BoB revises fixed deposits rates by up to 0.25%

State-owned Bank of Baroda (BoB) today revised fixed deposits rates by up to 0.25% on select maturities.

Fixed deposit rate on maturity between 271 days and one year will go up by 0.15% to 7.75% from existing 7.60%, BoB said in a filing on the BSE.

However, the bank has reduced the interest rate by 0.25% to 8.75% from 9% for term deposit between 1 and 3 years.

The rate has been reduced by similar percentage points, to 8.75%, for fixed deposits maturing between 3-10 years, the filing said.

The new rates would be effective from tomorrow, it added.

Meanwhile, the largest subsidiary of SBI, State Bank of Bikaner and Jaipur has also slashed interest rates on select maturities by 0.25-1% for fixed deposits.

For deposits maturing between 91 days and 179 days, the bank has slashed interest rates by 0.50% to 7.50%, while for deposits between 180 days and less than one year, the interest rate has been cut to 7.50% from 8.50% previously.

Deposits of one year and less than 3 years will now attract interest rate at 8.75% from 9% earlier. For maturities of three years to five years, the new rate of interest will stand at 8.50% from 9% earlier.