Bank of Baroda revises deposit rates upwards

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Bank of Baroda revises deposit rates upwards
Bank of Baroda revised interest rates on Domestic Term Deposits which will be effective from August 13, 2012.

Interest rates continue to remain at elevated levels in the economy, despite the industry's call to reduce rates. The RBI recently cut the statutory liquidity ratio and had also cut the repo rates in April by 50 basis points in order to reduce interest rates.

However, with liquidity in the system fairly tight and inflation at elevated levels, it's unlikely interest rates would drop in a hurry.

Deposit rates on selected tenure for deposit below Rs 15 lakh has been increased. The 45-90 days tenure is increased by 1.75% to 6.25%. The 95-100 days, 225 days and more but less than1 year has been increased, by 0.25%. The one year to 443 days and 446 days upto three years was increased by 0.25%. Above three years and upto 5 years was increased by 0.65%.

Tax savings scheme for 5 years was increased by 0.50 basis points and from five years to ten years was increased by 1%.

Country's second largest bank by market cap posted net profit higher at 10.3% higher than expected for the quarter ended June.

Maturity Range Existing Maturity Range Revised
      Below Rs 15 Lacs Rs 15 Lacs to less than Rs 1 Cr. Rs 1 Cr to Rs 10 Cr.
  (w.e.f.01.05.12)   (w.e.f.13.08.12) (w.e.f.13.05.12) (w.e.f.13.05.12)
7 to 14 Days 4.50% 7 to 14 Days 4.50% 4.50% 5.00%
15 to 45 Days 4.50% 15 to 45 Days 4.50% 4.50% 5.00%
46 to 90 Days 4.50% 46 to 90 Days 6.25% 6.50% 7.00%
91 to 180 Days 6.75% 91 to 180 Days 7.00% 7.25% 7.75%
181 to 270 Days 7.50% 181 to 270 Days 7.50% 7.50% 7.50%
271 days & above and less than 1 year 7.50% 271 days & above and less than 1 year 7.75% 7.75% 8.75%
1 year and up to 443 days 8.75% 1 year and up to 3 years 9.00% 9.00% 9.25%
444 days 8.85%        
445 days and up to 3 yrs 8.75% Above 3 yrs and up to 10 yrs 9.00% 9.00% 9.00%
Above 3 yrs and up to 5 yrs 8.50% 1111 Days (Baroda Maha Utsav Deposit Scheme) 9.15% 9.15% 9.15%
Above 5 yrs and up to 5 yrs 8.00%        
Maturity Range Deposit[Per Annum]
  Existing (w.e.f. 1st May, 2012) Revised (w.e.f. 13th August, 2012)
  Less than Rs.1 Cr Less than Rs.1 Cr
Tax Savings Scheme:
For 5 years
8.50% 9.00%
Above 5 yrs and upto 10 yrs 8.00% 9.00%

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Read more about: bob, interest rates
Story first published: Monday, August 13, 2012, 11:49 [IST]
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