Bank of Baroda lifts 555-day deposit rate to 7.50%
In short
Bank of Baroda increased the interest rate on its 555-day deposit scheme by 10 basis points to 7.50%.
It also said general customers, including NRO and NRE account holders, will get 6.85% on callable deposits and 6.90% on non-callable deposits. This changes the return for savers using the bank’s deposit products.
What the reporting says
Bank of Baroda raised rates on its 555-day deposit scheme by 10 basis points to 7.50%. The lender also said general customers, including NRO and NRE account holders, will earn 6.85% on callable deposits and 6.90% on non-callable deposits. The move affects retail depositors and other account holders looking at fixed-return savings products.
Why it matters
Bank of Baroda changed pricing on its fixed-deposit offers by raising the 555-day scheme rate to 7.50% and listing 6.85% and 6.90% returns for callable and non-callable deposits for general customers, including NRO and NRE account holders. The move matters to depositors comparing returns and to the bank’s funding costs and deposit franchise.