Bank of Baroda Updates Fixed Deposit Interest Rates and Launches Bob Utsav Deposits Scheme

In a significant move aimed at enhancing customer satisfaction and attracting more investors, Bank of Baroda has recently updated its fixed deposit (FD) interest rates on select deposits and introduced a new deposit option called the Bob Utsav Deposits Scheme. These changes, effective from October 14, 2024, are designed to offer competitive returns to both general and senior citizens, making it an attractive option for those looking to secure their savings.

Bob Utsav Deposits Scheme

The Bob Utsav Deposits Scheme is a noteworthy addition to Bank of Baroda’s offerings. This scheme provides an enticing interest rate of 7.30% for general citizens, 7.80% for senior citizens, and 7.90% for super senior citizens. The rates include additional returns on interest (ROI) for specific tenures: an extra 0.50% for deposits up to 3 years and another 0.50% for those above 10 years. For super senior citizens, an additional 0.10% is applicable for deposits exceeding 1 year and up to 5 years.

This scheme not only aims to reward long-term savers but also reflects the bank’s commitment to providing better financial products tailored to the needs of its diverse customer base.

Latest Bank of Baroda FD Interest Rates

Following the recent revision, Bank of Baroda now offers fixed deposit interest rates ranging from 4.25% to 7.30% for general citizens. These rates apply to deposit periods spanning from 7 days to 10 years for amounts below Rs 3 crore. For senior citizens, the interest rates range from 4.75% to 7.80%, providing them with a more favorable return on their investments.

Interest Rates Breakdown

The updated interest rates for domestic term deposits, including NRO deposits below Rs 3 crore, are as follows:

• 7 days to 14 days: General Public – 4.25%, Senior Citizens – 4.75%
• 15 days to 45 days: General Public – 4.50%, Senior Citizens – 5.00%
• 46 days to 90 days: General Public – 5.50%, Senior Citizens – 6.00%
• 91 days to 180 days: General Public – 5.60%, Senior Citizens – 6.10%
• 181 days to 210 days: General Public – 5.75%, Senior Citizens – 6.25%
• 211 days to 270 days: General Public – 6.25%, Senior Citizens – 6.75%
• 271 days & above and less than 1 year: General Public – 6.50%, Senior Citizens – 7.00%
• 1 year: General Public – 6.85%, Senior Citizens – 7.35%
• Above 1 year to 400 days: General Public – 7.00%, Senior Citizens – 7.60%
• Above 400 days and up to 2 Years: General Public – 7.00%, Senior Citizens – 7.60%
• Above 2 Years and up to 3 Years: General Public – 7.15%, Senior Citizens – 7.65%
• Above 3 Years and up to 5 Years: General Public – 6.80%, Senior Citizens – 7.40%
• Above 5 Years and up to 10 Years: General Public – 6.50%, Senior Citizens – 7.50%
• Above 10 years (MACT/MACADCourt Order schemes only): General Public – 6.25%, Senior Citizens – 6.75%

These rates reflect the bank’s strategy to remain competitive in the market while providing attractive returns to its customers.

Bob Earth Green Term Deposits

In addition to the Bob Utsav Deposits Scheme, Bank of Baroda has also introduced the Bob Earth Green Term Deposits. This initiative aligns with the growing trend of sustainable banking and offers competitive interest rates for deposits aimed at promoting environmental sustainability. The rates for these deposits are as follows:

• 12 months: General Public – 6.80%, Senior Citizens – 7.30%
• 1.5 years: General Public – 6.95%, Senior Citizens – 7.45%
• 777 days: General Public – 7.10%, Senior Citizens – 7.60%
• 1111 days: General Public – 6.75%, Senior Citizens – 7.35%
• 1717 days: General Public – 6.75%, Senior Citizens – 7.35%
• 2201 days: General Public – 6.45%, Senior Citizens – 7.45%

These rates also include additional ROI for specific tenures, ensuring that customers receive the best possible returns on their investments.

Conclusion

Bank of Baroda’s recent updates to its fixed deposit interest rates and the introduction of the Bob Utsav Deposits Scheme signify a proactive approach to meet the evolving needs of its customers. By offering competitive rates and innovative deposit options, the bank aims to enhance customer loyalty and attract new investors, reinforcing its position as a leading player in the Indian banking sector.