The revised rates were approved at the bank’s Asset-Liability Committee (ALCO) meeting and came into effect on June 11.
Non-callable fixed deposits are structured products that require depositors to lock in funds until maturity, with no option for premature withdrawal. In return, these deposits typically offer higher interest rates compared to standard fixed deposits.
Under the revised structure, the bank has increased interest rates by 10 basis points across select tenures, including the widely subscribed 444-day deposit scheme. Regular fixed deposits, along with NRE and NRO term deposits, remain unchanged.
For the general public, the updated rates are as follows: the one-year tenure has been revised from 6.60% to 6.70%, deposits above one year and below two years (excluding 444 days) now carry 6.60% instead of 6.50%, while the 444-day special tenure has been raised from 6.65% to 6.75%.
| Period of Deposit | Old Rate (Per Year) | New Rate (Per Year) |
| 1 Year | 6.60% | 6.70% |
| More than 1 Year to Less than 2 Years (except 444 days) | 6.50% | 6.60% |
| 444 Days | 6.65% | 6.75% |
Senior citizen depositors will continue to receive an additional 0.50% over the applicable rates, while super senior citizens will get an extra 0.75% benefit, as per the bank’s existing interest rate structure.
The revision comes at a time when several lenders are actively recalibrating deposit rates to manage liquidity conditions and attract stable funding. Banks have also been seen adjusting returns on specific retail deposit buckets in response to changing credit demand and broader interest rate dynamics.
Additionally, state-owned Bank of Baroda and Canara Bank on June 10 said they have revised their Marginal Cost of Funds-based Lending Rate (MCLR) across select tenors, effective June 12, reflecting broader transmission of interest rate adjustments in the banking system.
In the case of Bank of Baroda, the overnight MCLR was raised from 7.80% to 7.85%, while the one-month MCLR was increased from 7.90% to 7.95%.
