Bank Of Baroda: Bank of Baroda has already increased the interest rate on non-callable retail term deposits. Earlier, 0.15 percent additional interest was available on this term deposit, but now it has been increased to 0.25 percent.
Bank of Baroda has launched a new scheme, Tiranga Plus Deposit Scheme (Indicative Image)
Bank of Baroda tricolor plus deposit A new scheme has been started in the name of This term deposit scheme It is getting 7.50% interest 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. of 399 days Tiranga Plus Deposit Scheme In this, customers are getting 7.50 percent interest. The new rates of this scheme have been implemented from November 1, 2022. In this scheme, higher 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% interest is being paid 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 percent additional interest was available on this term deposit, but now it has been increased to 0.25 percent. Here non-callable term deposit means a scheme which cannot be closed before maturity and cannot be withdrawn from it. Such deposit schemes are taken with a lock in period. Callable term deposits provide the facility of premature withdrawal.
Baroda Advantage Retail Term Deposit
Commenting on the new scheme, Ajay K Khurana, Executive Director, Bank of Baroda said, “In the rising interest rate environment, we are happy to offer higher interest rates to consumers 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.” The interest rates on the Bank’s Baroda Advantage Retail Term Deposit Scheme (Non-callable) have increased by 10 basis points.
About FD Scheme
Similarly, Bank of Baroda also runs the Tiranga Deposit Scheme which is for tenors of 444 and 555 days. On FDs maturing in 444 days and callable FDs, 5.75 percent interest is being given to the general account holder, while senior citizens are getting 6.25 percent interest in the same scheme. Interest is getting up to 6.50 percent on FDs maturing in 555 days. Similarly, the interest rates of Baroda Advantage FD Scheme have also been changed. On FDs maturing in one year to 399 days, common people are getting interest from 5.75 percent to 7 percent and senior citizens from 6.25 to 7.50 percent.
English News Headline: Bank of Baroda Introduces Baroda Tiranga Plus Deposit Scheme