A Welcome Change: FD Rates Hiked by 50 Basis Points
Good news for Bank of Baroda account holders — if you’ve made a fixed deposit with the bank or are considering doing so, you’re in for a treat. The bank has announced a substantial increase in fixed deposit (FD) interest rates by 50 basis points. This change is applicable to deposits of less than Rs 2 crore.
New Rates Effective from October 9
According to the bank’s official communication, these revised rates come into effect from October 9. So, customers who opt for an FD today will immediately benefit from the higher interest rates.
Official Announcement: Attractive Rates for General and Senior Customers
The Chief General Manager of Bank of Baroda has stated that the bank aims to offer attractive interest rates to its customers for better returns. Both general customers and senior citizens will particularly benefit from higher interest rates for term deposits ranging from 2 to 3 years. Senior citizens can enjoy interest rates of up to 7.75 percent.
Tricolor Plus Deposit Scheme: A Rate Revamp
In addition to the FD rates, Bank of Baroda has also revised the interest rates for its Tricolor Plus Deposit Scheme with a term of 399 days. Under the new rates, senior citizens will receive an annual interest of 7.65 percent, while general citizens will get a 7.15 percent annual return.
In Conclusion: A Strategic Move for Higher Returns
This rate hike by Bank of Baroda represents a strategic move aimed at attracting more customers to its fixed deposit schemes. With the new rates in effect, now is an opportune time to consider locking in a fixed deposit at Bank of Baroda.