Baroda Tiranga Deposit Scheme Interest Rate, Benefits, Eligibility। How to Apply for Bank of Baroda Tiranga Deposit Scheme, Dates, Documents। Interest rates for the Bank of Baroda Tiranga Deposit Scheme and the deadline for applications: Bank of Baroda (BoB), a renowned public sector lender, has introduced the “Baroda Tiranga Deposit Scheme” for a brief time. The scheme offers a greater rate of interest and the option to pick from two tenures, guaranteed by one of India’s largest and most trusted institutions.
Baroda Tiranga Deposit Scheme
Two tenures for the Baroda Tiranga Deposit are offered: 444 days, or one year and 79 days, with a 5.75 percent interest rate, and 555 days, with a 6 percent interest rate.
According to BoB, this limited-time offer is available from August 16 until December 31, 2024. The policy is applicable “on retail deposits below Rs 2 crore,” according to BoB, with a particular provision for senior residents, who will receive an “additional interest rate of 0.50 percent per annum, while Non-Callable Deposits will get 0.15 percent per annum more.”
The fixed deposit programme is separated into two groups by BoB, which are further divided into subgroups according to the age and kind of customers.
Customers may prematurely remove funds from Callable FD accounts, but not from non-Callable FD accounts. Because it allows for early withdrawal, a Callable FD has a reduced interest rate.
Calculations for the Bank of Baroda Tiranga Deposit Scheme
This is a unique fixed deposit programme that offers subscribers a higher interest rate. The new deposit programme is offered in two tenor buckets with interest rates of 5.75% per year for 444 days and 6.00% per year for 555 days, according to a statement from the Bank of Baroda.
Baroda Tiranga Deposit Scheme Key Dates and Information
The programme began on August 16th, 2024, and will run until December 31st, 2024. Retail deposits under Rs 2 crore are eligible for the interest provided under the Tiranga Deposit scheme.
According to Bob, under the Tiranga Deposit programme, senior residents will receive an additional interest rate of 0.50% annually, while non-callable deposits will receive 0.15% annually.
Fixed deposits that are not callable have a lock-in term. With rare circumstances, such as bankruptcy, the winding up of a firm, death, etc., the account holder cannot withdraw money from a non-callable term deposit before the end of the maturity due date. Non-callable fixed deposits often have higher minimum deposit requirements than callable term deposits.
Banaye rakhein Independence day ka josh with Baroda Tiranga Deposits. Open bob World ki duniya and start an FD with some shaandaar interest rates! #BankofBaroda #AzadiKaAmritMahotsav @AmritMahotsav pic.twitter.com/6sGSh0KdQU — Bank of Baroda (@bankofbaroda) August 17, 2024
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Baroda Tiranga Deposit Scheme Calculation: Example
Investors can receive 6.15% interest on non-callable deposits with a 555-day (46.25-month) term under the terms of the Tiranga Deposit Scheme. The programme offers senior citizens an additional 0.5% interest and non-callable deposits an additional 0.15% interest. The maximum interest rate for senior citizens opening a non-callable deposit under this programme is 6.65%, payable over 555 days.
According to calculations, a non-callable deposit of Rs. 1 lakh for 555 days will mature to be worth more than Rs. 1.26 lakh. The maturity amount for senior citizens making a 555-day non-callable deposit would exceed Rs 1.28 lakh. The programme was introduced by BoB to commemorate 75 years of Indian independence.
General Annual Interest Rates on fixed deposits below Rs 2 crore at Bank of Baroda effective from July 28
- 7 days to 14 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
- 15 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
- 46 days to 90 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
- 91 days to 180 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
- 181 days to 270 days – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent
- 271 days & above and less than 1 year – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent.
- 1 year – For General Public: 5.30 per cent; For Senior Citizens: 5.80 per cent.
- Above 1 year to 400 days – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent.
- Above 400 days and up to 2 years – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent.
- Above 2 years and up to 3 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent.
- Above 3 years and up to 5 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent.
- Above 5 years to up to 10 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent.
- Above 10 years (MACT/ MACAD Court Order schemes only) – For General Public: 5.10 per cent; For Senior Citizens: 5.60 per cent.
How Can You Open This FD
Customers of BoB who own smartphones can create an account by downloading the “BoB world” app on their Android or iOS devices. After the account is set up, the FD can be opened entirely digitally through the app.
This paperless FD opening process would be considerably more comfortable for the senior elderly and other individuals who are unable to visit the bank branch during business hours.
However, keep in mind that one of the reasons why the majority of Indians experience financial fraud is because they disclose their BoB world password login id and other crucial credentials to others.
Har Ghar Tiranga Certificate Download
Baroda Tiranga Deposit Scheme Interest Rate And Tenure
For 444 Days (Callable).
According to BoB, consumers in the general (ordinary people), non-resident external account (NRE), and non-resident ordinary account (NRO) categories would receive an interest rate of 5.75% on the 444-day category of Tiranga FD, while senior citizens will receive a 6.25% interest rate.
For 444 Days (Non-Callable).
According to BoB, general/NRE/NRO clients will receive an interest rate of 5.9%, while elderly citizens would receive a rate of 6.4%.
Senior people will receive an interest rate of 6.5 per cent in this category, whereas general/NRE/NRO BoB clients will receive a rate of 6%.
For 555 Days (Non-Callable).
Customers of BoB in the general/NRE/NRO category will receive an interest rate of 6.15 per cent under this scheme, while senior citizens would receive a rate of 6.65 per cent.
You must register an NRE account if you are a non-resident Indian (NRI) who wants to deposit his excess foreign earnings in a bank account in India in exchange for interest (non-resident external account). An NRO account is also formed in the name of an NRI, but the depositor is required to make sure that the money came from India and not from anywhere else.