Bank of Baroda Introduces Baroda Tiranga Plus Deposit Scheme
Bank of Baroda Bank, one of Indias 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.
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.
(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 About Bank of Baroda Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over 150 million through over 46,000 touchpoints spread across 17 countries in five continents. Through its state-of-the-art digital banking platforms, it provides all banking products and services in a seamless and hassle-free manner. The recently launched bob World mobile app provides customers with a saving, investing, borrowing, and shopping experience, all under one single app. The app also serves non-customers by enabling account opening through video KYC. The Bank's vision matches its diverse clientele base and instills a sense of trust and security. It is moving well in that direction and bob World is a testimony of its roadmap towards Digital Transformation.
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