Bank of Baroda reduces interest rate on 'Baroda Tiranga Plus Deposit Scheme'

Bank of Baroda has reduced interest rate on ‘Baroda Tiranga Plus Deposit Scheme’ of 399 days to 7.15 per cent. To commemorate India’s Azadi Ka Amrit Mahotsav, banks had earlier launched special fixed deposit schemes. Bank of Baroda had launched ‘Baroda Tiranga Plus Deposit Scheme’ to serve the purpose. But now the public lender has reduced the interest rates on this special FD scheme. Another public lender, Punjab & Sind Bank had launched similar FD scheme of various tenures. The public lender has also revised the tenures and interest rates of the various special FD schemes it had launched back then.

On FD of 333 days, Punjab & Sind Bank currently gives 6.50 per cent interest. On 444 days, the public lender gives 7.40 per cent rate of interest. While, on 555 days FD, depositors can get 7.35 per cent interest. Senior citizens will get 0.50 per cent additional rates on FDs of all these three different tenures.

Other banks which had launched similar schemes have not revised neither tenure nor interest since the beginning. Lets have a look at how much interest depositors can still earn on such special schemes.

Current rate of interest on special fixed deposit schemes launched by banks in past to commemorate Azadi Ka Amrit Mahotsav:

State Bank of India had launched Amrit Kalash scheme. India’s largest public sector bank continues to give 7.10% interest rate to depositors under this special fixed deposit scheme. The tenure of the Amrit Kalash scheme is 400 days. Senior citizens get 7.60% interest rate.

IDBI Bank, on the other hand, gives the option of opening fixed deposits under the Amrit Mahotsav FD for 375 days. General citizens get 7.10 percent rate of interest.

IDBI Bank also gives another special fixed deposit scheme which is “IDBI Special Non-callable option FD” scheme. Account holders can open fixed deposit of 444 days tenure. General citizens will get 7.15 percent interest rate.

Senior citizens get an additional of 0.50 per cent interest on both these special fixed deposit schemes of the IDBI Bank.

Indian Bank’s “IND SUPER 400 DAYS” gives 7.25 per cent rate of interest on FDs of 400 days to general citizens. Elderly will get 7.75 per cent. The public lender had launched another such special fixed deposit scheme which it still continues. It is ‘Ind Supreme 300 Days’. General citizens get 7.05 per cent interest rate on FDs of 300 days. While, elderly will get 7.55 per cent interest rate.