SBI Vs Baroda Bank FDs Interest Rates: Who Is Offering Better Returns On Fixed Deposits?

Two leading public sector banks, SBI and Bank of Baroda have hiked the interest rates on their fixed deposits below Rs 2 crore recently. While SBI raised its FD rates in the range of 25 bps to 50 bps on tenures shorter period tenures. Bank of Baroda increased its FD rates by 10 bps to 125 bps on somewhat similar tenures.

These rates were hiked despite RBI maintaining its status quo in the December 2023 monetary policy. While the repo rate stayed at 6.5%, both PSU banks have increased their rates after a long haul.

Who Offers Better Returns On Their FDs, SBI Or Bank Of Baroda?

SBI Latest FD Rates:

The largest PSU bank in India hiked its FD rates with effect from December 27, 2023.

General Individuals:

FD rates were raised by 50 bps each on tenures such as --- 7 days to 45 days where SBI is offering a 3.50% rate against earlier 3%; and on 180 days to 210 days maturity period where the rate is now at 5.75% from the previous 5.25%.

Meanwhile, SBI hiked rates by 25 bps each to 4.75% and 6% interest rate here on tenures of 46 days to 179 days and 211 days to less than 1 year from the earlier 4.50% and 5.75% respectively.

Also, a 25 bps hike was given on 3 years to less than 5 years tenures to 6.75% from earlier 6.50%.

The interest rates were unchanged at 6.80% for 1 Year to less than 2 years, 7% for 2 years to less than 3 years, and 6.50% for 5 years and up to 10 years.

Senior Citizens:

Similarly, SBI hiked interest rates by 50 bps each to 4% and 6.25% for elderlies on tenures of 7 days to 45 days, and 180 days to 210 days from the previous rates of 3.5% and 5.75% respectively.

The rates were raised by 25 bps each to 5.25% on 46 days to 179 days from earlier 5%, and at 6.50% on 211 days to less than 1-year tenure from earlier 6.25%.

Notably, the lender also gave a 25 bps hike on FDs for tenure of 3 years to less than 5 years to 7.25% from the previous 7%.

Interest rates remained unchanged for senior citizens at 7.30% on 1 Year to less than 2 years tenure; 7.50% on 2 years to less than 3 years tenure; and at 7.50% on 5 years and up to 10 years.

Bank Of Baroda's Latest FD Rates:

Baroda Bank raised its interest rates on Domestic Retail Term Deposits, including NRO Term Deposits in the range of 10 bps to 125 bps on various maturity buckets. The new rates have come into effect from December 29th.

Now, senior citizens get a 4.75% rate from 7 days to 14 days; 5% from 15 days to 45 days; 6% from 46 days to 90 days; 6.10% rate from 91 days to 180 days; 6.25% on 181 days to 210 days; 6.65% on 211 days to 270 days.

For the same tenures, general category individuals get to earn up to 4.25% to 6.15%.

Also, the bank hiked rates on tenures from 1 year to 2 years, taking the interest rate to 6.85% for the general category from earlier 6.75%, and 7.35% for senior citizens from earlier 7.25% on these maturities.

Notably, interest rates remained unchanged on tenures from 271 days to less than 1 year, at 6.25% and 6.75% for the general category and senior citizens.

The highest rate that the two categories earn is on tenure of above 2 years to 3 years where rates are at 7.25% for general individuals and 7.75% for senior citizens. These rates have been unchanged.

Moreover, the general category will continue to earn 6.50% on tenures from above 3 years to 10 years, 6.25% on above 10 years (MACD only), and 7.15% on the scheme called 399D (Tiranga Plus). Similarly, senior citizens will continue to earn up to 7.15% on above 3 years to 5 years, 7.50% on above 5 years to 10 years, 6.75% on above 10 years (MACD only), and 7.65% under 399 days Tiranga Plus scheme.

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