Senior citizens can get 7.25% interest on this Bank of Baroda special FD scheme

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Bank of Baroda has launched a special fixed deposit scheme called Baroda Tiranga Plus Deposit Scheme. The new scheme offers 6.75 per cent per annum on a fixed deposit tenure of 399 days to individuals. Senior citizens will get 0.50 per cent extra i.e., 7.25 per cent per annum on the same tenure.
Non-resident Indians (NRIs) can also deposit this special scheme. NRI can make NRE and NRO deposits of 399 days under this special FD scheme and earn 6.75 per cent per annum.

Baroda Tiranga Plus Deposit Scheme w.e.f. 01.11.2022 (Callable deposits)

Tenure General/NRE/NRO Senior Citizens
399 days 6.75% 7.25%

The public sector bank is offering higher interest rates on non-callable deposits. As per the announcement, if an individual makes a non-callable deposit having an amount between Rs 15.01 lakh and less than Rs 2 crore, then she can earn an interest rate of 7 per cent per annum. Here the senior citizen will earn 7.50 per cent. The tenure of this non-callable deposit will be the same i.e., 399 days.
Baroda Tiranga Plus Deposit Scheme w.e.f. 01.11.2022 (Non-callable deposits*)

Tenure General/NRE/NRO Senior Citizens
399 days 7.00% 7.50%

*Deposits must be between Rs 15.01 lakh to less than Rs 2 crore.

“In a rising interest rate environment, we are pleased to offer a higher interest rate to consumers so that they earn more on their savings. The Baroda Tiranga Plus Deposit Scheme offers higher interest rates and assured returns”, says Ajay K. Khurana, Executive Director, Bank of Baroda.

The special FD scheme is applicable on a retail term deposit of below Rs 2 crore. The bank has also hiked the premium on non-callable deposits. As per the press release, the PSU bank has also decided to increase the non-callable premium from 0.15 per cent to 0.25 per cent on retail term deposits, providing further benefits to customers. A customer can make a non-callable deposit by depositing an amount between Rs 15.01 lakh to less than Rs 2 crore.

Baroda Advantage Fixed Deposit (Domestic including NRO, NRE (TD)) Accounts

TenorsOld Rates Revised Rates
(w.e.f. 01.11.2022)
Revised Rates for Senior Citizens
(w.e.f. 01.11.2022)
1 Year 5.65 5.75 6.25
Above 1 Year to 400 Days 5.65 5.75 6.25
Above 400 Days to 2 Years 5.65 5.75 6.25
Above 2 Years to 3 Years 5.70 5.80 6.30
Above 3 Years to 5 Years 5.80 5.90 6.55
Above 5 Years to 10 Years 5.80 5.90 6.90
444 Days 5.90 6.00 6.50
555 Days 6.15 6.25 6.75

What are non-callable deposits?

Non-callable deposits are those deposits that do not have a premature withdrawal facility. This means that once an individual opens a non-callable FD deposit, then she cannot take the money out before the maturity date.

What is the tenure of the Bank of Baroda special FD scheme?

Bank of Baroda special FD scheme has a tenure of 399 days. The special FD scheme is offering 6.75 per cent to individuals and 7.25 per cent to senior citizens.

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