Bank of Baroda Loan Rate: Bank of Baroda has increased the MCLR by 0.05 basis points. After which the bank’s one-year MCLR rate has increased from 8.85 to 8.90 percent. While the one-month MCLR rate has increased from 8.30 to 8.35.
Bank of Baroda, one of the largest banks in the country, has announced an increase of 0.05 basis points in the Marginal Cost of Funds Based Lending Rates (MCLR). This increase has come into effect from July 9, 2024. This move of the bank has come as a shock to those who have taken car, personal or home loans.
According to the website of Bank of Baroda, the bank has increased the MCLR by 0.05 basis points. After which the one-year MCLR rate of the bank has increased from 8.85 to 8.90 percent. While the one-month MCLR rate has increased from 8.30 to 8.35.
MCLR is the rate below which the bank cannot give loan. It was implemented in India after demonetization. It is a method developed by the Reserve Bank of India on the basis of which the bank determines the interest rate for the loan. As per the rules of the Reserve Bank of India, banks are required to review their MCLR every month.
Bank of Baroda FD interest rates
- 1 year – For general public: 6.85 percent; For senior citizens: 7.35 percent
- 1 year to 400 days: For general public: 6.85 percent; For senior citizens: 7.35 percent
- More than 400 days and up to 2 years: For general public: 6.85 percent; For senior citizens: 7.25 percent
- More than 2 years and up to 3 years: For general public: 7.25 percent; For senior citizens: 7.75 percent
- More than 3 years and up to 5 years: For general public: 6.50 percent; For senior citizens: 7.00 percent
- More than 5 years to 10 years: For general public: 6.50 percent; For senior citizens: 7.00 percent
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