NEW deposit scheme for Bank of Baroda customers, getting higher interest rates; Here is everything you need to know

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New Delhi: One of the biggest banks of India, Bank of Baroda (BOB) has launched a new Domestic retail term deposit scheme. The customers will higher interest rates than the normal FDs in this new scheme. Bank said in its press release that Customers will get 6 % interest rate under the term deposit scheme named “Baroda Tiranga Deposits”. The scheme, which marks 75th Independence day, is a special term deposit offering higher interest rates.

Customers will get 6% interest in Baroda Tiranga Deposits

The scheme is available till 31st December 2022 for the customers of Bank of Baroda. And the scheme has two deposits tenors 444 days and 555 days, which come at interest rates of 5.75 per cent and 6 per cent respectively. In a tweet, BOB said, “Maintain the Independence Day spirit with Baroda Tiranga Deposits. Open Bob World Ki Duniya and start an FD with some great interest rates!”

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, 2022

Senior Citizens will get extra interest rates in Term Deposits

Bank of Baroda said that this scheme has been implemented on Tuesday (16/08/2022) and it is applicable on retail deposits of less than Rs 2 crore. The bank said that under the scheme, senior citizens will get an additional interest of 0.50 percent on their deposits.

SBI also launches Festival scheme on 15 August

State Bank of India (SBI) has also launched deposit scheme for its customers on 15 August. In this scheme of SBI Utsav Deposit, Customers will get higher interest rates than the normal ones provided they deposit in it. SBI said this scheme is applicable for next 75 days and customers will get 6.10% interest rates on deposit. Besides, senior citizens will get extra 0.50% interest rates.