DBT Bureau
Pune, 15 Oct 2024
Bank of Baroda has introduced the BOB Utsav Deposit Scheme, a limited-time 400-day term deposit plan aimed at the festive season, offering attractive interest rates: 7.30% p.a. for the general public, 7.80% p.a. for senior citizens, 7.90% p.a. for super senior citizens (aged 80 and above), and up to 7.95% p.a. on Non-Callable Deposits. This scheme is available for fixed deposits under Rs3 crore and opens on 14th October 2024.
As a part of the festive campaign, the Bank has also increased interest rates in the Above 3 year to 5-year bucket by 30 basis points (bps) – from 6.50% p.a. to 6.80% p.a. This increase in rates will also benefit bob SDP (Systematic Deposit Plan) customers who can lock-in higher interest rates on each monthly contribution made for a 3 to 5 year period. bob SDP is a recurring deposit scheme by the Bank of Baroda that provides assured returns through regular savings every month.
Further, the interest rates on bob Earth Green Term Deposits have also been increased by 30 bps in select tenors. For the first time, the Bank is also introducing a Super Senior Citizen category in Fixed Deposits where customers aged 80 years & above can benefit from 10 bps additional interest on top of the senior citizen rate for term deposits above 1 year to up to 5 years tenors.
Debadatta Chand, Managing Director & CEO, Bank of Baroda, said, “We are pleased to introduce a range of offers on deposits, bringing more joy to customers this festive season as they seek to maximise their savings. The bob Utsav Deposit Scheme is a great opportunity for depositors to obtain a higher rate of interest at this point in the interest rate cycle. Further, with a substantial rate increase in the 3 to 5-year category, we are catering to two diverse sets of customers – those looking for competitive and assured returns over the medium term as well as customers who are looking to build their savings through regular contributions every month through bob SDP and can secure a higher rate of interest for each monthly deposit.”
Customers can open a fixed deposit or bob SDP through any Bank of Baroda branch, as well as through the Bank’s digital channels including the bob World app and the Bank’s Internet Banking platform.
