Banks have launched special fixed deposit schemes to commemorate the 76th anniversary of the Declaration of Independence. Following in the footsteps of the State Bank of India, Bank of Baroda has announced the launch of the Baroda Tiranga Deposit Scheme, a one-of-a-kind term deposit product with higher interest rates.
The interest rates for the Baroda Tiranga Deposits’ two tenor buckets are 5.75 percent for 444 days and 6.00 percent for 555 days. The new scheme is effective August 16 and will last until December 31, 2022, and it applies to retail deposits of less than Rs 2 crore.
Furthermore, non-callable deposits will earn an extra 0.15% p.a. in interest, while elderly people will earn an extra 0.50 percent.
“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,” according to a Bank of Baroda press release. The scheme will be available beginning August 16th and will run until December 31st, 2022, for retail deposits of up to Rs 2 crore.”
Bank of Baroda Fixed Deposit Interest Rates
Bank of Baroda offers a 4.65 percent interest rate on deposits maturing in 181 days to 270 days, and a 4.65 percent interest rate on deposits maturing in 271 days or more and less than a year.
Deposits maturing in one year will earn a 5.30 percent interest rate. While term deposits maturing in more than three years and up to ten years will earn 5.50 percent. Fixed deposits maturing in more than a year to two years earn a 5.45 percent interest rate.