New deposit products introduced by Ujjivan SFB and Bank of Baroda

The “Baroda Tiranga Deposit Scheme,” a unique retail fixed deposit product, was introduced by Ujjivan SFB and Bank of Baroda (BoB). Baroda Tiranga Deposit Scheme offers interest rates of 5.75 percent for 444 days and 6 percent for 555 days. The programme is available through December 31, 2022, and it applies to retail deposits under Rs 2 crore. Senior people will receive an additional interest rate of 0.50 percent, according to a statement from BoB, while non-refundable deposits will receive an additional interest rate of 0.15 percent.

 Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Ujjivan SFB and Bank of Baroda: Key Points

• The 75-week (525 days) and 75-month (75 months) tenors of retail fixed deposits (under Rs 2 crore), both with the highest rate of 7.50 percent, have been offered by Ujjivan Small Finance Bank (Ujjivan SFB).
• The interest rate on 990-day (Platina FD) fixed-rate deposits has gone up at Ujjivan SFB from 7.20 percent to 7.50 percent. It increased the senior citizen rate from 0.50 percent to 0.75 percent.

Ujjivan SFB and Bank of Baroda: Platina FD

• According to the bank, customers can use the Platina FD scheme to invest anywhere between a minimum of 15 lakh rupees and two crore rupees. Platinum FD is not reachable There is no partial or premature withdrawal option in this plan.
• Ujjivan SFB will offer monthly, quarterly, and on-maturity interest payment choices. Tax Saver Fixed Deposits are also eligible for the aforementioned interest rates. However, they maintain a five-year lock-in period.

Ujjivan SFB and Bank of Baroda:

• Executive Director, Bank of Bank: Ajay K Khurana
• Managing Director & Chief Executive Officer, Ujjivan SFB: Mr. Ittira Davis

Find More Banking News Here