Bank Of Baroda Unveils Green Term Deposit Scheme With Up To 7.15% Returns

One of the top public sector banks in India, Bank of Baroda (Bank), today announced the opening of the bob Earth Green Term Deposit Scheme. The scheme's goal is to acquire deposits that would be used to finance eligible environmentally friendly initiatives and sectors. Bank of Baroda introduces the Earth Green Term Deposits as part of its ESG activities; the funds raised from these deposits will go towards financing environmentally friendly sectors and projects.

On 1 year to 18 months tenure, the bank is offering an interest rate of 6.75% per annum whereas on 777 days tenure, BoB Is promising a maximum return of 7.15%. On deposits of Rs 5,000 to Below Rs. 2 Crore made under BoB Green Term Deposit scheme, customers can enjoy an interest rate of 6.40% on 1111 days to 2201 days tenure.
The BoB Earth Green Term Deposits offer depositors an opportunity to take part in India's transformation to a green and sustainable economy while earning attractive interest rates on a variety of tenors. Up to 7.15% annual interest rates are being offered by the bank. The Bob Earth Green Term Deposit strategy is accepting investments from the general public/Resident Indians, Non-Resident Indians (NRIs), and High Net Worth Individuals (HNIs).

Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, "The Bank has taken great strides in embedding sustainability into its operations, including our approach to risk management, governance, social responsibility and environmental impact. The launch of the bob Earth Green Term Deposit Scheme offers depositors dual benefits of stable & secure financial returns and the opportunity to contribute to a greener planet. As one of India's leading banks, Bank of Baroda is committed to furthering its ESG mandate and enhancing its green financing portfolio."

Bank of Baroda has introduced a few special tenures under the BoB Earth Green Term Deposit Scheme which act as a reminder of the planet's Climate & Sustainability goals. "Tenure 1.5 years - signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels and Tenure 1717 days - doubly emphasising the United Nations' 17 Sustainable Development Goals," said BoB in a statement on Monday.

" The funds raised through bob Earth Green Term Deposits will be allocated to eligible green projects/sectors such as Renewable Energy, Clean Transportation, Sustainable Water and Waste Management, Energy Efficiency, Climate Change Adaptation, Pollution Prevention and Control, Green Buildings, Biodiversity Conservation etc," stated Bank of Baroda in a statement.

Existing and new customers of Bank of Baroda can open a Green Deposit through any of the bank's branches across India.