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Bank of Baroda (BoB), a public sector lender, raises interest rates on savings bank accounts. The bank issued this announcement on June 15, 2022, and as a result of the modification, savings account interest rates have been raised by 5 to 10 basis points.
The bank will continue to give a 2.75 per cent interest rate on savings account balances of up to Rs. 1.00 lakh and over ₹1.00 lakh to less than ₹100 Crores. BoB would give an interest rate of 2.90 per cent on savings bank deposits of Rs.100 crore and up to less than Rs.200 crores, up from 2.85 per cent before, a 5 basis point increase. Furthermore, for deposits of ₹200 crores and above but less than ₹500 crores, the bank would continue to give a 3.05 per cent interest rate. Previously, the bank offered an interest rate of 3.25 per cent on savings account balances of ₹500 crores and above to less than ₹1,000 crores, but this rate has been raised to 3.35 per cent, a 10 per cent increase. Previously, the interest rate on savings account balances of ₹1,000 crores and above was 3.30 per cent, but it has been raised to 3.35 per cent, a 5 basis point increase.
BoB also raised interest rates on fixed deposits of less than ₹2 crore on June 16, 2022. Following the modification, the bank now offers a regular rate of 2.80 per cent to 5.35 per cent and a senior citizen rate of 3.30 per cent to 6.35 per cent on deposits maturing in 7 days to 10 years. The bank provides a maximum interest rate of 5.50 per cent on deposits of more than 2 years and up to 3 years to the general public, and a maximum interest rate of 6.35 per cent on deposits of more than 5 years and up to 10 years to senior citizens.