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Public sector bank hikes interest rate on fixed deposit

Mumbai: The  fourth largest nationalised bank in India, Bank of Baroda (BOB), has hiked its interest rates on fixed deposits  less than Rs 2 crore. The increased rate will apply to fixed deposits across all tenors. The new interest rates have already come in effect from July 28, 2022.

Bank of Baroda has raised the interest rate on fixed deposits maturing in 7 days to 45 days from 2.80% to 3.00%. The fixed deposits maturing in 46 days to 180 days  will now get 4.00% interest rate. Fixed deposits maturing between 181 days and 270 days will now get 4.65% interest rate and fixed deposits maturing in 271 days and above and less than 1 year will get 4.65% interest rate.

Also Read: India records highest-ever Foreign Direct Investment 

Earlier several other banks like  ICICI Bank and SBI had also hiked the rates.


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