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Baroda Tiranga Deposit: New investment scheme launched, will get this much interest

Baroda Tiranga Deposit: New investment scheme launched, will get this much interest
Written by bobby
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Baroda Tiranga Deposit: New investment scheme launched, will get this much interest

How long is the investment opportunity

How long is the investment opportunity

This scheme was started on 16th August 2022, and you have the chance to invest till 31st December 2022. The interest paid under the Tiranga Deposit Scheme will be applicable on retail deposits of less than Rs 2 crore.

Senior citizens will get more interest

Senior citizens will get more interest

Bank of Baroda has said that senior citizens will get an additional interest rate of 0.50 percent per annum under the Tiranga Deposit Scheme. Whereas interest on non-callable deposits will be 0.15 percent per annum. For your information, let us tell you that in non-calling FD, banks do not allow the customers to break the FD prematurely.

There is lock-in period

There is lock-in period

Non-callable FDs come with a lock-in period. The account holder cannot withdraw money from non-callable deposits before the expiry of the maturity date with certain exceptions like bankruptcy, winding up of business, death, etc. There is a minimum amount required to be deposited in a non-callable FD. Generally, this callable is higher than FD.

Now understand multiplication

Now understand multiplication

As per the Tiranga Deposit Scheme, investors can get 6.15 percent interest in non-callable FDs for a tenure of 555 days (46.25 months). The scheme offers 0.5 percent additional interest to senior citizens and 0.15 percent additional interest for non-callable FDs. This means that under this scheme, senior citizens with non-callable FDs can get up to 6.65 percent interest in 555 days.

1 lakh will be so much

1 lakh will be so much

The calculation shows that the noncallable FD amount of Rs 1 lakh for 555 days will exceed Rs 1.26 lakh at the time of maturity. For senior citizens holding a non-callable FD of 555 days, the maturity amount will be more than Rs 1.28 lakh. Bank of Baroda has launched this special FD scheme to celebrate 75 years of India’s independence. The bank has said that on the completion of 75 years of India’s independence, we are happy to give consumers yet another reason to celebrate.

Ajay K Khurana, Executive Director, Bank of Baroda said in the statement, “Baroda Tiranga Deposit Scheme offers high-interest rates in two tenors backed by one of the leading and most trusted banks in India. Let us inform you that recently Bank of Baroda increased its marginal cost-based lending rate (MCLR) by 5-20 basis points (bps), which became effective on August 12. The bank has increased its one-year MCLR by 5 bps to 7.70%.

About the author

bobby

Hi, I am Bobby. Blogger India. I love writing, and reading articles. Blogging is my passion. I have started my blogging career in 2016.

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