Bank of Baroda Launches Fixed Deposit Scheme with Interest Rates Reaching 7.9%
In a move to celebrate the festival season, Bank of Baroda (BoB) has unveiled an exclusive 400-day term deposit scheme. This initiative aims to benefit super senior citizens by offering them an attractive interest rate of 7.9 percent, making it a timely opportunity for this demographic to enhance their savings.
The ‘BoB Utsav Deposit Scheme’ offers several key features:
- An interest rate of 7.30 percent per annum for regular citizens.
- A higher rate of 7.80 percent per annum for senior citizens.
- An even more attractive rate of 7.90 percent per annum for super senior citizens, who are aged 80 years and above.
- Additionally, non-callable deposits can earn up to 7.95 percent per annum.
The scheme applies to fixed deposits of less than Rs 3 crore and is offered for a limited time only.
Bank of Baroda has rolled out several additional enhancements to its deposit products during the festive season:
Increased interest rates: The bank has raised interest rates by 30 basis points in the three- to five-year periods, going from 6.50 percent per annum to 6.80 percent per annum.
SDP scheme benefits: Customers using the BoB Systematic Deposit Plan (SDP) can now secure higher interest rates for each monthly contribution made over a 3 to 5-year duration.
Earth Green Term Deposits: Interest rates for these eco-friendly deposits have also been increased by 30 basis points in select tenors.
For super senior citizens: A new Super Senior Citizen category has been introduced for customers aged 80 years and above, providing an additional 10 basis points interest on top of the senior citizen rate for term deposits lasting over 1 year to up to 5 years.
Debadatta Chand, the managing director and CEO of Bank of Baroda, stated, “The BoB Utsav Deposit Scheme is an excellent opportunity for depositors to earn a higher interest rate during this phase of the interest rate cycle. Moreover, with a significant increase in rates for the three- to five-year category, we are addressing two different customer segments: those seeking competitive and guaranteed returns over the medium term and those who want to grow their savings through regular monthly contributions via the BoB SDP, ensuring a higher interest rate for each deposit.”
Customers can access these new deposit schemes at any Bank of Baroda branch or through the bank’s digital platforms, such as the BoB World app and the internet banking service.