Increase in interest rates on FDs of less than Rs 2 crore in Bank of Baroda
Bank of Baroda’s new rates will be effective from November 14, 2022
Effect of increase in repo rate by RBI
New Delhi. After increasing the repo rate by RBI, now public and private sector banks are increasing the rates of fixed deposits (FD). In this episode, the public sector Bank of Baroda has increased its FD interest rates by up to one percent. The bank has now increased the interest rates on FDs by up to one percent. The new rates of the bank have become effective from November 14, 2022.
In a statement issued on Monday, the bank said that interest rates have also been increased by 0.25 percent on bulk savings deposits of more than Rs 50 crore and less than Rs 200 crore. Apart from this, domestic and non-resident ordinary (NRO) FDs of 10 years and above will now get interest at the rate of 6.10 percent. It was earlier 5.10 per cent.
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Bank of Baroda FD Rates
At the same time, interest will now be given at the rate of 6.10 percent on deposits of more than one to two years. Earlier this rate was 5.50 percent. Also, the interest on FDs of 2 to 3 years has also been increased by 0.70 percent to 6.25 percent. At the same time, according to the bank, senior citizens will get 0.50 percent more interest on each category.
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RBI has increased the repo rate for the fourth time in a row
Significantly, to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased FD rates
It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Limited, Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of rate hike has started after the increase in repo rates by RBI.
Tags: Bank FD, Bank of Baroda, FD Rates, Fixed deposits, Money Making Tips, RBI
FIRST PUBLISHED : November 15, 2022, 14:25 IST