Bank of Baroda has raised interest rates on its various fixed deposits schemes by about 1.75 percent. The new rates have become applicable from August 13.

The new interest rates on its fixed deposit schemes having different maturity periods are as follows: for deposits with a maturity of 46-90 days , interest rates has been increased to 6.25 percent from the current 4.5 percent; for deposits having a maturity of 271 days to less than a year, the rates have been increased to 7.75 percent from 7.50 percent; for deposits having a maturity of 1 to 3 years and 3 to 10 years, the interest rate has been hiked to 9 percent.

It is to be noted that another public sector bank, Punjab National Bank had recently increased its interest rates on fixed deposits by 0.25 percent whereas State Bank of India, the country's largest bank , has reduced its rates on domestic term deposits having a maturity period of five years and more by 0.25 percent.