Bank Of Baroda: Bank of Baroda (BOB) has launched a new deposit scheme offering an interest rate of up to 6 per cent on domestic retail term deposits.
BoB said in a release on Tuesday that ‘Baroda Tiranga Deposit Scheme’ has been introduced on the occasion of 75th Independence Day of India. This is a special fixed deposit scheme offering high interest rates.
This scheme will be available till December 31, 2022. This scheme has two maturity periods of 444 and 555 days, in which interest of 5.75 percent and six percent per annum will be given respectively. The bank said that the scheme has started on Tuesday (August 16) and is applicable on retail deposits of less than Rs 2 crore.
Under the scheme, senior citizens will get additional interest on their deposits.
It is worth noting that the Reserve Bank of India had recently increased the repo rate, after which it was believed that now taking loans from banks will be expensive as well as interest on deposits will be more. In the same episode, with banks increasing their lending rates, now they are increasing the interest rates on deposits made from retail deposits to fixed tenure.
