This public sector financial institution hikes rates of interest on financial savings financial institution deposits
2 min readBank of Baroda (BoB), a public sector lender, raises rates of interest on financial savings financial institution accounts. The financial institution issued this announcement on June 15, 2022, and on account of the modification, financial savings account rates of interest have been raised by 5 to 10 foundation factors.
BoB Savings Account Interest Rates
The financial institution will proceed to offer a 2.75 per cent rate of interest on financial savings account balances of as much as Rs. 1.00 lakh and over ₹1.00 lakh to lower than ₹100 Crores. BoB would give an rate of interest of two.90 per cent on financial savings financial institution deposits of Rs.100 crore and as much as lower than Rs.200 crores, up from 2.85 per cent earlier than, a 5 foundation level enhance. Furthermore, for deposits of ₹200 crores and above however lower than ₹500 crores, the financial institution would proceed to offer a 3.05 per cent rate of interest. Previously, the financial institution supplied an rate of interest of three.25 per cent on financial savings account balances of ₹500 crores and above to lower than ₹1,000 crores, however this charge has been raised to three.35 per cent, a ten per cent enhance. Previously, the rate of interest on financial savings account balances of ₹1,000 crores and above was 3.30 per cent, however it has been raised to three.35 per cent, a 5 foundation level enhance.
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BoB Savings Account Interest Rates (bankofbaroda.in)
BoB additionally raised rates of interest on fastened deposits of lower than ₹2 crore on June 16, 2022. Following the modification, the financial institution now provides an everyday charge of two.80 per cent to five.35 per cent and a senior citizen charge of three.30 per cent to six.35 per cent on deposits maturing in 7 days to 10 years. The financial institution offers a most rate of interest of 5.50 per cent on deposits of greater than 2 years and as much as 3 years to most people, and a most rate of interest of 6.35 per cent on deposits of greater than 5 years and as much as 10 years to senior residents.
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