Fixed Deposit Calculation: Turn Rs 1 lakh into Rs 1.28 lakh with Baroda Tiranga Deposit scheme. Check details here

Bank of Baroda Tiranga deposit system calculation: The main public sector lender, Bank of Baroda (BoB), has launched the “Baroda Tiranga Deposit Scheme” for a limited period. This is a special fixed deposit scheme offering a higher interest rate to subscribers. In a statement, Bank of Baroda said the new deposit system is available in two tenor tranches offering interest rates of 5.75% per annum for 444 days and 6.00% per annum for 555 days.

Key dates and details

The scheme opened on August 16, 2022 and it will be available until December 31, 2022. The interest offered under the Tiranga deposit scheme will be applicable to retail deposits below Rs 2 crore.

BoB said senior citizens will earn an additional interest rate of 0.50% per annum under Tiranga’s deposit scheme, while non-refundable deposits will enjoy 0.15% per annum. In addition.

Also Read: 75 Savings and Investment Options for Indians in the 75th Year of Independence

Non-redeemable term deposits have a lock-up period. The account holder cannot withdraw money from a non-refundable term deposit before the maturity date, with some exceptions such as bankruptcy, company liquidation, death, etc. The minimum amount required to be deposited in a non-refundable term deposit is generally higher than redeemable term deposits.

Calculation of the Baroda Tiranga deposit system: example

According to the details of Tiranga’s deposit scheme, investors can earn 6.15% interest on a non-refundable deposit for 555 days. The scheme provides 0.5% additional interest for seniors and 0.15% additional interest for non-refundable deposits. This means seniors opening a non-refundable deposit under this program can earn up to 6.65% interest in 555 days.

The calculation shows that a non-refundable deposit of Rs 1 lakh for 555 days would turn into more than Rs 1.26 lakh at maturity. For senior citizens making a 555-day non-refundable deposit, the amount on maturity would be more than Rs 1.28 lakh.

Also read: This FD offers up to 8.75% interest – should you invest?

BoB launched the program to celebrate 75 years of Indian independence.

“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 of the Bank of Baroda, in the press release.

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