Bank of Baroda (BoB) on Tuesday launched the ‘Baroda Tiranga Deposit Scheme’ — a special retail term deposit product offering interest rates of 5.75 per cent for 444 days and 6 per cent for 555 days. The scheme is open till December 31, 2022, and is applicable on retail deposits below ₹2 crore.

BoB, in a statement, said senior citizens will earn an additional interest rate of 0.50 per cent, while non-callable deposits will get 0.15 per cent extra.

Ajay K Khurana, Executive Director, BoB said, “The Baroda Tiranga Deposit Scheme offers a higher rate of interest and the flexibility to choose from two tenures, backed by one of India’s leading and most trusted banks.”

Retail fixed deposits

Meanwhile, Ujjivan Small Finance Bank has introduced two new tenures of retail fixed deposits (below ₹2 crore) — 75-weeks (525 days) and 75 months, both carrying 7.50 per cent interest rate.

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Ujjivan has upped the interest rate on 990 Days (Platina) FD from 7.20 per cent to 7.50 per cent. It has revised the additional rate for senior citizens to 0.75 per cent from 0.50 per cent.

The bank said customers can invest a minimum of above ₹15 lakh to below ₹2 crore under the Platina FD plan. The Platina FD is non-callable — partial and premature withdrawal facility is not available in this scheme 

“Ujjivan SFB would allow monthly, quarterly and at maturity interest pay-out options. The above interest rates are applicable on Tax Saver Fixed Deposits too. However, they carry a lock-in period of five years,” as per the statement.

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