Hyderabad, November 2, 2022: Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Baroda Tiranga Plus Deposit Scheme, offering higher interest rates up to 7.50% p.a. for 399 days with effect from 1st November 2022, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits. The scheme is applicable on retail term deposits below Rs 2 crore.
The Bank has also increased the premium on Non-Callable Retail Term Deposits from 0.15% p.a. to 0.25% p.a. Hence, non-callable deposits will now receive 0.25% p.a. extra.
|Baroda Tiranga Plus Deposit Scheme w.e.f. 01.11.2022|
(Rs 15.01 lakh to less than Rs 2 crore)
|Tenor||General/NRE/NRO||Senior Citizens||General/NRE/NRO||Senior Citizens|
|399 days||6.75% p.a.||7.25% p.a.||7.00% p.a.
(6.75 + 0.25)
(6.75 + 0.25 + 0.50)
Shri Ajay K. Khurana, Executive Director, Bank of Baroda said, “In a rising interest rate environment, we are pleased to offer a higher interest rate to consumers so that they earn more on their savings. The Baroda Tiranga Plus Deposit Scheme offers higher interest rates and assured returns. On our Non-Callable Deposits, the Bank has also decided to increase the Non-Callable Premium from 0.15% to 0.25% on retail term deposits, providing further benefits to customers.”
By increasing the Non-Callable Premium from 0.15% p.a. to 0.25% p.a., the interest rates on the Bank’s Baroda Advantage Retail Term Deposit Scheme (Non–Callable) have increased by 10 basis points.
|Baroda Advantage Fixed Deposit (Domestic including NRO, NRE (TD)) Accounts (Non-Callable – Additional 25bps over Callable rates) – Rs 15.01 lakh to less than Rs 2 crore|
|Revised Rates for Senior Citizens
|Above 1 Year to 400 Days||5.65||5.75||6.25|
|Above 400 Days to 2 Years||5.65||5.75||6.25|
|Above 2 Years to 3 Years||5.70||5.80||6.30|
|Above 3 Years to 5 Years||5.80||5.90||6.55|
|Above 5 Years to 10 Years||5.80||5.90||6.90|