Tiranga Plus Deposit Scheme by Bank of Baroda
Baroda Tiranga Plus Deposit Scheme: Bank of Baroda has announced the launch of Baroda Tiranga Plus Deposit Scheme.
This scheme has come into force from 1 November 2022. Interest rates as high as 7.50 per cent per annum for 399 days will be offered under the scheme, which includes 0.50 per cent per annum for senior citizens and 0.25 per cent for non-callable deposits.
The scheme is applicable for retail deposits of less than Rs 2 crore.
Higher Rate of Interest
Bank of Baroda has increased the premium on non-callable retail term deposits from 0.15 per cent per annum to 0.25 per cent per annum. Similarly, the additional interest rate on non-callable deposits has now been increased by 0.25 per cent per annum.
What is Non-callable Deposit
There is no lock-in period in non-callable fixed deposits.
The amount invested in this product cannot be withdrawn before maturity except in case of bankruptcy, closure of business, death of the account holder. Also, the deposit in this should be much higher than the callable deposit.
High Interest Rate
Speaking on the occasion, Ajay K Khurana, Executive Director, Bank of Baroda said, “In view of rising interest rates, we are happy to offer higher interest rates to our customers so that they can earn higher returns on their savings. Baroda Tiranga Plus Deposit Scheme offers high interest rates and assured returns.
On our non-callable deposits, the bank has also decided to increase the non-callable premium on retail term deposits from 0.15% to 0.25%, providing further benefits to the customers.
Non-callable Premium
Interest rates on Bank of Baroda Advantage Retail Term Deposit Scheme (Non-Callable) have been increased by 10 basis points by increasing the non-callable premium from 0.15% per annum to 0.25% per annum.
Earlier in August, Bank of Baroda on Tuesday announced the launch of a special fixed deposit scheme called ‘Baroda Tiranga Deposit Scheme’.
Then the Baroda tricolor deposit was made available in two terms. Among these, 5.75 percent interest rate on 444 days or one year and 79 days and the second option was for 555 days, which has an interest rate of 6 percent.
New Scheme of IDBI Bank
Meanwhile, IDBI Bank has also introduced another version of its Amrit Mahotsav Deposit with a maximum interest rate of 7.50 per cent for 700 days only as a limited period offer.
Apart from this, the interest rate on Amrit Mahotsav Deposit of 555 days has also been increased from 6.50 per cent to a maximum of 7.00 per cent.
Unity Small Finance Bank
Meanwhile, Unity Small Finance Bank is now offering 8.30 per cent interest on deposits for 366 days to senior citizens.
The bank recently launched a new scheme – Shagun 366, 1 Year, 1 Day Fixed Deposit.
The scheme offers an attractive return of 7.80% per annum while senior citizens will earn 8.30% per annum for a tenure of 366 days. However, this offer will be available only for deposits booked till November 30, 2022.
