Bank Of Baroda: Bank of Baroda has already increased the interest rate of non-callable retail term deposits. Earlier, 0.15% additional interest was available on this term deposit, but now it has been increased to 0.25%.
Bank of Baroda has started a new scheme called Tiranga Plus Deposit . In this term deposit scheme , 7.50 percent interest is being received on deposits with maturity of 399 days. Bank of Baroda launched this new scheme on Tuesday.
This scheme is getting more interest than other term deposit schemes. In the 399 days Tricolor Plus Deposit Scheme , customers are getting 7.50 percent interest. The new rates of this scheme have been implemented from November 1, 2022. In this scheme, more interest is being offered to senior citizens. In the Tiranga Plus deposit scheme, senior citizens are getting an additional 0.50 percent interest as compared to ordinary account holders.
If the scheme is non-callable (scheme that does not close before maturity), then an additional 0.25 percent interest is being given on it. Bank of Baroda’s new rate is applicable on retail term deposits of less than Rs 2 crore. In the 399 days Tiranga Plus deposit scheme, the interest rate for the general account holder is 6.75 percent. But the FD which cannot be broken (non-callable) is getting 7 percent interest to the general public, NRE, NRO. 7.50 percent interest is being offered to senior citizens.
What is the new interest rate
Bank of Baroda has already increased the interest rate on non-callable retail term deposits. Earlier, 0.15% additional interest was available on this term deposit, but now it has been increased to 0.25%. Here non-callable term deposit means such a scheme which cannot be closed before maturity and money cannot be withdrawn from it. Such deposit schemes are taken with a lock-in period. Premature withdrawal facility is available from Callable Term Deposit.
Baroda Advantage Retail Term Deposit
Commenting on the new scheme, Ajay K Khurana, Executive Director, Bank of Baroda said, “In a rising interest rate environment, we are happy to offer higher interest rates to customers so that they can earn more on their savings. Baroda Tiranga Plus Deposit Scheme offers high interest rates and assured returns.
It has also been decided to increase the premium in our Non-callable Term Deposit scheme from 0.15% to 0.25%, thereby providing more benefits to the customers.” Interest rates on Bank of Baroda Advantage Retail Term Deposit Scheme (Non-callable) have increased by 10 basis points.
About FD Scheme
Similarly, Bank of Baroda also runs Tiranga Deposit Scheme which is for a period of 444 and 555 days. General account holders are being given 5.75 percent interest on FDs and callable FDs maturing in 444 days, while senior citizens are getting 6.25 percent interest under this scheme. Up to 6.50% interest is being received on FDs maturing in 555 days. Similarly, the interest rates of Baroda Advantage FD scheme have also been changed.
Common people are getting 5.75% to 7% interest and senior citizens are getting 6.25% to 7.50% interest on FDs maturing in one year to 399 days.
