In commemoration of India’s 76th independence, many banks in the country have launched special fixed deposit schemes. One of India’s leading banks, the Bank of Baroda, announced a newly launched Baroda Tiranga Deposit scheme. This scheme offers a unique term deposit product along with higher interest rates.
The Bank of Baroda’s newly launched fixed deposit scheme offers mouthwatering interest rates up to 5.75% for the first tenor bucket maturing in 444 days and 6% for fixed deposits maturing in 555 days. The newly launched fixed deposit scheme kicked off on August 16 and is expected to run until December 31, 2022. Bank of Baroda’s special deposit scheme applies to retail deposits under Rs. 2 crores.
As part of the special deposit schemes, non-callable deposits will get an extra 0.15% interest. Also, older people will receive an additional 0.50% on interest.
According to a press release from the Bank of Baroda, “the newly launched special fixed term deposit schemes will be offered in two tenor buckets, with interest rates of 5.75% p.a for 444 days and 6% p.a for 555 days. The scheme will go live on August 16 and end on December 31. This scheme is for retail deposits below Rs. 2 crores.”
Other banks’ contributions toward the independence day celebration
It isn’t only the Bank of Baroda that is launching a new fixed deposit scheme to commemorate the independence day celebration. Other banks, including the State Bank of India, have launched a similar initiative.
According to reports, the State Bank of India (SBI) launched a new term deposit scheme called Utsav Deposit. This newly introduced deposit scheme is the bank’s way of celebrating the country’s 76th Independence Day. SBI’s newly introduced fixed deposit scheme offers up to 6.1% interest rates. The scheme was launched on August 15 and will end on October 30, 2022, exactly 75 days.
Speaking on the recently launched deposit scheme, the bank said it is delighted to offer Utsav Deposits, a new scheme to celebrate 75 years of Azadi. With this scheme, customers stand a chance to get high interest up to 6.1% on Fixed Deposits.