Bank of Baroda customers will get more returns! Interest rates hiked on FD, know latest rates

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, deposits of more than one to two years will now get interest at the rate of 6.10 percent. This rate was earlier 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.

Also read- PHOTOS: These 4 banks are offering more than 8% interest to senior citizens on FD

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.

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Many banks have increased FD rates
It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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Tags: Bank FD, Bank of Baroda, FD Rates, Fixed deposits, Money Making Tips, RBI