Bank of Baroda has launched a new Tiranga Deposit Scheme, a fixed deposit scheme with a very competitive rate of interest.

The scheme also commemorates the 75 years of India's independence.

Deputy General Manager of Bank of Baroda, Debashis Bakshi informed that the benefits of the scheme can be availed either by an individual or jointly by two or more people. It can also be accessed in the names of clubs, associations, educational institutions, partnerships and joint stock companies and any other institutions as per bank rules.

"The product is available for 444 days and 555 days. One of the important aspect of this scheme is that there are both callable and non-callable options. Callable options are those fixed deposits which can be withdrawn prematurely subject to the applicable penalty," he said.

The product is available for all categories- General, Non Resident External (NRE) and Non Resident Ordinary (NRO).

The rate of interest for the callable deposits of 444 days, in case General/ NRE/ NRO is 5.75 per cent. For senior citizens, the same is 6.25 per cent. For a deposit of 555 days, the rate of interest is 6.00 per cent for General/ NRE/ NRO and the same for senior citizens in 6.50 per cent.

For the non-callable deposits, for deposits of 444 days, the rate of interest for General/ NRE/ NRO is 5.90 per cent and the same for senior citizens is 6.40 per cent. For a deposit of 555 days, the rate of interest for the General/ NRE/ NRO is 6.15 per cent and the same for senior citizens is 6.65 per cent.

All the other terms and conditions applicable to Normal Term Deposits except rate of interest and period remain same for the Baroda Tiranga Deposit Scheme.

Launched on August 16, 2022, the Tiranga Deposite Scheme is valid till December 31, 2022.

A bank with about 135 million customers and serving millions other indirectly, Bank of Baroda, started in 1908, the third largest Public Sector Bank after the State Bank of India and Punjab National Bank.

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