The public sector bank Bank of Baroda (BoB) announced the BoB Utsav Deposit Scheme's commencement on Tuesday.
Interest rates on the 400-day term deposit plan, which was created especially for the holiday season, are 7.30% for the general public, 7.80% for senior citizens, 7.90% for super senior citizens (those 80 years of age and above), and up to 7.95% for non-callable deposits.
The program, which is applicable to fixed deposits under Rs 3 crore, was launched on October 14, 2024. Bob Utsav is only available for a short time.
The Bank has also raised interest rates in the bucket for three to five years by 30 basis points (bps), from 6.50% p.a. to 6.80% p.a., as part of the holiday promotion. Customers of Bob's Systematic Deposit Plan (SDP), who can lock in greater interest rates on each monthly payment for a period of three to five years, will also benefit from this rate rise. The Bank of Baroda's Bob SDP recurring deposit plan offers guaranteed profits through consistent monthly savings.
Additionally, in some tenors, the interest rates for Bob Earth Green Term Deposits have been raised by 30 basis points.
The Bank is also launching a Super Senior Citizen category for fixed deposits for the first time, which will allow clients 80 years of age and older to receive 10 basis points more interest on top of the senior citizen rate for term deposits that are one year to five years in length.
Consumers can open a bob SDP or fixed deposit through any Bank of Baroda branch, as well as online using the Bank's Internet Banking platform and bob World app.
