BoB hikes interest rates on term deposits

CHENNAI: Bank of Baroda has hiked fixed deposit interest rates on domestic term deposits, including NRO and NRE Term Deposits, of below Rs 2 crore by up to 40 basis points. The new rates would be applicable with immediate effect.

Interest rates have also been hiked on saving deposits of Rs 100 crore and above to less than Rs 200 crore and Rs 500 crore and above by 5-10 basis points. The upward revision in interest rates comes close on the heels of the RBI’s hike in repo rate by 50 basis points at its latest monetary policy review, which was part of the central bank’s measures to address rising domestic inflation as well as inflationary expectations.