FD rate hike news: Bank of Baroda, Union Bank increase fixed deposit interest rates. Check latest FD rates here
₹2 crore with effect from today, December 29. The increase in rates is largely focused on shorter-term maturity buckets, specifically those less than 1 year.
Increasing interest rates in shorter-term maturities will not only greatly benefit depositors who keep deposits for shorter maturities. Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, “The decision to increase retail term deposit rates underscores Bank of Baroda's commitment to offering higher value to our customers, while strategically managing our deposit portfolio.
We believe this step will not only attract more customers as they earn more on their savings, but will also help the Bank optimise its cost of deposits, thereby safeguarding our NIM." Existing and new customers of Bank of Baroda can take advantage of the higher rates and open an FD through any of the Bank’s branches across India. An online FD can also be opened by existing customers via the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet).
After the latest hike, BoB offers an interest range ranging from 4.25 % to 7.255 to general customers. 7D to 14D 4.25% 15D to 45D 4.50% 46D to 90D 5.50% 91D to 180D 5.60% 181D to 210D 5.75% 211D to 270D 6.15% 271D to less than 1Y 6.25% 1Y 6.85% Above 1Y to 400D 6.85% Above 400D to 2Y 6.85% Above 2Y to 3Y 7.25% Above 3Y to 5Y 6.50% Above 5Y to 10Y 6.50% Above 10Y (MACAD only) 6.25% 399D (Tiranga Plus) 7.15% Bank of Baroda offers senior citizens an interest rate ranging from 4.75% to 7.75% on deposits maturing in seven days to ten years.
Union Bank of India hiked interest rates by up to 25 basis points (bps) on its fixed deposits (FDs) on certain tenures for amounts less than ₹2 crore. These rates are
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