Public sector lender Bank of Baroda (BoB) today announced an increase in the interest rate on certain retail term deposit schemes by up to 75 basis points, with effect from November 29.
The interest rates were hiked for deposits of less than Rs 1 crore, Bank of Baroda said in a filing to the Bombay Stock Exchange.
The interest rate on deposits with a maturity period of 271 days and above, but less than one year, has been increased by 50 basis points to 6.75 per cent. Furthermore, the rates for deposits with a tenor of between one year and 443 days have also been hiked by 50 basis points to 7.75 per cent, it added.
For retail term deposits with a maturity period of 444 days, the bank has revised the interest rate to 8.10 per cent, up 60 basis points from the prevailing rate.
The maximum hike will be effected on deposits with a tenor between 445 days and three years. The rate of interest on such retail term deposits has been increased by 75 basis points to 8 per cent.
The interest rates for all other maturities remain unchanged.