Bank of Baroda has increased interest rates on deposits below ₹2 crore by 0.20%. The new interest rates had come into effect since Tuesday, the bank said in a statement.
The one year tenure domestic and NRO interest rate has been increased to 5.50% from 5.30% earlier. Senior citizens have been allowed higher interest rates. For one year deposit they would get 6% from 5.8% earlier. interest rates have been increased for various products of the bank to attract more deposits . This is line with the RBI’s move to increase repo rate.