Bank of Baroda hikes FD rates day after SBI – Times of India

Bank of Baroda hikes FD rates day after SBI - Times of India

MUMBAI: Bank of Baroda has grown. interest rate Up to 125 basis points on short-term deposits (100bps = 1 percentage point). The move comes a day after the country’s largest lender. SBI Increase in rates by up to 50bps on certain maturities of fixed deposits.
BoB will now offer 4.25% on weekly to 14-day fixed deposits from 3% earlier. The interest rate on deposits from 15 days to 45 days has been increased by one percent to 4.5 percent. Ravinder Singh Negi, Chief GM, BoB said, “We believe this move will not only attract more customers as they earn more on their savings, but also help the bank improve its cost of deposits. There will be support, and thus our NIM will be secured,” said Ravinder Singh Negi, Chief GM, BoB.
The highest yield offered by the bank is on its 399-day tricolor deposit, which is unchanged at 7.15%. The bank has maintained interest on deposits from 171 days to one year and also on deposits above two years. On other maturities, the bank has raised rates by 15bps to 60bps. The highest return offered by the bank for senior citizens is 7.65% on 399 day deposits.

Business news,SBI,interest rate,Hiking,FD rates,Bank of Baroda

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