Banks increase deposit rates on tight liquidity, high credit growth

BoB raises rates 2nd time this quarter; IDBI offering 7.6% for tenor of 700 days

Even as competition to garner deposits is intensifying into a tight liquidity and high credit growth scenario, Bank of Baroda (BoB) has hiked deposit rates for the second time in the current quarter.

Also, private lender IDBI Bank has come out with a limited period offer on its term deposits. It is offering 7.6 per cent interest rate for a tenor of 700 days, effective from December 2022.

BoB has hiked interest rates on its retail term deposits, including NRO and NRE deposits, by up to 65 basis points (bps) across various tenors, effective immediately.

Further, the bank has hiked