Bank of Baroda launches green fixed deposit: Who can invest, interest rate, tenure of bob Earth Green Term Deposits
After State Bank of India, Bank of Baroda has now announced the launch of its green fixed deposit, bob Earth Green Term Deposit Scheme, with the goal of raising deposits to fund qualifying environmental initiatives and sectors.bob Earth Green Term Deposits details
According to a Bank of Baroda press release dated March 11, 2024, “The bob Earth Green Term Deposits offer depositors the opportunity to earn attractive interest rates on a range of tenors and participate in India’s transition to a green and sustainable economy. The Bank is offering interest rates of up to 7.15% p.a. The General Public/Resident Indians, NRIs and High Net worth Individual (HNI) investors are all eligible to invest in the bob Earth Green Term Deposit scheme.”The bob Earth Green Term Deposit Scheme: Tenors & Interest Rates
TenorsAmountRs 5,000 to Below Rs. 2 Crore bob Earth Green Deposits(% p.a.)1 year i.e. 6.7512 months1.5 years i.e. 6.7518 Months777 days7.151111 days6.41717 days6.42201 days6.4
Bank of Baroda has introduced some unique tenures under the bob Earth Green Term Deposit Tenure under the scheme is 1.5 years and 1717 dayys.
Where will the funds be used?
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.
What are Green Deposits?
According to the South Indian Bank website, “Green Depositis a fixed-term deposit for investors looking to invest their surplus cash reserves in environmentally friendly projects. These deposits provide investors a platform to fulfil their sustainability goals by investing surplus cash balances in environmentally beneficial projects The investment in this fixed tenure deposit will go towards financing eligible businesses and projects that promote the transition to a low-carbon, climate-resilient, and sustainable economy.”
Who can open?
Existing and new customers of Bank of Baroda can open a Green Deposit through any of the Bank’s branches across India.
Bank of Baroda regular FD rates
Bank of Baroda offers interest rate between 4.25% to 7.25% on amounts below Rs 2 crore for tenure ranging between 7 days to 10 years for general citizens.
TenorsResidents / General PublicResident Indian Sr. Citizen7 days to 14 days4.254.75*15 days to 45 days4.55.00*46 days to 90 days5.56.00*91 days to 180 days5.66.10*181 days to 210 days5.756.25*211 days to 270 days6.156.65*271 days & above and less than 1 year6.256.75*360D (bob360)7.17.60*1 year6.857.35*Above 1 year to 400 days6.857.35*Above 400 days and upto 2 Years6.857.35*Above 2 Years and upto 3 Years7.257.75*Above 3 Years and upto 5 Years6.57.15 #Above 5 Years and upto 10 Years6.57.50***Above 10 years (MACT/MACAD6.256.75*Court Order schemes only)399 Days (Baroda Tiranga Plus Deposit Scheme)7.157.65*
This story originally appeared on: India Times - Author:Faqs of Insurances
