The Business Bytes
TBB BUREAU
MUMBAI, OCT 9, 2023
Public sector lender Bank of Baroda (BoB) on Monday announced an increase in interest rates on domestic retail term deposits, including NRO and NRE term deposits, by up to 50 basis points across various tenors up to three years. These rates are applicable on deposits below Rs 2 crore with effect from October 9, 2023.
BoB is offering interest rates of up to 7.4 per cent per annum for general citizens and up to 7.9 per cent per annum for senior citizens, which includes 0.5 per cent per annum of additional interest for senior citizens and 0.15 per cent for non-callable deposits.
The bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior citizens would earn 7.8 per cent per annum on non-callable deposits under the scheme, it added.
“This is an opportune time for existing and new customers to place new deposits in the bank and lock in a higher interest rate on their deposits,” said Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda.
