Search for:
  • Home/
  • business/
  • Bank of Baroda hikes FD rates day after SBI – Times of India

Bank of Baroda hikes FD rates day after SBI – Times of India

[ad_1]

MUMBAI: Bank of Baroda has increased interest rates on short-term deposits by up to 125 basis points (100bps = 1 percentage point). The move comes a day after the country’s largest lender SBI increased rates on some maturities of fixed deposits by 50bps.
BoB will now offer 4.25% on fixed deposits from one week to 14 days as against 3% earlier. On deposits from 15 days to 45 days, the interest rate has been hiked by one percentage point to 4.5%. “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,” said Ravindra Singh Negi, chief GM, BoB.
The highest return offered by the bank is on its 399-day Tiranga deposit, which remains unchanged at 7.15%. The bank has also retained interest on 171 days to one-year deposits and on deposits above two years. On other maturities, the bank has increased rates from 15bps to 60bps. The highest return offered by the bank for senior citizens is 7.65% on 399-day deposits.



[ad_2]

Leave A Comment

All fields marked with an asterisk (*) are required