The rates are applicable on deposits below Rs 2 crore, with effect from March 17, 2023, the pubic sector lender said in a statement.
According to the lender, the interest rates have also been hiked on the Baroda Tax Savings Term Deposit as well as Baroda Advantage Fixed Deposit, a non-callable retail term deposit scheme.
The new rate on deposits of above 3 years to 5 years is 6.5 per cent and for resident Indian senior citizens, it is 7.15 per cent.
For term deposits of above 5 years to 10 years, the new rate is 6.5 per cent and for senior citizens it is 7.5 per cent.
Bank of Baroda had earlier increased retail term deposit interest rates in December 2022 by up to 65 basis points and in November 2022 by up to 100 basis points.
(With inputs from PTI)
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