Bank of Baroda launches special fixed deposits offering higher interest rates
- Bank of Baroda launches special fixed deposits: Senior citizens will earn an additional interest rate of 0.50% p.a., while Non-Callable Deposits will get 0.15% p.a. extra
Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Baroda Tiranga Deposit Scheme, a special term deposit product offering higher interest rates. The Baroda Tiranga Deposits are available in two tenor buckets – offering interest rates of 5.75% p.a. for 444 days and 6.00% p.a. for 555 days. The scheme opens on 16th August up till 31st December, 2022 and is applicable on retail deposits below ₹2 crore.
Senior citizens will earn an additional interest rate of 0.50% p.a., while Non-Callable Deposits will get 0.15% p.a. extra.
“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," said Ajay K. Khurana, Executive Director, Bank of Baroda.
On the occasion of the nation's 76th year of Independence, celebrated as Azadi Ka Amrit Mahotsav, the State Bank of India (SBI) too introduced special term deposit known as "Utsav Deposit." This fixed deposit scheme has higher interest rates and is only available for a limited time.
On Utsav Fixed Deposit Scheme, SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. And senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate. These rates are effective as of 15th August 2022 and the scheme is valid for a period of 75 days.
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