Bank of Baroda (BoB) on Monday announced the introduction of Bob Utsav Deposit Scheme. This is a 400-day term deposit system that offers interest rates of 7.30% per annum for general public, 7.80% per annum for seniors, and 7.90% per annum for super seniors. Up to 7.95% per year for citizens (over 80 years old) and non-call deposits. The scheme will start from October 14, 2024 and will be applicable for fixed deposits of less than Rs 300,000. bob Utsav is a limited time offer.
As part of the celebratory campaign, the bank has increased interest rates on the three to five year buckets mentioned above by 30 basis points (bps) from 6.50% p.a. to 6.80% p.a.
“This interest rate hike will also benefit Bob SDP (structured deposit plan) customers who can lock in a higher interest rate per monthly contribution for three to five years,” the bank said in a statement.
Devadatta Chand, Managing Director and CEO, Bank of Baroda, said, “The Bob Utsav Deposit Scheme is a great opportunity for depositors to obtain higher interest rates at this point in the interest rate cycle.” said.
“Furthermore, with the significant rate increases in the three to five year category, we are catering to two diverse customers: those looking for competitive and reliable returns over the medium term, and those seeking savings. These are customers who want to accumulate. They make regular monthly donations through Bob SDP,” he added.
Published – October 14, 2024 10:12 PM IST