New Delhi. Public sector Bank of Baroda has today launched Baroda “Tiranga Plus Deposit Scheme”. Under this scheme, Bank of Baroda is offering higher interest on fixed deposits (Fixed Deposits Rates Hike) to its customers. This will definitely help the customers in fighting rising inflation, albeit marginally. Apart from Bank of Baroda, Punjab and Sindh Bank has also increased the interest rates on deposits.
Bank of Baroda is giving 7.50 percent interest rate to customers on FD for 399 days. The new interest rates will come into effect from November 1, 2022. On this new interest rate, Executive Director of Bank of Baroda, Ajay K. Khurana said that in the environment of rising interest rates, we are happy to offer higher interest rates to consumers. He said that the interest rate was increased so that they could earn more returns on their savings.
Bank of Baroda will offer higher interest rates to customers under this scheme. According to the bank, in order to provide more benefits to the customers on non-callable deposits, it has been decided to increase the non-callable premium on retail term deposits from 0.15% to 0.25%.
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What is Tricolor Plus Deposit Scheme?
Under the Tricolor Plus Deposit Scheme, Bank of Baroda is offering 6.74 percent interest on fixed deposits to general customers and 7.25 percent interest to senior citizens for 399 days. The non-callable premium in the interest rates on the Bank’s Baroda Advantage Retail Term Deposit Scheme (Non-Callable) has been increased from 0.15% per annum to 0.25% per annum. The interest rates on Bank’s Baroda Advantage Retail Term Deposit Scheme (Non-Callable) have been increased by 10 basis points as a result of increasing the non-callable premium by 0.15% per annum.
This scheme is effective from November 1
According to the official website of the bank, the interest rates of Baroda Tricolor Deposit Scheme are also effective from November 1, 2022. This scheme is for two periods of 444 days and 555 days. The bank is offering interest rates of 5.75% for general citizens and 6.25% for senior citizens on FDs maturing in 444 days, while 6.00% and 6.50% interest rates are being offered to senior citizens on FDs maturing in 555 days. Is being done. Apart from this, interest rate will be 6.25% for FD maturing in 555 days and 6.75% for senior citizens.
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Punjab and Sindh Bank Savings Account Interest Rates
Punjab and Sindh Bank is offering an interest rate of 2.80% on deposits up to Rs 1 crore in savings account. At the same time, from Rs 1 crore to Rs 100 crore, interest is now being given at the rate of 2.90%. Apart from this, the interest rate is 4.50% on the amount above Rs 100 crore till Rs 500 crore, while Punjab and Sindh Bank is now offering interest rate 5.00% on the amount above Rs 500 crore.
New FD rates of Punjab and Sindh Bank
Punjab and Sindh Bank will now give an interest rate of 2.80% on FDs maturing in 7 to 30 days. Similarly, interest will be available at the rate of 3.0% for FD of 31 to 45 days, 4.00% for 46 to 90 days, and 4.20% for FD of 91 to 120 days. Also, the bank is now offering interest rate of 5.00% on FDs maturing in 270 to 364 days. At the same time, interest rate will be 6.10% for FD of 1 to 2 years, 6.25% for FD of 3 years and 6.10% for FD maturing in 3 years to 10 years.
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FIRST PUBLISHED : November 2, 2022, 8:22 pm IST