Bank of Baroda launches special fixed deposits offering higher interest rates

Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Baroda Tiranga Deposit Scheme, a special term deposit product offering higher interest rates. Baroda Tiranga deposits are available in two tenor tranches – offering interest rates of 5.75% per annum for 444 days and 6.00% per annum for 555 days. The program opens from August 16 to December 31, 2022 and applies to retail deposits below 2 crore.

Senior citizens will benefit from an additional interest rate of 0.50% per year, while non-refundable deposits will benefit from an additional interest rate of 0.15% per year.

“As India celebrates 75 years of independence, we are delighted to give consumers one more reason to celebrate. The Baroda Tiranga Deposit Scheme offers a higher interest rate and the option to choose between two mandates, backed by one of India’s largest and most trusted banks,” said Ajay K. Khurana, Executive Director, Bank of Baroda.

On the occasion of the 76th year of the nation’s independence, celebrated as Azadi Ka Amrit Mahotsav, the State Bank of India (SBI) has also introduced a special term deposit known as “Deposit Utsav”. This fixed deposit system has higher interest rates and is only available for a limited time.

On the Utsav fixed deposit system, SBI offers an interest rate of 6.10% per annum on fixed deposits with a term of 1,000 days. And seniors will be able to benefit from an additional interest rate of 0.50% on top of the regular rate. These rates are effective as of August 15, 2022 and the plan is valid for a period of 75 days.

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