With the rise in repo rate along with the widening credit deposit gap, banks have started offering higher interest rates to attract more customers. For example, Bank of Baroda has today announced the launch of the Baroda Tiranga Plus Deposit Scheme, offering higher interest rates of up to 7.50 per cent p.a. for 399 days with effect from 1st November 2022, which includes 0.50 per cent p.a. for senior citizens and 0.25 per cent for non-callable deposits. The scheme is applicable on retail term deposits below Rs 2 crore. The bank has also increased the premium on Non-Callable Retail Term Deposits from 0.15 per cent p.a. to 0.25 per cent p.a. Hence, non-callable deposits will now receive 0.25 per cent p.a. extra.

Similarly, Bank of India increased FD rates on Tuesday and is now offering up to 7.75 per cent interest rate on their ‘Star Super Triple Seven Fixed Deposit’, which is a limited-time offer. Under the newly launched Fixed Deposit Scheme, depositors can earn an interest rate of 7.25 per cent and up to 7.75 per cent for senior citizens on a deposit for 777 days. In addition to this new offering, the bank has raised the interest rate on its existing 555-day fixed deposit scheme to 6.30 per cent. On other time buckets from 180 days to less than 5 years, the bank has raised the interest by 25 basis points.

Ajay K. Khurana, Executive Director, Bank of Baroda said, “In a rising interest rate environment, we are pleased to offer a higher interest rate to consumers so that they earn more on their savings. The Baroda Tiranga Plus Deposit Scheme offers higher interest rates and assured returns. On our Non-Callable Deposits, the Bank has also decided to increase the Non-Callable Premium from 0.15 to 0.25 per cent on retail term deposits, providing further benefits to customers.”

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