This scheme has come into effect from 1st November. This includes interest rate of 0.5 per cent on deposits for senior citizens and 0.25 per cent for non-callable deposits. This scheme is for retail term deposits of less than Rs 2 crore. Bank of Baroda has increased the premium on non-callable retail term deposits from 0.15% p.a. to 0.25% p.a.

Hence, non-callable deposits will now get 0.25% additional interest per annum. Ajay K Khurana, Executive Director, Bank of Baroda said, “In an environment of rising interest rates, we are happy to offer our customers a higher rate of interest so that they can earn higher returns on their savings. Baroda Tiranga Plus Deposit Scheme offers high interest rates and assured returns.

On non-callable deposits, the Bank has also decided to increase the non-callable premium on retail term deposits from 0.15% to 0.25%, providing further benefits to the customers.

IDBI Bank: Amrit Mahotsav Deposit Scheme

Private sector lender IDBI Bank has introduced Amrit Mahotsav FD (Amrit Mahotsav Deposits) scheme for its customers. The bank is offering increased interest rates on deposits under this scheme. Under this scheme, customers will be able to make deposits for 700 days and they will get interest at the rate of 7.50 per cent. This offer is for a limited time.

Unity Small Finance Bank introduced Shagun 366 Meanwhile, Unity Small Finance Bank is now offering 8.30% interest on deposits of 366 days to senior citizens. The bank recently launched a new scheme – Shagun 366, i.e. 1 year, 1 day fixed deposit. The scheme offers a return of 7.80% p.a. while senior citizens will get 8.30% interest over a period of 366 days. However, this offer will be available only for deposits booked up to November 30, 2022.

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