3 min read Last updated: October 15, 2024 | 1:12 PM IST
Bank of Baroda (BoB) has launched a special 400-day Fixed Deposit Scheme offering 7.9% interest rate to super senior citizens for the festival season.
Main features of “bob Utsav deposit scheme”
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– The interest rate for the general public is 7.30% per annum.
– 7.80% per year for senior citizens.
– 7.90% per year for very elderly people (80 years and older).
– Up to 7.95% p.a. on non-callable deposits.
The scheme is applicable for fixed deposits of up to Rs 300 crore and is available for a limited period.
Additional festival offerings
Bank of Baroda has introduced several other enhancements to its deposit products.
Interest rate hike: The state-owned bank has increased interest rates for years 3 to 5 by 30 basis points (bps) from 6.50% per annum to 6.80% per annum.
Benefits of the SDP scheme: bob Systematic Deposit Plan (SDP) customers can now lock in a higher interest rate on each monthly contribution for 3 to 5 years.
Earth Green Fixed Deposits: Interest rates on these environmentally focused fixed deposits have been increased by 30 basis points (bps) in some periods.
For super seniors: The bank has introduced a “super senior” category for customers aged 80 and above, offering an additional 10bps interest rate on top of the senior citizen rate for term deposits from more than one year to five years. Provide.
“The Bob Utsav Savings Facility is a great opportunity for savers to obtain higher interest rates at this point in the interest rate cycle.Furthermore, with significant rate hikes in the 3-5 year category, we will be competitive in the medium term. We cater to two diverse groups of customers: those looking for strong, reliable returns and those looking to build up their savings with each monthly deposit. They can secure higher interest rates,” said Devadatta Chand, Managing Director and Chief Executive Officer, Bank of Baroda.
Customers can avail these new deposit schemes through Bank of Baroda branches or through the bank’s digital channels, including the Bobworld app and the bank’s internet banking platform. (*Includes 0.50% additional ROI for RTDs up to 3 years and 0.50% additional ROI for 10+ years. # 14.10 onwards, 0.50+0.10 for RTDs beyond 3 years up to 5 years ( 2024, **Includes an additional ROI of 0.50%+0.50% on RTDs beyond 5 and up to 10 years for residential seniors, with 1 year added to the dollar. (includes 0.10% for seniors on deposits exceeding 5 years)
(*Includes 0.50% additional ROI for RTDs up to 3 years and 0.50% additional ROI for 10+ years. # 14.10 onwards, 0.50+0.10 for RTDs beyond 3 years up to 5 years ( 2024, **Includes an additional ROI of 0.50%+0.50% on RTDs beyond 5 and up to 10 years for residential seniors, with 1 year added to the dollar. (includes 0.10% for seniors on deposits exceeding 5 years)
First published: October 15, 2024 | 1:12 PM IST
