Bank of Baroda (BoB) has launched a special 400-day term deposit scheme that offers an interest rate of 7.9 per cent to super senior citizens for the festival season.
Key features of ‘bob Utsav Deposit Scheme’
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– 7.30 per cent per annum (p.a.) interest rate for general citizens.
– 7.80 per cent p.a. for senior citizens.
– 7.90 per cent p.a. for super senior citizens (aged 80 years & above).
– Up to 7.95 per cent p.a. on non-callable deposits.
The scheme is applicable to fixed deposits below Rs 3 crore and is available for a limited period.
Additional festival offerings
Bank of Baroda has also introduced several other enhancements to its deposit products:
Increased interest rates: The state-owned bank has raised interest rates by 30 basis points (bps) in the three- to five-year buckets, from 6.50 per cent p.a. to 6.80 per cent p.a.
SDP scheme benefits: Customers of the bob Systematic Deposit Plan (SDP) can now lock in higher interest rates for each monthly contribution made for a 3 to 5 year period.
Earth Green Term Deposits: Interest rates on these environmentally-focused deposits have been increased by 30 basis points (bps) in select tenors.
For super senior citizens: The bank introduced a Super Senior Citizen category for customers aged 80 years and above, offering an additional 10 bps interest on top of the senior citizen rate for term deposits above 1 year to up to 5 years.
“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 three- to five-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,” said Debadatta Chand, managing director and chief executive officer of Bank of Baroda.
(* incl. additional ROI 0.50% for RTD upto 3 Years and additional ROI 0.50% for Above 10 Years, # incl. additional ROI of 0.50+0.10 (reduced from 0.15%) for RTD above 3 Years and upto 5 Years w.e.f 14.10.2024, **incl. additional ROI of 0.50%+0.50% for RTD above 5 Years and upto 10 Years to Resident Senior Citizens and $ includes 0.10% for Senior Citizens for Deposits above 1 year and upto 5 years)
First Published: Oct 15 2024 | 1:12 PM IST
