Bank of Baroda Hikes Interest Rate for Tiranga Deposit Scheme, Last Date to Apply 31 Dec 2022

Written by: Arjita Gupta

Edited by: Anjali Kalan

Last Updated: December 30, 2022

Bank of Baroda (BoB) has increased the interest rate on its special term deposit scheme – Baroda Tiranga Deposit Scheme. Now, earn up to 7.50% on the amount you save in deposits. Senior citizens benefit with 0.50% extra. And for no callable deposits, there is a hike in the current rate by 0.25%. The scheme was launched on 16 August 2022 the last application date for it is 31 December 2022.

Here are the features of the BoB Tiranga Deposit Scheme:

· The deposit scheme applies to all, i.e., NRE, Non-callable, General, and NRO, with interest options such as MIP, RIRD, and QIP.

· This special term deposit can be opened by individuals in their name and jointly by more than one individual.

· The Bank of Baroda Tiranga Deposit Scheme is also extended to educational institutions, joint stock companies, associations, partnerships, clubs, and other institutions that are otherwise eligible to enjoy the facility of a Term Deposit as per the rules of the bank.

· The tenures are 444 days and 555 days. You can choose any one of these.

· Resident senior Indian citizens and bank staff can avail of preferential rates.

· The deposit is accepted as collateral by government departments. It is also accepted as a margin for non-fund-based projects but only if approved by the bank.

· Do remember that premature withdrawal is only allowed if the deposit amount is at least Rs. 15.01 lakhs to Rs. 199.99 lakhs.

Here are the updated BoB Tiranga Deposit Scheme Interest Rates:

· The information is for callable rates and Baroda Advantage Fixed Deposit Account (Domestic) with Rs. 15.01 lakh deposit but less than Rs. 2 crores be it a fresh deposit or renewal i.e., non-callable with 25bps additional, for deposits for 1 year and beyond.

· Effective from 26 December 2022, the interest rate for callable deposits for General/NRO/NRE under 444 days tenure scheme is 6.75% and 7.25% for senior citizens. The interest rate likewise applies likewise on deposits for 555 days.

· The interest rate for non-callable deposits for General/NRO/NRE is 7.00% and 7.50% for senior citizens. The same interest rate applied for deposits of 555 days tenure.