The Business Bytes
TBB BUREAU
MUMBAI, JAN 15, 2024
In a strategic move to cater to the financial needs of its customers, Bank of Baroda (BoB) announced the launch of its innovative ‘bob 360’ deposit scheme on Monday. This special short-term retail deposit offering promises higher interest rates, reaching up to an attractive 7.60 per cent per annum for a duration of 360 days. Notably, senior citizens benefit from an additional 0.50 per cent per annum under this scheme.
The ‘bob 360’ scheme, open for subscription starting today, is applicable to retail deposits below Rs 2 crore.
Setting itself apart from other major banks, Bank of Baroda is offering one of the most compelling interest rates for fixed deposits with a maturity period of less than one year. This move is expected to attract depositors seeking lucrative returns within a shorter timeframe.
Customers, both existing and new, can conveniently open a ‘bob 360’ deposit through any of the bank’s branches across India. Additionally, the bank has streamlined the process by allowing online fixed deposit openings through its Net Banking platform (bob World Internet). Existing customers can also leverage the Mobile app (bob World) to initiate an online FD.
Joydeep Dutta Roy, Executive Director of Bank of Baroda, expressed his enthusiasm about the ‘bob 360’ scheme, stating, “bob 360 is an excellent opportunity for depositors who are looking for higher interest rates and assured returns for a shorter time period. At the same time, bob 360 will help the Bank increase its share of short-term Retail Term Deposits and manage its cost of deposits effectively.”
This initiative aligns with Bank of Baroda’s commitment to providing value-added financial solutions while optimizing its deposit management strategies.
