5.00 per cent on FDs maturing in 270 to 364 days, 6.25 per cent for FDs up to 3 years, 6.10 per cent for FDs maturing in 3 years to 10 years, and 6.10 per cent for a maturity period of 1 to 2 years.

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