State-owned Bank of Baroda has hiked its interest rates on fixed deposits (FD) for funds below Rs 2 crore. The new rates have become effective from Thursday (July 28). The bank, which has increased interest rates across tenures, now offers interest rates in the range of 3-5.50 per cent for the general public and 3.5-6.50 per cent for senior citizens.
The FD interest rate hike by Bank of Baroda comes after several other lenders, including Kotak Mahindra BankPNB and SBIalso raised their rates on deposits and loans. The lenders are raising the FD rates as the RBI’s Monetary Policy Committee (MPC) hiked the key repo rates in order to control inflation in the country.
Here are the revised interest rates (per annum) on fixed deposits below Rs 2 crore at the Bank of Baroda effective from July 28:
7 days to 14 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
15 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
46 days to 90 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
91 days to 180 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
181 days to 270 days – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent
271 days & above and less than 1 year – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent
1 year – For General Public: 5.30 per cent; For Senior Citizens: 5.80 per cent
Above 1 year to 400 days – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent
Above 400 days and up to 2 years – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent
Above 2 years and up to 3 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
Above 3 years and up to 5 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
Above 5 years to up to 10 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
Above 10 years (MACT/ MACAD Court Order schemes only) – For General Public: 5.10 per cent; For Senior Citizens: 5.60 per cent.
To control inflation, the Reserve Bank of India (RBI) in early June raised the key repo rate by 50 basis points (bps), which was the second hike within almost as month after the central bank’s Monetary Policy Committee increased 40 basis points in off-cycle policy review in May. The retail inflation in June stood at 7.01 per cent, which is slightly lower than the 7.04 per cent recorded in May but is higher than the RBI’s target limit of 2-6 per cent.
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