Bank of Baroda launches green term deposit scheme with 7.15% interest

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Both existing and new customers of Bank of Baroda can avail themselves of the Green Deposits at any of its branches across India.

Bank of Baroda (BoB) has announced the launch of the bob Earth Green Term Deposit Scheme, aimed at raising deposits for financing eligible environment-friendly projects and sectors, the bank said in a release on Monday. 

The scheme offers customers the dual benefits of stable financial returns and contribution to a greener planet.

It offers annual interest rates, ranging from 6.75 per cent for a tenure of 12 to 18 months to 7.15 per cent for 777 days. Additionally, for longer tenures of 1,111 days, 1,717 days, and 2,201 days, the interest rates are set at 6.40 per cent per annum.

Funds collected through this scheme will be directed towards financing green initiatives such as renewable energy and clean transportation, said the bank.

Both existing and new customers of Bank of Baroda can avail themselves of the Green Deposits at any of its branches across India, according to the statement.


The scheme was anounced on the bank’s 116th Foundation Day on July 20, 2023, underlining its reaffirmed commitment to environmental responsibility.

 


The bank’s MD & CEO Debadatta Chand said that the Deposit Scheme is an important step towards contributing to India’s transition to a green and sustainable economy.

Read the July 20, 2023 statement.

First Published: Mar 12 2024 | 1:53 AM IST