Business

Baroda Bank raises interest rate up to 0.20% on deposits under 2 crore

Baroda Bank on Wednesday raised deposit rates below 2 crore up to 0.20%. The new interest rates take effect on September 13, Tuesday. In a statement, Baroda Bank said domestic one-year term deposits and NRO (Non-Residents) will have an interest rate of 5.50%, up from 5.30% previously.

Deposits over 400 days to 3 years will have an applicable interest rate of 5.50%, increasing from 5.45% and 5.65% respectively, increasing 0.15% for terms from 3 years up to 10 years.

Higher interest rates have been applied to seniors on one-year deposits. Baroda Bank offers 6% from 5.80% previously for seniors for one-year deposits.

Likewise, for other terms applicable to resident senior citizens, the new interest rates will range from 6-6.65% versus 5.95-6.50%.

Baroda Bank has also raised interest rates on ‘Baroda Tax Savings Term Deposit’. The ‘Baroda Tax Term Savings Deposit’ was increased for a term of 5 to 10 years to 5.65%, an increase of 0.15%. This deposit will earn up to 6.65% for seniors.

The lender has also increased the savings rate on Baroda Advantage’s Fixed Deposit 15 lakh and less 2 crore for domestic, NRO and NRE (Non-Resident) account holders to 5.80% from 5.65%.

The Baroda Tiranga deposit program, offering interest rates of 5.75% per annum for 444 days and 6% per annum for 555 days continues to be available until December 31, 2022.

Lenders say seniors earn an extra 0.50 per cent interest per year and No Call Deposits get an extra 0.15 per cent per year.

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