Bank of Baroda Hikes FD Rates Effective From Today; Introduces Monsoon Dhamaka Deposit Scheme

With effect from Monday, the public sector lender Bank of Baroda has increased the interest rate on fixed deposits of less than Rs 3 Cr. In line with the monsoon season, the lender has also launched the BoB Monsoon Dhamaka Deposit Scheme, which offers higher interest rates on 399 days and 333 days of tenure, respectively, of 7.25% for the general public, 7.75% for senior citizens, and 7.15% for non-senior citizens. The latest FD rates offered by Bank of Baroda are stated on the bank's official website and will take effect on July 15, 2024.

BoB Latest FD Rates

Bank of Baroda is giving an interest rate of 6.00% on domestic term deposits with maturities ranging from 15 days to 45 days, while the bank is offering an interest rate of 4.25% on deposits less than Rs 3 Cr that mature in 7 to 14 days. Interest rates are being offered by Bank of Baroda at 5.50% for 46 days to 90 days and 5.60% for 91 days to 180 days of deposit tenure. Term deposits that mature between 181 and 210 days will yield an interest rate of 5.75%, while those that mature between 211 and 270 days will provide an interest rate of 6.15%.

On a fixed deposit tenure of 271 days & above and less than 1 year (except 333 Days and 360 Days), the bank is offering an interest rate of 6.25% and on the newly launched 333 Days (bob Monsoon Dhamaka Deposit Scheme), the interest rate applicable is 7.15%. The bank will pay 7.10% interest on a special tenure of 360 days (bob360), and BoB will pay 6.85% interest on those maturing in a year. Bank of Baroda is offering a 7.25% interest rate on the newly launched 399 Days (Bob Monsoon Dhamaka Deposit Scheme) as of July 15, 2024.

Fixed deposits with maturities of more than a year and up to two years will pay 6.85% interest, while those with maturities of more than two years and up to three years will pay 7.15% interest at BoB. BoB will pay an interest rate of 6.50% on long-term deposits with maturity durations of three and ten years.

Shri Sanjay Mudaliar, Executive Director, Bank of Baroda said, "Bank of Baroda is pleased to announce the bob Monsoon Dhamaka Deposit Scheme, enabling customers to earn a higher rate of interest on their savings. It also offers the flexibility to choose from two tenures. This is an opportune time for people to lock in higher returns on their deposits."

The bank has also revised the Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. 12th July 2024.

The bank's global business expanded by 8.52% YoY to Rs 23.77 trillion as of June 30, 2024. As of June 30, 2024, the bank's global advances had gone up by 8.14% YoY to Rs 10.72 trillion. As of June 30, 2024, the bank's global deposits had grown by 8.83% YoY to Rs 13.06 trillion. Bank of Baroda's domestic retail advances were at Rs 2,22,495 Cr in the quarter under review, up by 20.86% YoY from Rs 1,84,091 Cr in Q1FY23. The bank recently announced that its domestic advances reached Rs 8,81,817 Cr in Q1FY25, up by 8.51% YoY from Rs 8,12,626 Cr in the year-ago quarter.