Bank of Baroda Utsav Deposit Scheme 2024: Introduction, Interest Rate, Documents Required, and How to Apply

Bank of Baroda has made changes to the interest rates for some of its fixed deposit plans, meaning the interest you earn on certain deposits has either increased or been adjusted. They’ve also introduced a new deposit scheme called the “BOB Utsav Deposits Scheme.” This new plan offers higher interest rates to its customers, so if you invest in it, you’ll earn more interest amount compared to some of their other deposit options. These new interest rates officially came into effect on October 14, 2024, meaning customers who open or renew fixed deposits from this date onward will benefit from the revised rates.

In this Blog, we will cover all the significant aspects of this newly launched Scheme along with how it will benefit its investors.

BOB Utsav Deposit Scheme 2024

Bank of Baroda has introduced the BOB Utsav Deposit Scheme, a special fixed deposit option offering attractive interest rates for different groups of customers.

• 7.30% p.a. for general citizens.
• 7.80% p.a. for senior citizens (includes an additional 0.50% for deposits up to 3 years and over 10 years).
• 7.90% p.a. for super senior citizens (aged 80 years and above), including an extra 0.10% for deposits between 1 and 5 years.
• Up to 7.95% p.a. for non-callable deposits.

This scheme is available for fixed deposits under ₹3 crore and is offered for a limited period, providing a unique opportunity for customers to lock in higher returns during the current interest rate cycle. The 400-day special deposit is especially beneficial for super senior citizens, offering 7.90% during the festival season.

According to Debadatta Chand, Managing Director and CEO of Bank of Baroda, the Utsav Deposit Scheme caters to both medium-term investors seeking assured returns and customers who prefer monthly contributions through the BOB Systematic Deposit Plan (SDP), ensuring higher interest rates on each monthly deposit.

Customers can access these new deposit schemes at any Bank of Baroda branch or through the bank’s digital platforms, such as the Bob World app and internet banking.

Additional Festive Offerings by Bank of Baroda

Bank of Baroda has rolled out several improvements to its deposit products:

• Increased Interest Rates: The bank has raised interest rates by 30 basis points (bps) for deposits with tenors of 3 to 5 years, increasing the rate from 6.50% p.a. to 6.80% p.a.
• SDP Scheme Benefits: Customers using the BOB Systematic Deposit Plan (SDP) can now secure higher interest rates on monthly contributions for terms ranging from 3 to 5 years.
• Earth Green Term Deposits: Interest rates on these eco-friendly deposit options have been increased by 30 bps for select tenors.
• For Super Senior Citizens: A new category has been introduced for customers aged 80 and above, offering an additional 10 bps on top of the senior citizen rate for deposits between 1 and 5 years.

Domestic Term Deposits including NRO Deposits below Rs 3 crore, ROI in % [Fresh & Renewal] – (w.e.f 14-10-2024)

Bank of Baroda offers additional interest rates on its recurring term deposits (RTD). For RTD of up to 3 years, customers can receive an extra 0.50% interest, and those with deposits exceeding 10 years also get an additional 0.50%. Starting from October 14, 2024, senior citizens will benefit from an extra 0.50% plus 0.10% interest for deposits between 3 to 5 years, with the latter reduced from the previous rate of 0.15%. Additionally, senior citizens will receive an extra 0.50% + 0.50% for deposits that last between 5 to 10 years. Furthermore, there is an additional 0.10% interest for senior citizens on deposits longer than 1 year but up to 5 years.

BOB Earth Green Term Deposits – Domestic & NRO Deposits below Rs 3 crore, ROI in % [Fresh & Renewal] – (w.e.f 14-10-2024)

Bank of Baroda offers extra interest rates on its recurring term deposits (RTD). For deposits of up to 3 years, customers will receive an additional 0.50% interest, and those with deposits exceeding 10 years will also get an extra 0.50%. Starting from October 14, 2024, senior citizens will benefit from an additional 0.50% plus 0.10% interest for RTDs between 3 to 5 years, with the latter reduced from the previous rate of 0.15%. For RTDs lasting from 5 to 10 years, senior citizens will receive an extra 0.50% + 0.50% interest. Additionally, senior citizens will get an extra 0.10% for deposits that are longer than 1 year but up to 5 years.

Documents Required to Apply to Bank of Baroda Savings Scheme

Proof of Identity:

• PAN card
• Driving license
• Passport
• Senior Citizen ID
• Voter ID card
• Photo ration card
• Government-issued ID card

Proof of Address:

• Telephone bill
• Passport
• Bank statement with a cheque
• Electricity bill
• ID card issued by the Post Office
• KYC Documents
• Income Proof
• Photographs

How to apply for BOB Utsav Deposit Scheme 2024

In order to apply for the newly launched Scheme by the Bank of Baroda, follow these steps:

1. Visit Official Website
   • Go to the official Bank of Baroda website.
2. Navigate to the Deposit Schemes Section:
   • Look for the ‘Deposits’ or ‘Fixed Deposit’ section on the homepage and click on it to find information about various deposit schemes, including the BOB Utsav Deposit Scheme.
3. Select the BOB Utsav Deposit Scheme:
   • Locate the BOB Utsav Deposit Scheme and click on it to access detailed information about the scheme.
4. Click on ‘Apply Online’:
   • Find the option to apply online, which may be labeled as ‘Apply Now’ or something similar.
5. Log In or Register:
   • If you are an existing customer, log in with your credentials. If you are a new customer, you will need to register by providing the required information.
6. Fill Out the Application Form:
   • Complete the online application form with your personal information, contact details, and the amount you wish to deposit.
7. Upload Required Documents:
   • Upload any necessary documents, such as proof of identity, proof of address, and, if needed, proof of income.
8. Review and Submit:
   • Check all the information you provided to ensure it is correct, then submit your application.
9. Confirmation:
   • After submitting, you should receive a confirmation message or email regarding the status of your application.
10. Visit the Branch (if required):
    • In some cases, you may need to visit the nearest Bank of Baroda branch for verification or to complete the application process.

Final Thoughts

The BOB Utsav Deposit Scheme, launched by the Bank of Baroda on October 14, 2024, is a fixed deposit plan specifically designed for the festive season, offering higher returns for both new and existing customers. In addition, the Bank of Baroda has revised interest rates on its regular fixed deposits, making this an attractive option for investors looking to boost their savings during this period. If you’re looking to save for the future, achieve consistent returns, or safeguard your funds, Bank of Baroda’s latest offering may be the perfect solution to meet your financial goals.

For More investment opportunities, check: SBI Annuity Scheme, Post Office Scheme, SBI Fixed Deposit

Sources: msn.com