Public sector bank BOB or Bank of Baroda has hiked its FD interest rates for the deposits worth less than ₹2 Cr. The new interest rates are in effect from Thursday, July 28. Bank has hiked the interest rates for various tenures which range between 3.0-5.50 percent for the general public and 3.5-6.50 percent for the senior citizens.
Bank of Baroda Hiked FD Interest Rates
BOB’s decision is followed by the hike in FD and loan interest rates by other public and private sector banks including SBI, Kotak Mahindra Bank and PNB. All the lenders are raising the rate as the response to repo rate hike by RBI’s Monetary Policy Committee (MPC) to tame the surging inflation.
Here Are The Modified Latest FD Interest Rates Hiked By BOB For Funds Valuing Below ₹2Cr:
| FD Tenure | FD Interest Rates (%) For General Public | FD Interest Rates (%) For Senior Citizens |
| 7 days to 14 days | 3.00 | 3.50 |
| 15 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 4.00 | 4.50 |
| 91 days to 180 days | 4.00 | 4.50 |
| 181 days to 270 days | 4.65 | 5.15 |
| 271 days & above and less than 1 year | 4.65 | 5.15 |
| 1 year | 5.30 | 5.80 |
| Above 1 year to 400 days | 5.45 | 5.95 |
| Above 400 days and up to 2 years | 5.45 | 5.95 |
| Above 2 years and up to 3 years | 5.50 | 6.00 |
| Above 3 years and up to 5 years | 5.50 | 6.00 |
| Above 5 years to up to 10 years | 5.50 | 6.00 |
| Above 10 years (MACT/ MACAD Court Order schemes only) | 5.10 | 5.60 |
Also read:
RBI Is All Set To Hike Repo Rates By 35 Bps
“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.”
