Baroda Tiranga Deposit Scheme: Learn About Interest Rates, Advantages, Eligibility, and Application Process
Recently, the Bank of Baroda (BoB), a prominent public sector bank, has launched the “Baroda Tiranga Deposit Scheme” for a limited time. This scheme is designed to provide higher interest rates while ensuring safety from one of India’s most trusted banks.
Overview of Baroda Tiranga Deposit Scheme
The Baroda Tiranga Deposit comes with two tenure options: 444 days, offering a 5.75% interest rate, and 555 days, which provides a 6% interest rate. This fantastic offer is part of a promotion effective until December 31, 2025. The scheme is applicable to retail deposits below Rs 2 crore, with added benefits for senior citizens who can earn 0.50% more per annum, and 0.15% more for Non-Callable Deposits.
Customers enjoy flexibility with Callable FD accounts where funds can be withdrawn early, albeit with lower interest rates compared to Non-Callable FD accounts which do not permit early withdrawal.
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Understanding Interest Rates of the Baroda Tiranga Deposit Scheme
This special fixed deposit scheme offers competitive interest rates. As per the latest information from BoB, fixed deposits for 444 days come with an interest rate of 5.75% and those for 555 days offer 6.00%.
Key Information and Dates of the Baroda Tiranga Deposit Scheme
The Baroda Tiranga Deposit Scheme was launched on August 16, 2024, and will be available until December 31, 2025. Eligible retail deposits are those under Rs 2 crore. Senior citizens will receive an added interest of 0.50% for non-callable deposits which will receive an additional 0.15% interest.
Non-callablefixed deposits are locked-in, meaning funds cannot be withdrawn before maturity except in exceptional circumstances (like death or company liquidation). It usually requires a higher minimum deposit than callable accounts.
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Example Calculation: Baroda Tiranga Deposit Scheme
Under the Baroda Tiranga Deposit Scheme, customers can expect to earn 6.15% interest on non-callable investments for a 555-day term. Senior citizens, in this category, can achieve a maximum interest rate of 6.65%.
An illustrative calculation shows that an investment of Rs 1 lakh for 555 days can grow to more than Rs 1.26 lakh. For senior citizens, this amount could exceed Rs 1.28 lakh. This scheme was introduced to honor India’s 75 years of independence.
Current FD Interest Rates at Bank of Baroda (for deposits under Rs 2 crore as of July 28)
- 7 days to 14 days – General Public: 3.00%; Senior Citizens: 3.50%
- 15 days to 45 days – General Public: 3.00%; Senior Citizens: 3.50%
- 46 days to 90 days – General Public: 4.00%; Senior Citizens: 4.50%
- 91 days to 180 days – General Public: 4.00%; Senior Citizens: 4.50%
- 181 days to 270 days – General Public: 4.65%; Senior Citizens: 5.15%
- 271 days and above, less than 1 year – General Public: 4.65%; Senior Citizens: 5.15%
- 1 year – General Public: 5.30%; Senior Citizens: 5.80%
- Above 1 year to 400 days – General Public: 5.45%; Senior Citizens: 5.95%
- Above 400 days and up to 2 years – General Public: 5.45%; Senior Citizens: 5.95%
- Above 2 years and up to 3 years – General Public: 5.50%; Senior Citizens: 6.00%
- Above 3 years and up to 5 years – General Public: 5.50%; Senior Citizens: 6.00%
- Above 5 years and up to 10 years – General Public: 5.50%; Senior Citizens: 6.00%
- Above 10 years (MACT/ MACAD Court Order schemes) – General Public: 5.10%; Senior Citizens: 5.60%
How to Open the Baroda Tiranga Deposit FD
Customers of BoB can easily open an account through the “BoB World” app available on Android and iOS. After account setup, customers can open their FD digitally, making it an ideal option for seniors and those unable to visit bank branches during working hours.
Be cautious, as most financial fraud in India occurs due to users sharing their BoB World credentials or passwords.
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Baroda Tiranga Deposit Scheme: Interest Rates and Tenure Details
For 444 Days (Callable):
General, NRE, and NRO customers will earn a 5.75% interest rate, while senior citizens will enjoy a 6.25% rate.
For 444 Days (Non-Callable):
General/NRE/NRO customers will receive 5.90%, while senior citizens will get 6.40%.
For Non-Callable deposits of 555 days: General/NRE/NRO customers will accumulate 6.15% interest, and senior citizens can secure a higher rate of 6.65%.
NRI customers looking to deposit foreign income in India should consider opening an NRE account for foreign earnings or an NRO account for funds sourced from India.