NEW DELHI: Even as most banks continue to drag their feet when it comes to increasing deposit rates, Bank of Baroda (BoB) has launched Baroda Tiranga Plus Deposit Scheme that offers higher interest rate of up to 7.5% per annum for 399 days with effect from November 1, 2022, which includes 0.5% per annum for senior citizens and 0.25% for non-callable deposits.
The scheme is applicable for only retail term deposits below Rs 2 crore. BoB has raised premium on Non-Callable Retail Term Deposits from 0.15% per annum to 0.25% per annum. Non-callable deposit schemes are those which do not allow premature withdrawal.
They money in the deposit can’t be withdrawn before time. Ajay K Khurana, executive director, Bank of Baroda, said, “In a rising interest rate environment, we are pleased to offer a higher interest rate to consumers so that they earn more on their savings.
The Baroda Tiranga Plus scheme offers higher rates and assured returns. On our Non-Callable Deposits, the bank has also decided to raise Non-Callable Premium from 0.15% to 0.25% on retail term deposits.” By raising the Non-Callable Premium from 0.15% to 0.25% a year, rates on the BoB’s Advantage Retail Term Deposit Scheme (Non – Callable) have increased by 10 bps.