Bank of Baroda Cuts Fixed Deposit Interest Rates: In an unfortunate development, the Bank of Baroda, one of the leading public banks in India, has revised its interest rates for fixed deposits (FDs) and thereby brought gloom over the faces of millions of its customers.
The changes, effective from April 7, 2025, are for FDs with tenures ranging from a week to 10 years and deposit amounts less than ₹3 crore.
Key Changes in Bank of Baroda FD Rates
The bank has reduced interest rates by up to 0.20% across select tenures, impacting both general customers and senior citizens. Here’s a detailed breakdown of the latest FD interest rates:
| Tenure | General Customers (%) | Senior Citizens (%) |
|---|---|---|
| 7 days to 14 days | 4.25 | 4.75 |
| 15 days to 45 days | 4.50 | 5.00 |
| 46 days to 90 days | 5.50 | 6.00 |
| 91 days to 180 days | 5.60 | 6.10 |
| 181 days to 210 days | 5.75 | 6.25 |
| 211 days to 270 days | 6.25 | 6.75 |
| 271 days to less than 1 year | 6.50 | 7.00 |
| 1 year | 6.85 | 7.35 |
| Above 1 year to less than 400 days | 7.00 | 7.50 |
| Above 400 days up to 2 years | 7.00 | 7.50 |
| Above 2 years up to 3 years | 7.15 | 7.65 |
| Above 3 years up to 5 years | 6.80 | 7.40 |
| Above 5 years up to 10 years | 6.50 | 7.50 |
| Above 10 years (Court Order Scheme) | 6.25 | 6.75 |
| 444 days (Baroda Square Drive Scheme) | 7.15 | 7.65 |
Why This Decision Hurts Savers
For millions of Indians, fixed deposits have long been a safe and reliable investment option, especially for risk-averse investors and retirees who depend on steady interest income. This rate cut comes as a major setback, particularly for senior citizens who rely on higher FD returns for their livelihood.
