CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Bank of Baroda (BoB) has launched the 'bob Utsav Deposit Scheme', a new 400-day term deposit scheme designed to provide greater interest rates to all kinds of depositors during the festival season. This program not only offers reasonable interest rates to general depositors, but it also caters exclusively to senior and super senior citizens, making it an attractive investment alternative for a diverse spectrum of consumers.
Key Features Of The Bob Utsav Deposit Scheme
The 'bob Utsav Deposit Scheme', which was launched as a limited-time offer, is intended to take advantage of the present interest rate cycle by offering favorable rates over a 400-day period. The scheme applies to fixed deposits under Rupees 3 crore and offers a lucrative opportunity for both individual depositors and those seeking systematic savings choices.
The interest rates offered under this scheme vary depending on the category of the depositor.
General Citizens- The scheme offers an interest rate of 7.30%.
Senior citizens (aged 60 and up) are eligible for a higher interest rate of 7.80%.
Super Senior Citizens (aged 80 and up) benefit from the category's highest interest rate, 7.90%.
Non-callable deposits offer interest rates as high as 7.95%, making them an appealing alternative for consumers who do not need to take their funds prematurely.
Increase In Term Deposit Interest Rates
In addition to the Bob Utsav Deposit Scheme, Bank of Baroda has announced an increase in interest rates on term deposits (TDs) for certain tenors. Interest rates on term deposits for three to five years have risen by 30 basis points (bps), from 6.50% to 6.80%. This change benefits both present and future depositors, providing higher yields in the medium term.
Special Provisions For Super Senior Citizens
For the first time, Bank of Baroda has added a Super Senior Citizen category to its term deposits. Customers aged 80 and over can now receive an additional 10 basis points over the usual senior citizen rate on deposits with tenors of one year or more, up to five years. This category ensures that the bank's most senior depositors receive the highest potential returns on their investments, demonstrating the bank's dedication to meeting different client needs.
Systematic Deposit Plans (SDPs)
The Systematic Deposit Plan (SDP) is another appealing option for consumers, particularly those looking to increase their savings over time. The SDP works similarly to a recurring deposit program, allowing consumers to make monthly contributions that will now benefit from the higher interest rates available for the next three to five years.
Customers can lock in greater interest rates with each monthly contribution through the entire SDP, resulting in superior returns over the chosen tenor. The system provides guaranteed returns to depositors while encouraging regular savings through small monthly installments.
Earth Green Term Deposits
Additionally, BoB has increased interest rates on its 'Earth Green Term Deposits' by 30 basis points for specified tenors. The Earth Green Term Deposits encourage environmental sustainability while offering excellent interest rates, making them a responsible and profitable investment alternative.
Statement From Bank Of Baroda's MD And CEO
Debadatta Chand, Managing Director and CEO of Bank of Baroda, voiced confidence in the new deposit programs, saying, "With the Utsav Deposit Scheme, depositors can obtain a higher rate of interest at this point in the interest rate cycle." Chand emphasized that the bank's strategy is to cater to two distinct groups of customers: those looking for competitive and assured returns in the medium term, and those looking to build their savings over time through regular contributions, such as in the bob SDP. He emphasized the importance of seizing the opportunity to lock in higher interest rates, especially at a time when interest rates are favorable for depositors.
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