BoB 360: High-Return Short-Term Deposit Scheme by Bank of Baroda

By -

BoB 360: A High-Return Short-Term Deposit Scheme



“Explore BoB 360, a unique short-term deposit scheme by Bank of Baroda offering up to 7.60% p.a. return. Ideal for those seeking higher returns in less than a year.”

Bank of Baroda (BoB), one of India's leading public sector banks, has launched a unique short-term retail deposit scheme, the BoB 360. This scheme offers higher interest rates of up to **7.60% p.a.** for a tenure of 360 days, which includes an additional 0.50% p.a. for senior citizens. The scheme is available for retail deposits up to Rs 2 crore and commenced on January 15, 2024.

Competitive Interest Rates


The BoB 360 scheme offers one of the highest interest rates for fixed deposits with a term of less than a year among major financial institutions. This makes it an attractive option for depositors seeking higher returns on their investments.

A Win-Win for Depositors and the Bank


According to Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda, the BoB 360 scheme is an excellent opportunity for depositors seeking higher interest rates and assured returns over a shorter period. The scheme will also help the bank increase its share of short-term Retail Term Deposits and manage its cost of deposits effectively.

Easy Access for Customers


Both new and existing Bank of Baroda customers can open a BoB 360 account through any branch location in India. Online fixed deposits can be opened through the bank's net banking platform, bob World Internet. Existing customers can also use the mobile app, bob World, to open an online fixed deposit.

A Global Presence


With a 63.97% shareholding, the Bank of Baroda is largely held by the Government of India. The bank serves its global customer base of around 165 million through over 70,000 customer service centers located across 17 countries on five continents. It also offers a variety of digital banking platforms for smooth and hassle-free banking.

Impressive Growth


The bank's domestic deposits grew to Rs 10,67,391 Cr in Q3FY24, up by 6.34% YoY from Rs 10,03,737 Cr in Q3FY23. 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. The bank's 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. 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. The bank shed Bulk Deposits (including CDs) of Rs 14,285 Crores during the quarter for cost optimization, which would have otherwise led to higher deposit and total business growth.

In conclusion, the BoB 360 scheme is a promising initiative by the Bank of Baroda, offering competitive interest rates and flexible options for depositors, while also contributing to the bank's growth and cost management strategies.

Keywords: Bank of Baroda, BoB 360, Short-Term Deposit, High Return, Fixed Deposit, Retail Deposits, Interest Rates, Financial Institutions, Online Banking, Global Business Growth, News

Comments

Post a Comment

Popular posts from this blog

Deccan Gold Mines Up 150% in a Year, Makes Major Lithium Move in Mozambique

By -
Image
The country's only listed gold exploration and mining company Deccan Gold Mines Limited (DGML) acquired majority stake in 5 lithium blocks in Mozambique, Africa  Deccan Gold Mines Limited (DGML), India's sole listed gold exploration and mining company, has recently made a significant move that has caught the attention of investors worldwide. The company has acquired a majority stake in five lithium blocks in Mozambique, Africa, positioning itself within the globally recognized Alto Ligonha pegmatite belt, known for its abundant reserves of lithium-cesium-tantalum (LCT) pegmatites. {jistoc} $title={Table of Contents} A Strategic Acquisition This acquisition is crucial for the mining of lithium, tantalum, and beryllium. The critical mineral concession block has been procured through Deccan Gold FZCO, a wholly-owned subsidiary of DGML. DGFZCO will hold a majority ownership stake of 51% in DGMOZ, with the potential for this ownership to increase to 70% in the near...
Read more

Small Cap Gem: Sakuma Exports Doubles in 2024, Bonus Share Proposal on July 1st?

By -
Image
Sakuma Exports: A Smallcap Stock with Big Returns in 2024 In the world of stock trading, smallcap stocks often go unnoticed. However, one such stock has been making waves in the Indian stock market - Sakuma Exports Ltd. This company, engaged in the buying, processing, marketing, exporting, and importing of agricultural products, has seen its share price double in the calendar year 2024. {jistoc} $title={Table of Contents} A Stellar Performance As of Thursday, June 20, the Sakuma Exports stock price has recorded a nearly 100% year-to-date gain , hitting the day’s high of ₹37.86 apiece on the NSE. This impressive performance is not a sudden phenomenon but the result of a strong run over the past couple of months. The company's shares have been on a steady upward trajectory, reflecting the positive sentiment among investors. The surge in the stock price is a testament to the company's robust business model and its ability to deliver consistent growth. Bonus Issue ...
Read more

Simple Investing: It's Not Rocket Science (But It Takes More Than Luck)

By -
Image
Successful Investing: Simple, But Not Easy Disclaimer:  This blog post is for informational purposes only and should not be taken as financial advice. Always do your own research and consider seeking advice from a certified financial advisor before making any investment decisions. {jistoc} $title={Table of Contents} The Myth of Easy Wealth The bull market of the 1990s created a myth that the stock market was essentially a high-return savings account. This belief was fueled by the ease of access to financial information and the ability to trade stocks online. However, as many investors discovered when the bubble burst, if something looks too good to be true, it usually is. Investing requires more than just opening an online account and watching financial news. It requires a deep understanding of the market, the ability to analyze and interpret financial data, and the discipline to stick to your investment strategy even when the market is volatile. It also requires...
Read more