Bank of Baroda has revised its interest rates on fixed deposits (FDs). The new rates came into effect from May 12. Bank of Baroda has hiked rates by 30 basis points on select tenors and customers can now enjoy up to 7.25 percent interest on term deposits below Rs 2 crore. For senior citizens, the lender is offering an additional 50 basis points on interest. Scroll down to see how the interest rates for Bank of Baroda have changed with respect to other lenders.

Bank of Baroda’s revised interest rates:

The lender is offering 3 percent interest on tenors of 7 to 45 days. For customers who have FDs maturing in 46 to 180 days can earn 4.5 percent returns.

In case the term deposit has a tenor of 181 to 210 days, 5.25 percent interest will be offered. If the FD matures in 211 days to less than a year, the rate of interest will be 5.75 percent.

Deposits lasting from 1 to 2 years will give 6.75 percent returns to customers. The special Baroda Tiranga Plus Deposit Scheme, which has a tenor of 395 days, will offer 7.25 percent interest to customers.

Customers will get a 7.05 percent return if their term deposits have a tenor of over 2 years and below 3 years. FDs maturing in 3 to 10 years will offer 6.5 percent interest.

How BoB’s interest rate compares to other banks:

State Bank of India

SBI is offering customers returns ranging from 3 to 7.1 percent. India’s largest lender also gives an additional 0.5 percent interest to senior citizens. SBI offers 6.8 percent term deposits maturing in 1 to less than 2 years. For 3 to 10 years, the interest rate on FDs is 6.5 percent.

ICICI Bank

ICICI Bank also provides returns ranging from 3 to 7.1 percent on fixed deposits. “No FD Interest Rate would be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposits. Subject to the minimum tenor of 7 days for Domestic and NRO Term Deposits,” a notice on ICICI Bank’s website states.

HDFC Bank

The lender is giving 3 to 7.1 percent returns of term deposits below Rs 2 crore. The special rates for senior citizens (a hike of 50 basis points) do not apply to Non- Resident Indians (NRIs).

You can opt for the bank that best suits your financial plans after making a detailed study of their fixed deposit rates.