As a result of boosting the Non-Callable Premium from 0.15 per cent p.a., the interest rates on the Bank’s Baroda Advantage Retail Term Deposit Scheme (Non-Callable) have increased by 10 basis points to 0.25 per cent p.a.
New Delhi: With effect from November 1, 2022, the Bank of Baroda (BoB), the largest lender in the public sector, introduced the “Baroda Tiranga Plus Deposit Scheme,” which will offer higher standard interest rates up to 7.50 per cent p.a. for 399 days. This scheme will also offer 0.50 per cent p.a. for senior citizens and 0.25 per cent for non-callable deposits.
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“In a rising interest rate environment, we are glad to give consumers a higher interest rate so they can earn more on their investments,” said Shri Ajay K. Khurana, Executive Director, Bank of Baroda. In addition to greater interest rates, the Baroda Tiranga Plus Deposit Scheme also guarantees returns.
In order to further benefit clients, the Bank has also decided to increase the Non-Callable Premium on retail term deposits from 0.15 per cent to 0.25 per cent.
BoB will offer an interest rate of 6.75 per cent for the general public and 7.25 per cent for senior citizens on the Baroda Tiranga Plus Deposit Scheme of 399 Days under the callable option, while under the non-callable option, the general public, NRE/NRO depositors will receive an interest rate of 7 per cent and senior citizens will receive an interest rate of 7.50 per cent.
As a result of boosting the Non-Callable Premium from 0.15 per cent p.a., the interest rates on the Bank’s Baroda Advantage Retail Term Deposit Scheme (Non-Callable) have increased by 10 basis points to 0.25 per cent p.a.
The plan has two distinct tenors, 444 days and 555 days. BoB is currently offering an interest rate of 5.75 per cent to the general public on callable deposits maturing in 444 days and 6.25 per cent for senior citizens, while callable deposits maturing in 555 days would earn a normal interest rate of 6 per cent and 6.5 per cent for senior people.
