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Bank of Baroda (BOB) Hikes Fixed Deposit (FD) Rates By 10-25 Bps Effective From Today, 5th September
The top public sector lender in India, Bank of Baroda (BOB), has raised interest rates on fixed deposits of less than Rs 3 Cr. in observance of Teachers' Day. This time, the bank has increased interest rates across a variety of tenures by 10 to 25 basis points. BoB is now providing a maximum return of 7.30% to the general public and 7.80% to elderly individuals with 399 days of tenure, as a result of the modification. The revised FD rates take effect on September 5, 2024, according to the bank's official website.
BoB FD Rates
The bank will continue to give an interest rate of 4.25% on fixed deposits maturing in 7 to 14 days, while BoB will continue to offer an interest rate of 4.50% on those maturing in 15 to 45 days. BoB will keep offering interest rates of 5.50% for terms ranging from 46 to 90 days and 5.60% for terms ranging from 91 to 180 days. Term deposits that mature between 181 and 210 days will still earn a 5.75 per cent interest rate; term deposits that mature between 211 and 270 days will earn a 10 basis point boost to 6.25% interest, from 6.15% previously.
Bank of Baroda has hiked the interest rate by 25 bps from 6.25% to 6.50% on 271 days & above and less than 1 year (except 333 Days and 360 Days) tenure whereas, on 333 Days (bob Monsoon Dhamaka Deposit Scheme), the interest rate has been kept unchanged at 7.15%.
On 360 days (bob360) tenure, BoB will pay an interest rate of 7.10% and 6.85% on term deposits of 1 year. On 399 days (bob Monsoon Dhamaka Plus Deposit Scheme) tenure, BoB has hiked the interest rate from 7.25% to 7.30% whereas, on term deposits tenure of above 1 year to upto 2 Years, BoB has hiked the interest rate by 15 bps from 6.85% to 7%.
Term deposits with maturities of more than two years and up to three years will continue to earn an interest rate of 7.15%, while those with maturities of more than three years and up to ten years would still yield 6.50%.
| Tenors | Residents / General Public (w.e.f 05-09-2024) | Resident Indian Sr. Citizen (w.e.f 05-09-2024) | Residents / General Public (w.e.f August 13, 2024) | Resident Indian Sr. Citizen (w.e.f August 13, 2024) |
|---|---|---|---|---|
| 7 days to 14 days | 4.25 | 4.75* | 4.25 | 4.75* |
| 15 days to 45 days | 4.5 | 5.00* | 4.5 | 5 |
| 46 days to 90 days | 5.5 | 6.00* | 5.5 | 6 |
| 91 days to 180 days | 5.6 | 6.10* | 5.6 | 6.1 |
| 181 days to 210 days | 5.75 | 6.25* | 5.75 | 6.25 |
| 211 days to 270 days | 6.25 | 6.75* | 6.15 | 6.65 |
| 271 days & above and less than 1 year (except 333Days and 360 Days) | 6.5 | 7.00* | 6.25 | 6.75 |
| 333 Days (bob Monsoon Dhamaka Deposit Scheme) | 7.15 | 7.65* | 7.15 | 7.65 |
| 360 Days (bob360) | 7.1 | 7.60* | 7.1 | 7.6 |
| 1 year | 6.85 | 7.35* | 6.85 | 7.35 |
| 399 Days (bob Monsoon Dhamaka Plus Deposit Scheme) | 7.3 | 7.80* | 7.25 | 7.75 |
| Above 1 year to 400 days (Except 399 Days) | 7 | 7.50* | 6.85 | 7.35 |
| Above 400 days and upto 2 Years | 7 | 7.50* | 6.85 | 7.35 |
| Above 2 Years and upto 3 Years | 7.15 | 7.65* | 7.15 | 7.65 |
| Above 3 Years and upto 5 Years | 6.5 | 7.15 # | 6.5 | 7.15 |
| Above 5 Years and upto 10 Years | 6.5 | 7.50** | 6.5 | 7.5 |
Resident Indian Senior Citizens get an additional ROI of 0.50% for term deposits of upto 3 years and above 10 Years, an additional ROI of 0.50+0.15 for deposits above 3 years and upto 5 Years, and an additional ROI of 0.50%+0.50% on tenures above 5 Years and upto 10 Years.
Can You Withdraw BoB FD Before Maturity?
"You will have to pay a penalty of 1% of the applicable rate or the contracted rate, whichever is lower, in cases where you are subject to charging an ageing penalty. There will be no penalty for premature payment of deposits up to Rs 5 lacs if they have been held with the bank for a minimum of 12 months," mentioned Bank of Baroda on its website.
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