Bank of Baroda has reduced the overnight and one-month Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. 12th April 2020 to 7.40% from 7.55%, the three-month MCLR to 7.55% from 7.70%, the six-month MCLR to 7.85% from 8.00% and the one-year MCLR to 8.00% from 8.15%.
The Bank has also reduced the interest rates for Domestic Term Deposits including NRO, NRE & Non-Callable for deposits below ₹ 2.00 Crore w.e.f. 9″ April 2020.
The overall interest has reduced from 5.90% to 5.70% for 5 to 10 years and from 4.25% to 3.50% for deposits of 7 to 14 days.
The Bank’s branches will continue to pay an additional interest of 0.50% on domestic term deposits of less than Rs 2 crore from Senior Citizens for all tenures in terms of extant guidelines.
Senior Citizens resident in India are eligible for additional interest of 1% per annum (i.e. 1% normal staff privilege plus 0.50% as a benefit to Senior Citizen) on fresh term deposits and renewals of existing resident Term Deposits of less than Rs.2 crore for maturities from 15 days to 10 years.
For Domestic & NRO Term Deposits for Fresh, Renewal and Callable
Tenors | Existing (w.e.f 17.03.20) | Revised (w.e.f 09.04.20) |
7 to14 days | 4.25 | 3.50 |
15 to 45 days | 4.50 | 3.50 |
46 to 90 days | 5.00 | 4.50 |
91 to 180 days | 5.00 | 4.50 |
181 to 270 days | 5.50 | 5.00 |
271 days to less than I year | 5.50 | 5.00 |
1 year | 5.90 | 5.70 |
Above 1 year to 400 days | 6.00 | 5.70 |
Above 400 days and up to 2 years | 5.90 | 5.70 |
Above 2 years and up to 3 years | 5.90 | 5.70 |
Above 3 years and up to 5 years. | 6.15 | 5.70 |
Above 5 years and up to 10 years | 5.90 | 5.70 |
For NRE Term (Rupee) Deposits for Fresh & Renewal and Callable
Tenors | Existing (w.e.f 17.03.20) | Revised (w.e.f 09.04.20) |
1 year | 5.90 | 5.70 |
Above 1 year to 400 days | 6.00 | 5.70 |
Above 400 days and up to 2 years | 5.90 | 5.70 |
Above 2 years and up to 3 years | 5.90 | 5.70 |
Above 3 years and up to 5 years. | 6.15 | 5.70 |
Above 5 years and up to 10 years | 5.90 | 5.70 |
For Baroda Advantage — Fixed Deposit (Domestic/NRO/NRE) Accounts (Non-Callable) (Fresh & Renewal) — (ROI in % p.a.) Minimum Rs.15.01 lakh to below Rs.2 Crore
Tenors | Existing (w.e.f 17.03.20) | Revised (w.e.f 09.04.20) |
1 year | 5.95 | 5.75 |
Above 1 year to 400 days | 6.05 | 5.75 |
Above 400 days and up to 2 years | 5.95 | 5.75 |
Above 2 years and up to 3 years | 5.95 | 5.75 |
Above 3 years and up to 5 years. | 6.20 | 5.80 |
Above 5 years and up to 10 years | 5.95 | 5.80 |
Baroda Tax Saving Term Deposit
Tenors | Existing (w.e.f 17.03.20) | Revised (w.e.f 09.04.20) |
For 5 years. | 6.15 | 5.70 |
Above 5 years and up to 10 years | 5.90 | 5.70 |