Bank of Baroda Introduces 'bob Utsav Deposit Scheme' with Higher Interest Rates
| Summary/Static | Details |
|---|---|
| Why in the news? | Bank of Baroda (BoB) has introduced the 'bob Utsav Deposit Scheme', a 400-day term deposit offering higher interest rates during the festive season. |
| Scheme Name | 'bob Utsav Deposit Scheme' |
| Tenure | 400 days |
| Applicability | Fixed deposits below ₹3 crore |
| Interest Rates | * General Citizens: 7.30% * Senior Citizens (60 and above): 7.80% * Super Senior Citizens (80 and above): 7.90% * Non-Callable Deposits: 7.95% |
| Increase in Term Deposit Rates | Interest rates for 3-5 year tenors increased by 30 basis points to 6.80%. |
| New Category | Super Senior Citizen category for customers aged 80 and above, offering an additional 10 bps interest rate for deposits above 1 year and up to 5 years. |
| Systematic Deposit Plan (SDP) | Allows monthly contributions with higher interest rates for 3-5 year tenors. |
| Earth Green Term Deposits | Interest rates increased by 30 basis points for select tenors. |
| Bank of Baroda Leadership | Managing Director & CEO: Debadatta Chand |
| Headquarters | Alkapuri, Vadodara |
| Founder | Sayajirao Gaekwad III |