Banks have launched special fixed deposit schemes to commemorate the 76th Independence Day. After the State Bank of India, Bank of Baroda has announced the introduction of the Baroda Tiranga Deposit Scheme, a unique term deposit product with higher interest rates.
The interest rates for the two tenor buckets of the Baroda Tiranga Deposits are 5.75 percent for 444 days and 6.00 percent for 555 days. The new scheme is valid from August 16 and runs until December 31, 2022, and it applies to retail deposits under Rs 2 crore.
Additionally, non-callable deposits will receive an additional 0.15% p.a. in interest, while elderly people will receive an additional 0.50 percent on interest.
According to the
press release, “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 Rs 2 crore.”
Bank of Baroda FD interest rates
Bank of Baroda offers an interest rate of 4.65 percent on deposits maturing in 181 days to 270 days, and an interest rate of 4.65 percent on deposits maturing in 271 days and above and less than a year.
Deposits maturing in 1 year will earn an interest rate of 5.30 percent. While the interest rate on term deposits maturing in more than three years and up to 10 years will fetch 5.50 percent. Fixed deposits maturing in more than 1 year to 2 years earn an interest rate of 5.45 percent.