Baroda Tiranga Plus Deposit Scheme: Secure Your Savings with High Returns

The Baroda Tiranga Plus Deposit Scheme is a special fixed deposit plan from the Bank of Baroda. It is designed for people to grow their savings securely while earning a higher interest rate than a regular savings account.

This scheme comes with a fixed tenure of 399 days, ensuring steady returns for those looking to invest for the short term. It is particularly beneficial for senior citizens, as they receive preferential interest rates. 

People can open this deposit both online or by visiting a branch. It is a safe and smart way to grow savings with the trust of a bank like the Bank of Baroda. Continue reading this comprehensive blog to learn more about this deposit scheme.

Features of the BOB Tiranga Plus Deposit Scheme

The Baroda Tiranga Plus Deposit Scheme is a safe and effective way to grow your money with the Bank of Baroda. Here to the: 

• Bank of Baroda Tiranga Yojana is a special fixed deposit scheme for everyone, including general customers, NRIs, senior citizens, and bank staff.
• The deposit period is fixed at 399 days.
• Senior citizens living in India get a higher interest rate.
• The minimum deposit is ₹1,000 for regular deposits (callable) and ₹15.01 lakhs for special deposits (non-callable).
• You can choose different ways to receive interest.
• A nomination facility is available, so you can select someone to receive the money if something happens to you.

Benefits of Investing in the BOB Tiranga Plus Deposit Scheme 

There are several benefits of investing in the Baroda Tiranga Plus Deposit Scheme. They are:

• As general public, you can earn the BOB 399 days FD interest rate up to 6.75% p.a.
• Senior citizens get an additional 0.50% interest, increasing it up to 7.25% p.a.
• The deposit options are flexible, as you can receive interest monthly, quarterly, or at maturity.
• You can secure your investment by selecting a nominee to receive the deposit in case of any unforeseen circumstances.
• You can open your deposit online via the BOB World App or visit a Bank of Baroda branch for in-person assistance.
• If you invest ₹15.01 lakh or more (non-callable), you get an extra 0.25% interest.
• Your money is protected with the Bank of Baroda, one of the most trusted banks in India.

Eligibility Criteria for Baroda Tiranga Plus Deposit Scheme

The following are the eligibility criteria to open a Tiranga fixed deposit (FD) with Bank of Baroda:

• Any person in their name.
• Two or more people together (joint account).
• A minor (child) with an adult.
• Small business owners (sole proprietors).
• Teachers, doctors, and other professionals.
• Shops, traders, and merchants.
• Hindu Undivided Families (HUFs).
• Clubs and sports groups.
• Charity groups and educational institutions.
• Companies, societies, and partnership firms

Documents Required for a Baroda Tiranga Plus Deposit Scheme

To open a Tiranga FD with BOB, you must provide some documents for the Know Your Customer (KYC) process.

1. Proof of Identity: Any one of the following:

• PAN Card
• Driving License
• Passport
• Voter ID
• Aadhaar Card
• Government or Defense ID Card
• ID from a well-known company

1. Proof of Address: Any one of the following

• Aadhaar Card
• Electricity Bill
• Telephone Bill
• Ration Card
• Bank Account Statement
• Letter from a well-known company or government authority
• Income Tax/Wealth Tax Order

1. Date of Birth Proof (For Seniors and Minors Only)

• For Senior Citizens: Passport, Voter ID, PAN Card, Driving License, Pension Papers.
• For Minors: Birth Certificate from Municipality or Gram Panchayat.

1. Two recent passport-size photos.

However, if you already have an account with the bank, you do not need to provide the documents again.

How to Apply for Baroda Tiranga Plus Deposit Scheme?

You can apply for Baroda Tiranga Plus Deposit Scheme in three ways: via Mobile App, Internet Banking, or by visiting a branch.

1. Through Mobile App

• Download the Bank of Baroda app from the Play Store or App Store.
• Log in and go to the ‘Save’ tab, then select ‘Deposit’.
• Click on the Deposit Scheme of your choice.
• Fill in your details and nominee details.
• Check everything and click Confirm to complete the process.

1. Offline (Visiting a Branch)

• Go to the nearest Bank of Baroda branch.
• Ask for an application form.
• Fill out the form and attach the required documents.
• Submit the form to the bank staff.
• Once processed, the bank will give you a receipt.

1. Through Internet Banking

• Log in to your Bank of Baroda Net Banking account.
• Select ‘Fixed Deposit’ from the menu and choose your deposit type.
• Enter your details and nominee information.
• Check all details and click ‘Submit’ to complete your booking.

Comparison with Other Deposit Schemes

The BOB FD interest rates 399 days can go up to 7.50% per year. This comes with an additional 0.50% for senior citizens and 0.25% for non-callable deposits.

In comparison, other banks offer lower rates for similar fixed deposits:

• ICICI Bank: Provides interest rates of up to 7.20% per year for senior citizens and up to 6.60% per year for general customers.
• HDFC Bank: Interest rates range from 6.25% to 6.65% per year, depending on the tenure and customer category.
• Axis Bank: Provides interest rates between 6.25% to 7.10% per year.

All, this scheme offers competitive interest rates that benefit senior citizens and those opting for non-callable deposits. To know more about the Baroda Tiranga Plus Deposit Scheme, BOB's interest rates and specific time buckets, refer to this PDF.

Final Words

The Baroda Tiranga Plus Deposit Scheme is a special fixed deposit plan from the Bank of Baroda. It offers attractive interest rates, especially for senior citizens, and a fixed tenure of 399 days. This scheme is designed to help you grow your savings securely.

If you are looking to explore more fixed deposit options with better interest rates, consider visiting Stable Money. We provide a platform to compare and choose the best FD schemes tailored to your financial goals.