Finance
Bank of Baroda has increased fixed deposit interest rates on domestic term deposits of less than 2 crore rupees, including non-resident ordinary (NRO) and non-resident external (NRE) term deposits, by up to 40 basis points.
These rates will be in effect beginning June 15, 2022.
Interest rates on saving deposits of Rs 100 crore and above have also been raised to less than Rs 200 crore and 500 crore and above, according to a bank statement.
The Bank of Baroda rate hike comes after the Reserve Bank of India (RBI) raised the repo rate last week.
The RBI increased the repo rate by 0.50 percent to 4.90 percent. Repo is the short-term lending rate charged by the RBI to banks.
The State Bank of India (SBI) raised its deposit and lending rates on Tuesday.
SBI has increased interest rates on domestic term deposits of less than Rs 2 crore for select tenors by 0.20 percent.
The revised interest rates on retail domestic term deposits (less than Rs 2 crore) will take effect on June 14, 2022, according to SBI’s website.
Following the revision of the repo rate by the RBI on June 8, a number of banks raised their rates.
Source:NDTV
