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 | ||||
| Callable | Non-Callable
(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) |
7.50% p.a.
(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 | |||
| Tenors |
Old Rates |
Revised Rates
(w.e.f. 01.11.2022) |
Revised Rates for Senior Citizens
(w.e.f. 01.11.2022) |
| 1 Year | 5.65 | 5.75 | 6.25 |
| 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 |
| 444 Days | 5.90 | 6.00 | 6.50 |
| 555 Days | 6.15 | 6.25 | 6.75 |