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Baudrate is most often used to mean payload data bits/second. Simply picture a manchester encoded protocol, where each data bit corresponds to 2 physical bits in the raw data frame. If you have a bitrate of 9600, you will then have a baudrate of 4800.

There's lots of tutorials out there that describe this in detail, see for example https://www.electronicdesign.com/technologies/communications/article/21802272/whats-the-difference-between-bit-rate-and-baud-rate

"one of my teachers told baud-rate being the maximum no. of changes in the bit that can occur during the data transfer" No, that's not correct. That sounds more like [Hamming distance](https://en.wikipedia.org/wiki/Hamming_distance).