How to Apply for Bank of Baroda Tiranga Deposit Scheme

How to Apply for Bank of Baroda Tiranga Deposit Scheme, Dates, Documents | Interest rates for the Bank of Baroda Tiranga Deposit Scheme 

Bank of Baroda Tiranga Deposit Scheme 2022: Bank of Baroda Launches Tiranga Fixed Deposit Scheme; More Benefits For Senior Citizens interest rates for the Bank of Baroda Tiranga Deposit Scheme and the deadline for applications: Bank of Baroda (BoB), a renowned public sector lender, has introduced the “Baroda Tiranga Deposit Scheme” for a brief time.

Bank of Baroda Tiranga Deposit

The scheme offers a greater rate of interest and the option to pick from two tenures, guaranteed by one of India’s largest and most trusted institutions. The fd rates in Bank of Baroda is at a minimum of 2.90% per annum, while this rate goes up to 5.30% per annum. As for the fixed deposit in Bank of Baroda,

Baroda Tiranga Deposit Scheme 2022 

Bank of Baroda. Baroda Double Dhamaka Fixed Deposit, as the name implies, provides double reruns on your investments. A term/fixed deposit is a financial instrument by investing in which you can get assured returns on your investments. What you have to do is to invest for a particular period at a fixed rate of interest.

The bank of Baroda Double Dhamaka Fixed Deposit scheme is open for general public and senior citizens. Two tenures for the Baroda Tiranga Deposit are offered: 444 days, or one year and 79 days, with a 5.75 percent interest rate, and 555 days, with a 6 percent interest rate.

Baroda Tiranga Deposit Scheme w.e.f. 16.08.2022
Callable Non-Callable
Tenors General/NRE/NRO Senior Citizens General/NRE/NRO Senior Citizens
444 days 5.75% p.a. 6.25% p.a. 5.90% p.a.

(5.75 + 0.15)

6.40% p.a.

(5.75 + 0.15 + 0.50)

555 days 6.00% p.a. 6.50% p.a. 6.15% p.a.

(6.00 + 0.15)

6.65% p.a.

(6.00 + 0.15 + 0.50)

The fixed deposit program is separated into two groups by BoB, which are further divided into subgroups according to the age and kind of Customers who may prematurely remove funds from Callable FD accounts, but not from non-Callable FD accounts. Because it allows for early withdrawal, a Callable FD has a reduced interest rate.

August 16 until December 31, 2022. The policy is applicable “on retail deposits below Rs 2 crore,” according to BoB, with a particular provision for senior residents, who will receive an “additional interest rate of 0.50 percent per annum, while Non-Callable Deposits will get 0.15 percent per annum more.”

Bank of Baroda Tiranga Deposit

Calculations for the Bank of Baroda Tiranga Deposit Scheme

This is a unique fixed deposit programme that offers subscribers a higher interest rate. The new deposit programme is offered in two tenor buckets with interest rates of 5.75% per year for 444 days and 6.00% per year for 555 days, according to a statement from the Bank of Baroda.

The interest rates of Baroda Double Dhamaka Fixed Deposit Scheme vary based on the tenure of your deposit and age. Currently, the following interest rates are applicable on this scheme:

Maturity range Interest rate
For General Public: 7.50%
For Senior Citizens: 8.00%

Baroda Tiranga Deposit Scheme Key Dates and Information 

The programme began on August 16th, 2022, and will run until December 31st, 2022. Retail deposits under Rs 2 crore are eligible for the interest provided under the Tiranga Deposit scheme.

According to Bob, under the Tiranga Deposit programme, senior residents will receive an additional interest rate of 0.50% annually, while non-callable deposits will receive 0.15% annually.

Bank of Baroda Tiranga Deposit Scheme

Fixed deposits that are not callable have a lock-in term. With rare circumstances, such as bankruptcy, the winding up of a firm, death, etc., the account holder cannot withdraw money from a non-callable term deposit before the end of the maturity due date.

 The interest paid under the Tiranga Deposit Scheme will be applicable on retail deposits of less than Rs 2 crore. Non-callable fixed deposits often have higher minimum deposit requirements than callable term deposits.

Baroda Tiranga Deposit Scheme Calculation: Example

Baroda Tiranga Deposit Scheme. Bank of Baroda launches special deposit schemes offering higher interest rates up to 6 per cent. Investors can receive 6.15% interest on non-callable deposits with a 555-day (46.25-month) term under the terms of the Tiranga Deposit Scheme.

The programme offers senior citizens an additional 0.5% interest and non-callable deposits an additional 0.15% interest. The maximum interest rate for senior citizens opening a non-callable deposit under this programme is 6.65%, payable over 555 days.

According to calculations, a non-callable deposit of Rs. 1 lakh for 555 days will mature to be worth more than Rs. 1.26 lakh. The maturity amount for senior citizens making a 555-day non-callable deposit would exceed Rs 1.28 lakh. The programme was introduced by BoB to commemorate 75 years of Indian independence.

General Annual Interest Rates on fixed deposits below Rs 2 crore at Bank of Baroda effective from July 28

  • 7 days to 14 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
  • 15 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
  • 46 days to 90 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
  • 91 days to 180 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
  • 181 days to 270 days – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent
  • 271 days & above and less than 1 year – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent.
  • 1 year – For General Public: 5.30 per cent; For Senior Citizens: 5.80 per cent.
  • Above 1 year to 400 days – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent.
  • Above 400 days and up to 2 years – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent.
  • Above 2 years and up to 3 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent.
  • Above 3 years and up to 5 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent.
  • Above 5 years to up to 10 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent.
  • Above 10 years (MACT/ MACAD Court Order schemes only) – For General Public: 5.10 per cent; For Senior Citizens: 5.60 per cent.

How Can You Open This FD

Customers of BoB who own smartphones can create an account by downloading the “BoB world” app on their Android or iOS devices. After the account is set up, the FD can be opened entirely digitally through the app.

This paperless FD opening process would be considerably more comfortable for the senior elderly and other individuals who are unable to visit the bank branch during business hours.

However, keep in mind that one of the reasons why the majority of Indians experience financial fraud is because they disclose their BoB world password login id and other crucial credentials to others.

Baroda Tiranga Deposit Scheme Interest Rate And Tenure

Bank of Baroda Tiranga Deposit Scheme

For 444 Days (Callable).

According to BoB, consumers in the general (ordinary people), non-resident external account (NRE), and non-resident ordinary account (NRO) categories would receive an interest rate of 5.75% on the 444-day category of Tiranga FD, while senior citizens will receive a 6.25% interest rate.

Baroda Tiranga Scheme details
For 444 days (Callable)
In this category Tiranga FD will provide customers an interest rate of 5.75%, while senior citizens will get 6.25%.
For 444 days (Non-callable)
Customers will get an interest rate of 5.9%, while senior citizens will get 6.4%.
For 555 days (Callable)
Customers in this category will get an interest rate of 6%, while senior citizens will get an interest rate of 6.5%.
For 555 days (Non-callable)
BoB customers will get an interest rate of 6.15%, while senior citizens will get 6.65%.

You must register an NRE account if you are a non-resident Indian (NRI) who wants to deposit his excess foreign earnings in a bank account in India in exchange for interest (non-resident external account).

An NRO account is also formed in the name of an NRI, but the depositor is required to make sure that the money came from India and not from anywhere else.

How to Apply for Bank of Baroda Tiranga Deposit Scheme

On the official website of BOB, there are no updates on how to use this Bank of Baroda Tiranga Deposit Scheme online, but there is an offline method.

  • In order to fill out the offline method form, you have to follow the steps below:
  • First, you have to visit the closest local BOB branch in your locality. And there you have to ask for the form of the scheme.
  • You have to enter all the basic details and attach all the relevant documents needed.
  • You have to submit your form to the concerned department at BOB Bank.
  • They will approve it and you will benefit from this scheme.

Bank of Baroda Tiranga Deposit Scheme (F.A.Qs)?

Where are Baroda Fixed Deposits available?

The Bank of Baroda  Fixed Deposits are available at all CBS branches.

What is the minimum deposit required for investing in a Bank of Baroda  Fixed Deposit?

The minimum deposit required for investing in a Bank of Baroda Fixed Deposit is Rs.5000.

Does the bank allow premature withdrawal?

Yes, the bank allows premature withdrawal.

Is TDS applicable on Bank of Baroda  Fixed Deposit?

Yes, TDS is applicable on the interest payment of Bank of Baroda Double Dhamaka Fixed Deposit.

Can I nominate someone against my Baroda  Fixed Deposit?

Yes, you can. The Baroda Double Dhamaka Fixed Deposit accepts nomination.

Can I take a loan against my Baroda  Fixed Deposit?

Yes, you can take loans against your Baroda Double Dhamaka Fixed Deposit. You can get loan up to 95% of your total deposit.

Is a minor eligible for opening a Baroda Fixed Deposit?

Yes, a minor is also eligible for opening a Baroda  Fixed Deposit.

Conclusion:

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