Bank of Baroda's new fixed deposit scheme offers rates of up to 7.9%

As a part of the festive campaign, the Bank has increased interest rates in the above 3 year to 5 year bucket by 30 basis points (bps) - from 6.50% p.a. to 6.80% p.a

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’

- 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.

Customers can avail of these new deposit schemes through any Bank of Baroda branch or via the bank's digital channels, including the bob World app and the bank's internet banking platform.

(* 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)

(* 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)