One of the top public sector banks in India, Bank of Baroda (Bank), today 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% p.a. for 444 days and 6.00% p.a. for 555 days. The programme launches on August 16 and runs until December 31, 2022, and it applies to retail deposits under Rs. 2 crore.
Senior citizens will receive an additional interest rate of 0.50% per year, and non-callable deposits will receive an additional 0.15% per year.
“As India marks 75 years of independence, we are delighted to give consumers one more reason to celebrate. The Baroda Tiranga Deposit Scheme offers a higher rate of interest and the flexibility to choose from two tenures, backed by one of India’s leading and most trusted banks,” said Ajay K. Khurana, Executive Director, Bank of Baroda.
The State Bank of India (SBI) also introduced a special term deposit known as the “Utsav Deposit” on the occasion of the country’s 76th anniversary of independence, which was observed as Azadi Ka Amrit Mahotsav. This fixed deposit programme only lasts a short while and offers higher interest rates.
SBI is giving fixed deposits with a duration of 1000 days an interest rate of 6.10% per year under its Utsav Fixed Deposit Scheme. Additionally, seniors will be entitled for an additional 0.50% over and above the standard interest rate. These rates are in place as of August 15, 2022, and the programme is good for 75 days.