Bank of Baroda introduces bob Utsav Deposit Scheme

Bank of Baroda (BoB) on Monday announced the introduction of bob Utsav Deposit Scheme, a 400-day period term deposit scheme offering interest rates of 7.30% p.a. for the general public, 7.80% p.a. for senior citizens, 7.90% p.a. for super senior citizens (aged 80 years & above) and up to 7.95% p.a. on Non-Callable Deposits.  The scheme opened on October 14, 2024 and is applicable on fixed deposits below ₹3 crore.  bob Utsav is a limited period offer. 

As a part of the festive campaign, the bank has also 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.

“This increase in rates will also benefit bob SDP (Systematic Deposit Plan) customers who can lock-in higher interest rates on each monthly contribution made for a 3 to 5 year period,” the bank said in a statement.

Debadatta Chand, Managing Director & CEO, Bank of Baroda, said, “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 3 to 5 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,” he added. 

Published - October 14, 2024 10:12 pm IST