Banks in the country, both private and government-owned, offer various fixed deposit schemes to customers.
Recently, these banks have been making efforts to make their fixed deposit schemes more appealing by raising the interest rates.
Additionally, they have introduced new Fixed Deposit (FD) schemes.
One such scheme is called ‘Tiranga Plus Deposits’ and was launched by Bank of Baroda.
What are the interest rates?
Under the Tiranga Plus Deposit Scheme, Bank of Baroda offers an interest rate of 7.25% to the general public on deposits below two crore rupees.
Senior citizens, on the other hand, receive an interest rate of 7.55%. These new interest rates came into effect on May 12.
Customers can take advantage of these rates by investing in this scheme for a duration of 399 days.
The Tiranga Plus Deposit Scheme was launched by Bank of Baroda on August 15, 2022.
Can you invest online?
Bank of Baroda customers can conveniently initiate online Fixed Deposits using Bob World mobile app.
The mentioned interest rates are applicable for retail deposits below Rs.2 crore.
For more information, individuals can visit their nearest Bank of Baroda branch to open an account under the Baroda Tricolor Deposit Scheme.
The bank has previously raised the interest rates for certain fixed deposit schemes as well.
Interest rate increase for retail deposits
The bank has increased the interest rates by up to 30 basis points (BPS) for select tenures in Domestic Retail Deposits, including NRO and NRI fixed deposits.
For retail term deposits below two crore rupees, the bank offers an interest rate of 7.05% for a period exceeding two years but not exceeding three years.
In the case of the Baroda Advantage Fixed Deposit, the interest rate for the general category has been raised from 7% to 7.30%.
Last year, the Reserve Bank continuously increased the repo rate.
Consequently, private and government banks in the country raised their interest rates to make their fixed deposit schemes more attractive.
This trend has continued into the current financial year as well.
