Baroda Tiranga Deposit Scheme Launched, Know Interest Rate, Benefits

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Baroda Tiranga Deposit Scheme Interest Rate, Benefits, Eligibility | How to Apply for Bank of Baroda Tiranga Deposit Scheme, Data, Documents | Bank of Baroda Tiranga Deposit Scheme Interest Rates and Application Deadline: The Bank of Baroda (BoB), a renowned public lender, has introduced the Baroda Tiranga Deposit Scheme for a short period. The program offers a higher interest rate and the option to choose from two terms guaranteed by one of India’s largest and most trusted institutions.

Baroda Tiranga deposit system

Two terms are offered for the Baroda Tiranga deposit: 444 days or one year and 79 days with an interest rate of 5.75 percent and 555 days with an interest rate of 6 percent.

According to BoB, this limited time offer is available from August 16th to December 31st, 2022. The policy applies “to private deposits under Rs 2 crore,” according to the BoB, with a special provision for seniors who receive an “additional interest rate of 0.50 per cent per annum, while non-cancellable deposits receive an additional 0.15 per cent per annum.”

The fixed-term deposit program is divided by BoB into two groups, which in turn are divided into sub-groups according to the age and type of customers.

Customers can remove funds early from Callable FD accounts but not from non-Callable FD accounts. Because it allows early payout, a callable FD has a reduced interest rate.

 

Calculations for the Bank of Baroda Tiranga deposit system

This is a unique fixed deposit program that offers subscribers a higher interest rate. The new deposit program will be offered in two maturity buckets with interest rates of 5.75% per annum for 444 days and 6.00% per annum for 555 days, according to a statement from the Bank of Baroda.

 

Baroda Tiranga Deposit Scheme Important Dates and Information

The scheme started on August 16, 2022 and will run until December 31, 2022. Retail deposits below Rs 2 crore are eligible for the interest provided under the Tiranga Deposit Scheme.

According to Bob, under the Tiranga deposit program, seniors receive an additional interest rate of 0.50% annually, while non-cancellable deposits receive 0.15% annually.

Fixed-term deposits that cannot be canceled have a lock-up period. In rare cases, such as bankruptcy, dissolution of a company, death, etc., the account holder cannot withdraw money from a non-callable time deposit before the due date. Non-cancellable term deposits often have higher minimum deposit requirements than cancellable term deposits.

Calculation of the Baroda Tiranga Deposit Scheme: Example

Investors can earn 6.15% interest on non-callable deposits with a maturity of 555 days (46.25 months) under the terms of the Tiranga Deposit Scheme. The program offers seniors an additional 0.5% interest and non-cancellable deposits an additional 0.15% interest. The maximum interest rate for seniors who open a non-cancellable deposit under this program is 6.65%, payable over 555 days.

According to calculations, a non-retrievable deposit of Rs. 1 lakh for 555 days will mature to be worth more than Rs. 1.26 lakhs. The maturity amount for seniors making a non-cancellable deposit of 555 days would exceed Rs 1.28 lakh. The program was introduced by BoB to commemorate 75 years of Indian independence.

 

General annual interest rates on fixed deposits below Rs 2 crore with Bank of Baroda effective 28th July
  • 7 days to 14 days – For the general public: 3.00 percent; For seniors: 3.50 percent
  • 15 days to 45 days – For the general public: 3.00 percent; For seniors: 3.50 percent
  • 46 days to 90 days – For the general public: 4.00 percent; For seniors: 4.50 percent
  • 91 days to 180 days – For the general public: 4.00 percent; For seniors: 4.50 percent
  • 181 days to 270 days – For the general public: 4.65 percent; For seniors: 5.15 percent
  • 271 days and more and less than 1 year – For the general public: 4.65 percent; For seniors: 5.15 percent.
  • 1 year – For the general public: 5.30 percent; For seniors: 5.80 percent.
  • Over 1 year to 400 days – For the general public: 5.45 percent; For seniors: 5.95 percent.
  • Over 400 days and up to 2 years – For the general public: 5.45 percent; For seniors: 5.95 percent.
  • Over 2 years and up to 3 years – For the general public: 5.50 percent; For seniors: 6.00 percent.
  • Over 3 years and up to 5 years – For the general public: 5.50 percent; For seniors: 6.00 percent.
  • Over 5 years up to 10 years – For the general public: 5.50 percent; For seniors: 6.00 percent.
  • Over 10 years (MACT/MACAD Court Order Rules only) – For the general public: 5.10%; For seniors: 5.60 percent.

 

How can you open this FD

BoB customers who own smartphones can create an account by downloading the “BoB world” app to their Android or iOS device. After setting up the account, the FD can be opened completely digitally via the app.

This paperless FD opening process would be significantly more convenient for seniors and others who cannot come to the bank branch during business hours.

However, keep in mind that one of the reasons why majority of Indians experience financial scams is that they share their BoB World password login ID and other vital credentials with others.

 

Baroda Tiranga Deposit Scheme Interest Rate and Term

For 444 days (callable).

According to the BoB, consumers in the general (ordinary persons), non-resident external accounts (NRE) and non-resident ordinary accounts (NRO) categories would receive an interest rate of 5.75% on the 444-day category of Tiranga FD, while seniors would receive an interest rate of Received 6.25%.

For 444 days (non-cancellable).

According to the BoB, general/NRE/NRO customers would receive an interest rate of 5.9%, while senior citizens would receive an interest rate of 6.4%.

Seniors receive a 6.5% interest rate in this category, while general/NRE/NRO BoB clients receive a 6% interest rate.

For 555 days (non-cancellable).

BoB customers in the General/NRE/NRO category would receive an interest rate of 6.15 percent under this program, while seniors would receive an interest rate of 6.65 percent.

You need to register an NRE account if you are a Non-Resident Indian (NRI) and wish to deposit your excess overseas earnings into a bank account in India with interest (Non-Resident External Account). An NRO account is also set up in the name of an NRI, but the depositor must ensure that the money comes from India and not from somewhere else.

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