Bank of Baroda Launches Tiranga Fixed Deposit Scheme; More Benefits For Senior Citizens

The Bank of Baroda (BoB) on Tuesday announced the launch of a special fixed deposit scheme called the ‘Baroda Tiranga Deposit Scheme’, which offers higher interest rates and a fully paperless application process. 

In a press release, BoB said the Baroda Tiranga Deposit would be available in two tenures: 444 days or one year and 79 days, with a 5.75 per cent interest rate, and the other option is for 555 days, with an interest rate of 6 per cent.

BoB said this limited-time scheme is open from August 16 to December 31, 2022. BoB also noted that the scheme is applicable “on retail deposits below Rs 2 crore”, with a special provision for senior citizens, wherein they will earn an “additional interest rate of 0.50 per cent p.a., while Non-Callable Deposits will get 0.15 per cent p.a. extra.”

Ajay K. Khurana, the executive director of Bank of Baroda, said in the release, “The Baroda Tiranga Deposit Scheme offers a higher rate of interest and the flexibility to choose from two tenures, backed by one of India’s leading and most trusted banks.” 

More Details Of Baroda Tiranga Deposit Scheme

BoB has divided the fixed deposit scheme into two groups, which are further subdivided according to customers’ age and category. 

In Callable FD, customers are allowed premature money withdrawal, while in non-Callable FD, customers are not allowed early withdrawal. Hence, a Callable FD carries a lower interest rate since it provides premature withdrawal. 

How Can You Open This FD?

BoB customers with a smartphone can download the ‘BoB world’ app on their Android/iOS devices to set up an account. After the account is created, the FD can be opened in a completely paperless way from the app. 

Senior citizens and others who cannot visit the bank branch during office hours would find this paperless FD opening process much more convenient.

Khurana said, "To book a Baroda Tiranga Deposit, existing customers simply have to login to the app, go to the Save->Fixed Deposit option, select their preferred scheme and amount and the FD is opened instantly and in a paperless fashion."

"Further, for our senior citizen customers, Bank of Baroda has recently launched bob World Gold – a new feature on bob World designed especially for seniors and the elderly. Bob World Gold has easy navigation, large fonts, sufficient spacing and clear menus with added features like ready-to-assist voice based search service," Khurana further added.

However, while doing so, remember not to share your BoB world password login id and other critical details with anyone since this is one of the reasons why most Indians face financial fraud. 

Interest Rate And Tenure

For 444 Days (Callable)

BoB said that in the 444-day category of Tiranga FD, it would give customers in the general (ordinary citizens), non-resident external account (NRE), and non-resident ordinary account (NRO) categories an interest rate of 5.75 per cent, while senior citizens will get 6.25 per cent. 

For 444 Days (Non-Callable)

BoB said that general/NRE/NRO customers will get an interest rate of 5.9 per cent, while senior citizens will get 6.4 per cent.

In this category, BoB customers in the general/NRE/NRO category will get an interest rate of 6 per cent, while senior citizens will get an interest rate of 6.5 per cent.

For 555 Days (Non-Callable)

Under this plan, BoB customers in the general/NRE/NRO category will get an interest rate of 6.15 per cent and senior citizens will get 6.65 per cent.

If you are a non-resident Indian (NRI), who wishes to deposit his surplus foreign earnings in an Indian bank account for some interest, then you need to open an NRE account (non-resident external account). An NRO account is also opened in the name of NRI, but the person must deposit the income originated in India and not in a foreign country.