The interest rates on retail term deposits of public sector Bank of Baroda have increased. The bank has increased interest rates by up to 0.3 per cent for select term deposits. This also includes NRO and NRE term deposits.
Bank of Baroda has increased the interest rate not only on retail term deposits, but also on its 399-day special 'Baroda Tricolor Plus Deposit Scheme'.
How much has the interest rate increased on which scheme?
Bank of Baroda has increased the interest on retail term deposits of less than Rs 2 crore to 7.05 percent. Earlier it was 6.75 percent. These interest rates are going to be for term deposits of 2 to 3 years. On the other hand, this interest rate for senior citizens will be 7.55 percent, which was earlier 7.25 percent.
On the other hand, if the deposit under the Baroda Tiranga Plus scheme is less than Rs 2 crore, then general people will get 7.25 percent interest, while senior citizens will get 7.75 percent. Earlier this interest rate was 7.05 percent and 7.55 percent respectively.
Tricolor Deposit Plus interest rate hiked
The bank has also increased the interest rate of its Baroda Tricolor Plus Deposit Scheme. Now under this scheme people will get a maximum interest of 7.90 percent. This includes an additional interest of 0.50 per cent separately for senior citizens.
The increased interest rates of the bank have come into effect from May 12. The bank has reduced the interest rate for Baroda Advantage FD to 7.30 percent. Earlier it was 7 percent. In this scheme, senior citizens will get 7.80 percent interest. A minimum of Rs 15.01 lakh has to be deposited under this scheme.
Under Baroda Tricolor Plus, people will get 7.40 percent interest on the same deposit. For senior citizens, it will be 7.90 percent. The bank had earlier increased the interest rate of term deposit scheme in March this year and in December 2022.
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