BoB hikes FD interest rates of diff maturities by 25-75 bps

MUMBAI: State-run Bank of Baroda (BoB) today hiked interest rates on fixed deposits of different maturities in the range of 25 to 75 basis points.

Interest on term deposits (up to Rs 1 crore) with maturity of 91-180 days will now fetch customers an interest of 6.25 per cent, as compared to the existing 5.50 per cent, while interest rate on term deposits for 181-270 days has been increased to seven per cent from 6.25 per cent.

At the same time, the interest on fixed deposits with 271 days to one year tenor has also been increased by 50 basis points to 7.50 per cent from the existing seven per cent, BoB said in a statement.

For fixed deposits with a tenure between 445 days to 3 years, the new interest rate will be 8.50 per cent, as against the existing rate of 8.25 per cent while term deposit with 3-10 years of maturity will attract 8.25 per cent interest, an increase of 75 basis points vis-a-vis the previous rate.

The increase in deposit rates is intended to help attract funds to tide over liquidity crunch.

BoB had last revised its deposit rates in on December 10 last year.