PSU FD: Bank of Baroda (BoB) Hikes Green Term Deposits Interest Rates Up To 7.20%; Details Inside

Ahead of the Reserve Bank of India's (RBI) second bi-monthly monetary policy of FY25, which is scheduled for June 5-7 later this week, public sector lender Bank of Baroda (BoB) has hiked the interest rate on green fixed deposits. BoB has increased the rates on green term deposits for the general public by up to 7.20% and for senior citizens by up to 7.70%. According to the bank's official website, the new interest rates on green fixed deposits will take effect for BoB's exclusive customers on June 5, 2024.

BoB Green FD Rates

On green term deposits of less than Rs 2 Cr maturing in 12 months to 1.5 years, the bank is offering an interest rate of 6.80% for the general public and 7.30% for senior citizens while on those maturing in 777 days, BoB will pay a highest possible return of 7.20% for non-senior citizens and 7.70% for senior citizens. Green term deposits maturing in 1111 days to 1717 days at Bank of Baroda will fetch an interest rate of 6.45% for non-senior citizens and 7.10% for senior citizens while those maturing in 2201 days will fetch 6.45% standard rate and 7.45% for senior citizens.

"incl. additional ROI 0.50% for Green Deposit for 12 months, 1.5 years & 777 days, # incl. additional ROI of 0.50+0.15 for Green Deposit for 1111 days & 1717 days, ** incl. additional ROI of 0.50%+0.50% for Green Deposit for 2201 days to Resident Senior Citizens. Non-callable (Single Deposit above Rs. 1.00 crore to less than 2.00 crore) will get additional interest rate of 0.15%," mentioned Bank of Baroda on its website.

One of India's top public sector banks, Bank of Baroda, held a series of events on June 5 in honour of World Environment Day to underline the bank's dedication to and accountability for safeguarding and conserving the green environment.

"In the run-up to World Environment Day, the Bank conducted an awareness drive focused on the recently-launched BOB Earth Green Term Deposit Scheme, outlining the benefits of the scheme for both depositors and the environment. BOB Earth Green Term Deposits offers interest rates of up to 7.15% p.a. and funds raised will be deployed towards financing eligible environment-friendly projects and sectors. In just two days, the Bank has opened over 4,000 accounts, with total deposits amounting to Rs 16.92 crore," mentioned Bank of Baroda in a statement.

Established on July 20, 1908, by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda stands as one of India's foremost commercial banks with 63.97% of majority stake owned by the Govt of India. The bank provides services to about 165 million customers worldwide through more than 70,000 customer service centers located in 17 countries on five continents, as well as its diverse range of digital banking platforms.