BoB Launches Special 360 – Short-Term Deposit Scheme With Up To 7.60% Return

Bank of Baroda (Bank), one of India's leading public sector banks, today announced the introduction of the BoB 360 Deposit scheme, a unique short-term retail deposit scheme giving higher interest rates up to 7.60% p.a. for 360 days, which includes 0.50% p.a. for elderly persons. The plan is available to retail deposits up to Rs 2 crore and kicks off on January 15, 2024.

This is one of the highest rates available to depositors for fixed deposits with a term of less than a year among the largest financial institutions.

Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda said, "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."

Both new and current Bank of Baroda customers can open a BoB 360 through any branch location in India, and online FDs can be opened through the bank's net banking (bob World Internet) platform. Current customers can use the mobile app (bob World) to open an online FD as well.

At 63.97% shareholding, it is largely held by the Government of India. The bank provides smooth and hassle-free banking products and services to its worldwide customer base of around 165 million through over 70,000 customer service centers located across 17 countries on five continents. Additionally, the bank serves its clientele through a variety of digital banking platforms.

Its domestic deposits grew to Rs 10,67,391 Cr in Q3FY24 up by 6.34 % YoY from Rs 10,03,737 Cr in Q3FY23. The bank said domestic advances grew by 13.41% YoY to Rs 8,62,162 Cr in the quarter under review compared to Rs 7,60,249 Cr reported in the year-ago quarter. BoB announced that its domestic retail advances stood at Rs 2,03,700 Cr in Q3FY24 up by 22.08% YoY from Rs 1,66,861 Cr in Q3FY23.

The bank's global business grew by 10.68% YoY to Rs 22.95 trillion as of December 31, 2023. As of December 31, 2023, the bank's global advances had grown by 13.59% YoY to Rs 10.49 trillion, while its global deposits had grown by 8.34% YoY to Rs 12.45 trillion. BoB said it shed Bulk Deposits (including CD) of Rs 14,285 Crores during the quarter from a cost optimization perspective, but for which, the bank's deposit and total business growth would have been higher.