Bank of Baroda, a major public sector bank in India has recently launched a new fixed deposit scheme called the ‘Tiranga Plus Deposit Scheme’ with- competitively higher interest rates than many fixed deposit schemes offered by other banks. Under this special scheme, investors can get up interest rates of up to 7.50% on fixed deposits of exactly 399 days which includes increased interest rates for senior citizens and non-callable deposits. Apart from this scheme, the Bank of Baroda has also increased interest rates on non-callable deposits under their ‘Advantage Retail Term Deposit Scheme’ from an additional 0.15% to 0.25% over callable deposits. Let’s take a closer look at the new Bank of Baroda Tiranga Plus Deposit Scheme and its features.
As per the new Tiranga Plus Deposit scheme, investors who choose to invest in the fixed deposit scheme with a tenure of 399 days that allows for premature withdrawals (callable), regular investors will get up to 6.75% interest rates per annum, whereas senior citizens can get up to 7.25% interest rates. Under the non-callable fixed deposit option of the same tenure, where premature withdrawal is not allowed, the regular investors will get up to 7% interest rates, whereas senior citizens under this scheme will get 7.50% interest rates. It’s important to note, however, that these interest rates are only applicable on the 399-day fixed deposits and not deposits of other tenures.
Apart from the new ‘Tiranga Plus’ deposit scheme by the Bank of Baroda, they also have a ‘Tiranga Deposit Scheme’ that offers fixed deposits in tenures of 444 days and 555 days, with callable and non-callable options. Under the 444-day callable deposits, regular investors can get up to 5.75% interest per annum, whereas senior citizens can get 6.25% interest rates. Under the 444-day non-callable deposits, regular investors will get interest rates of 6.00% whereas senior citizens can get interest rates of up to 6.50%. Under the 555-day callable deposit, regular investors will get interest rates of up to 6.00% and senior citizens can get interest rates of up to 6.50%. Under the 555-day non-callable deposits, regular investors can get interest rates of 6.25% and senior citizens can get interest rates of 6.75% per annum. Under this fixed deposit plan, the minimum deposit amount is ₹15 lakh and the maximum deposit amount is up to ₹2 crore.
Disclaimer: All the interest rates for fixed deposit plans mentioned above have been recorded at the time of writing and are subject to change in the future.