Bank of Baroda, one of the leading public sector lenders, has decided to lower interest rates on term deposits by 25 basis points across maturities. However, the bank has retained interest rates on deposits having maturity of up to 1-year.
Deposits earning 8.5% and 8.25% interest rates will now fetch interest of 8.25% and 8% respectively under various maturities.
The revised rates will be applicable for term deposits below Rs 10 million and Rs 10 million to Rs 100 million to the renewal of existing deposits and fresh deposits. It will be effective from Jun. 8, 2015.
Shares of the bank declined Rs 6.45, or 4%, to trade at Rs 154.80. The total volume of shares traded was 159,633 at the BSE (11.32 a.m., Monday).