Bank of Baroda increased FD interest rates by 1.25%, shares hit upper circuit
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Bank of Baroda Share Price: Before the new year, public sector Bank of Baroda (bob) fixed deposits of various tenures (FD) has increased the interest rates to 1.25 percent. BOB said in a statement that the interest rate on fixed deposits of various tenures up to Rs 2 crore has been increased from 0.01 percent to 1.25 percent. The new rates have come into effect from December 29, 2023. According to the statement, the maximum increase of 1.25 percent has been made in the period of 7-14 days. The interest rate for these deposits has been increased from three percent to 4.25 percent. After this, the interest rate has been increased by one percent to 4.50 percent for the full period of 15-45 days. Along with this, upper circuit has been hit in the bank’s shares today. The bank’s shares opened this morning at Rs 232.45. Whereas, during trading at 10.25 am it reached Rs 236.75, which was the highest level of 52 weeks. At the same time, at 1.16 pm, it was trading at Rs 236 with an increase of 2.12 percent i.e. Rs 4.90.
BOI also increased interest
The Reserve Bank of India has kept the repo rate fixed at 6.5 for the fifth time after the recent Monetary Policy Committee (MPC) meeting. Due to this, banks have continued increasing interest rates. Experts say that the trend of earning on FD will continue for a few months i.e. in 2024 also. Bank of India has revised the interest rates on its fixed deposits from December 1. The bank has increased the interest rates on FDs of more than Rs 2 crore and less than Rs 10 crore. The bank is offering its customers 5.25 percent interest on 46 days to 90 days, 6.00 percent on 91 days to 179 days, 6.25 percent on 180 days to 210 days, 6.50 percent on 211 days to less than one year. At the same time, Federal Bank has increased the interest rates on FD of 500 days. Under this, now general customers will get 7.50 percent interest on fixed deposits of 500 days. At the same time, for senior citizens, 8.15 percent interest is being offered on the same period and 7.80 percent interest is being offered for the period more than 21 months to less than three years.
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