With the Baroda Tiranga Deposit Scheme, you can select between two tenures of 444 days and 555 days and receive a higher rate of interest.
The public sector lender Bank of Baroda has launched the ‘Baroda Tiranga National Scheme’ for a limited time period i.e., till December 31, 2022 to mark 75 years of Independence. It is a special Fixed Deposit scheme offering a higher interest rate. Under this, the Bank of Baroda will offer two tenor buckets of 444 days and 555 days, where investors will get up to 6 percent interest rates.
“The Baroda Tiranga Deposits are available in two tenor buckets – offering interest rates of 5.75 per cent p.a. for 444 days and 6.00 per cent p.a. for 555 days. The scheme opens on 16th August up till 31st December, 2022 and is applicable on retail deposits below Rs 2 crore,” said Bank of Baroda in a statement.
Seniors citizens will receive an additional 0.50 percent in interest, and non-callable deposits will receive an additional 0.15 percent. This means that senior citizens opening a non-callable deposit under this scheme can get upto 6.65% interest in 555 days.
What are callable and non-callable fixed deposits?
Callable fixed deposit refers to customers that are allowed premature money withdrawal while in non-callable fixed deposit, customers are not allowed before the end of maturity due date with some exceptions. Hence, it carries a higher interest rate.
Baroda Tiranga Scheme details
For 444 days (Callable)
In this category Tiranga FD will provide customers an interest rate of 5.75%, while senior citizens will get 6.25%.
For 444 days (Non-callable)
Customers will get an interest rate of 5.9%, while senior citizens will get 6.4%.
For 555 days (Callable)
Customers in this category will get an interest rate of 6%, while senior citizens will get an interest rate of 6.5%.
For 555 days (Non-callable)
BoB customers will get an interest rate of 6.15%, while senior citizens will get 6.65%.
“As India marks 75 years of independence, we are delighted to give consumers one more reason to celebrate. The Baroda Tiranga Deposit Scheme offers a higher rate of interest and the flexibility to choose from two tenures, backed by one of India’s leading and most trusted banks,” Ajay K. Khurana, Executive Director, Bank of Baroda, said in the statement.
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 "Bank of Baroda launches ‘Baroda Tiranga Deposit’: Know all about the FD scheme")
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