Public sector lender Bank of Baroda has launched a special fixed deposit scheme called Baroda Tiranga Plus Deposit Scheme. The new scheme offers 6.75 % per annum on a fixed deposit tenure of 399 days to individuals. Senior citizens will get 0.50 % extra i.e., 7.25 % per annum on the same tenure.

 

Non-resident Indians (NRIs) can also deposit this special scheme. NRI can make NRE and NRO deposits of 399 days under this special FD scheme and earn 6.75 % per annum.

 

Baroda Tiranga Plus Deposit Scheme w.e.f. 01.11.2022 (Callable deposits)

 

The public sector bank is offering higher interest rates on non-callable deposits. As per the announcement, if an individual makes a non-callable deposit having an amount between Rs15.01 lakh and less than Rs2 crore, then she can earn an interest rate of 7 % per annum. Here the senior citizen will earn 7.50 %. The tenure of this non-callable deposit will be the same i.e., 399 days.

 

 

The special FD scheme is applicable on a retail term deposit of below Rs2 crore. The bank has also hiked the premium on non-callable deposits. As per the press release, the PSU 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. A customer can make a non-callable deposit by depositing an amount between Rs15.01 lakh to less than Rs2 crore.