Bank of Baroda raises interest rates on domestic retail deposit accounts by 25 bps

Bank of Baroda raised the interest rate on domestic retail deposit accounts, including NRO and NRE term deposits, by 25 basis points on select tenors. The rates are effective for deposits under Rs 2 crore starting on March 17, 2023, according to a statement from the public sector lender.

According to the lender, the interest rates have also been hiked on the Baroda Tax Savings Term Deposit as well as Baroda Advantage Fixed Deposit, a non-callable retail term deposit scheme.

The new rate on deposits of above 3 years to 5 years is 6.5 percent and for resident Indian senior citizens, it is 7.15 percent. For term deposits of above 5 years to 10 years, the new rate is 6.5 percent and for senior citizens, it is 7.5 percent. Bank of Baroda had earlier 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.

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