Mumbai, October 15, 2024: Bank of Baroda (BoB), one of India’s leading public sector banks, today announced the launch of the bob Utsav Deposit Scheme, a 400-day period term deposit scheme introduced specially for the festive season which offers interest rates of 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 years & above) and up to 7.95% p.a. on Non-Callable Deposits. The scheme opens on 14th October, 2024 and is applicable on fixed deposits below Rs 3 crore. bob Utsav is a limited period offer.
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 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.
Shri 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.”