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Tag: Bank of Baroda

  • Want To Invest In Eco-Friendly Schemes? Check Detailed Comparison Of SBI vs BoB Green Rupee Term Deposit | Personal Finance News

    New Delhi: There are many investment avenues in India. But, as the world turns its focus towards environmental sustainability, Indian banks are stepping up their efforts to support green initiatives. State Bank of India (SBI) and Bank of Baroda are among the key players in this movement.

    Both banking giants offer green fixed deposit (FD) facilities to their customers. Here we are decoding the comparison of the green FDs provided by these two prominent banks. (Also Read: Indian CEO Leaves High-Paying Microsoft Job to Pursue Passion for Farming)

    Continue reading to delve deep into the further details. (Also Read: NHAI Revised Banks & NBFC List To Issue FASTags: Check New Authorized Entities Here)

    What Is Green Deposits?

    Green deposits are interest-bearing deposits received by regulated entities, with the funds specifically earmarked for allocation towards green finance, as per the Reserve Bank of India's notification.

    The circular is dated April 11, 2023. These deposits aim to channel funds towards environmentally sustainable projects.

    RBI Issued FAQs

    The RBI recently released a document addressing various inquiries investors may have regarding green deposits, providing clarity and guidance on the matter.

    Introduction Of SBI And BoB Green Term Deposits

    Bank of Baroda has rolled out the BOB Earth Green Term Deposit Scheme, allowing both existing and new customers to open green deposits at any Bank of Baroda branch across India.

    Meanwhile, the State Bank of India offers the SBI Green Rupee Term Deposit (SGRTD) through its branch network. Additionally, plans are underway to make SGRTD available through digital channels such as YONO and Internet Banking Services (INB).

    SBI vs BoB Green Rupee Term Deposit: Tenors

    SGRTD from SBI provides investors with flexibility, offering three distinct tenors: 1111 days, 1777 days, and 2222 days.

    On the other hand, the BOB Earth Green Term Deposit Scheme introduces innovative tenures including 1 year, 1.5 years, 1111 days, 1717 days, and 2201 days.

    SBI vs BoB Green Rupee Term Deposit: Interest Rates

    According to information available on the SBI website, SGRTD offers interest rates 10 basis points (bps) below the card rate for retail and bulk deposits, varying based on the respective tenor.

  • BoB launches festive supply with enticing charges on loans, new financial savings accounts

    State-owned Bank of Baroda (BoB) on Tuesday introduced the launch of the “BOB Ke Sang Tyohaar Ki Umang” festive marketing campaign, which can run as much as thirty first December, 2023. Under the marketing campaign, BoB launched a competition supply with a pretty charge of curiosity on residence, automotive, private, and schooling loans.

    BoB launches festive supply

    Bank of Baroda’s competition affords embody the launch of 4 new financial savings accounts with a number of advantages &concessions and enticing rate of interest affords on Home, Car, Personal & Education Loans. The Bank has additionally tied up with Top Brands throughout classes equivalent to Electronics, Travel, and Food to offer festive affords and reductions for its Debit and Credit Card holders.

    Bank of Baroda residence, auto loans

    During the festive interval, Bank of Baroda Home Loans shall be accessible at a extremely aggressive charge of 8.40% p.a. onwards – with an entire waiver of processing charges. Baroda Car Loans begin at 8.70% p.a. onwards with a 0 processing charge. 

    Bank of Baroda schooling loans

    On Education Loans, the Bank has launched a particular charge starting at 8.55% p.a., a reduction of as much as 60 foundation factors, and with out collateral for college kids who’ve secured admissions in recognized premier academic establishments within the nation. Baroda

    Personal Loans begin at 10.10% p.a. – a reduction of as much as 80 foundation factors, with a 0 processing charge and better mortgage limits of as much as ₹20 lakh. The Bank has launched a set charge of curiosity possibility. Personal and automotive Loans and debtors can now select between fastened and floating charges of curiosity.

    Further, the Bank has established 112 Retail Asset Processing Centres (RAPC) in varied cities for quicker mortgage-based mortgage processing.

    BoB launches 4 new financial savings accounts

    The Bank has additionally launched a spread of Savings Accounts for the advantage of its clients. These embody the Bob LITE Savings Account – a Lifetime No Minimum Balance Account; the BOB BRO Savings Account – a Zero Balance Savings Account for Students (16 to 25 years), the My Family My Bank/BOB Parivar Account – a Family Savings Account designed to fulfill the wants of all the household and the Baroda NRI PowerPack Account. The Bank has additionally launched the BOB SDP (Systematic Deposit Plan), which is a recurring deposit scheme. During the festive interval, these Savings Accounts include a spread of advantages & concessions.

    Debadatta Chand, Managing Director & CEO, of Bank of Baroda mentioned, “The festive season is upon us and we’re already seeing the early indicators of a spur in demand with high-frequency indicators equivalent to automotive gross sales and bank card spending registering report highs. Bank of Baroda’s festive marketing campaign “BOB Ke Sang Tyohaar Ki Umang” brings collectively a set of enticing choices throughout financial savings accounts, loans, and credit score & debit playing cards. These enticing festive affords coupled with the comfort of our digital platforms will make the festive season much more rewarding and joyous for folks, thereby giving a big enhance to demand.”

    BoB affords reductions for its debit, and bank card holders

    Bank of Baroda has additionally launched enticing unique affords and reductions on Bank of Baroda Debit and Credit Cards and EMI affords this festive season. The Bank has tied up with main manufacturers throughout classes equivalent to Electronics, Consumer Durables, Travel, Food, Fashion, Entertainment, Lifestyle, Grocery and Health.

     

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    Updated: 13 Sep 2023, 07:53 AM IST

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  • Bank of Baroda hikes FD charges of curiosity. How they study with SBI, HDFC Bank

    Bank of Baroda (Bank), simply currently launched an increase in charges of curiosity on fixed deposits (FDs), by as a lot as 30 basis elements on select tenors. These prices are related on deposits beneath ₹2 crore, with impression from May 12, 2023.

    Interest prices have moreover been hiked on the Baroda Tiranga Plus Deposit Scheme. The 399 Day Baroda Tiranga Plus deposit scheme now affords charges of curiosity as a lot as 7.90% p.a., which contains 0.50% p.a. for senior residents and 0.15% for non-callable deposits.

    After the latest hike, the Bank of Baroda affords an charge of curiosity ranging from 3% to 7.25% to regular purchasers and three.5% to 7.75% to aged people.

    SBI fixed deposits charges of curiosity

    SBI FDs between 7 days to 10 years will give 3% to 7.1% to regular purchasers. Senior residents will get 50 basis elements (bps) additional on these deposits. The charge of curiosity offered by India’s largest lender State Bank of India on deposits of 1 12 months to decrease than two years is 6.8 per cent. SBI’s charge of curiosity on deposits of two years to decrease than three years is 7 per cent. These prices are environment friendly from 15 February 2023.

    HDFC Bank fixed deposits charges of curiosity

    With HDFC Bank Fixed Deposit, you can make investments your money for a tenure wherever between 7 days to 10 years and earn curiosity over the deposited amount. You can earn an charge of curiosity ranging from 3% to 7.1% p.a. Senior residents have the benefit of an additional cost of curiosity of 0.50% p.a. for tenures of seven days to 5 years -3.5% to 7.6%. These prices are with impression from 21 February.

    ICICI Bank fixed deposits charges of curiosity

    ICICI Bank affords the Fixed Deposit (FD) scheme with charges of curiosity ranging between 3.00% and 7.10% p.a. Senior residents are provided an additional charge of curiosity. The tenure of the scheme ranges from 7 days to 10 years. 3.50% and 7.60%. These prices are environment friendly from February 24.

     

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  • Bank of Baroda hikes retail time interval deposit expenses by 30 bps on select tenures

    Leading public sector lender, Bank of Baroda has hiked charges of curiosity on dwelling retail time interval deposits by as a lot as 30 bps on selective tenures. This moreover consists of NRO and NRE Term Deposits. Also, the monetary establishment has hiked the charges of curiosity on its Baroda Tiranga Plus Deposit Scheme which has a tenure of 399 days. The new expenses have come into influence from May 12.

    On retail time interval deposits beneath ₹2 crore, the monetary establishment is offering a 7.05% price from May twelfth than compared with earlier 6.75%. This is for tenure above 2 years to a few years. For the an identical, senior residents will earn 7.55% from earlier 7.25%.

    Meanwhile, in case of deposits beneath ₹2 crore, the speed of curiosity is 7.25% (regular class) and 7.75% (senior residents beneath Baroda Tiranga Plus – 399 Days scheme. Earlier, the fees have been 7.05% and 7.55% respectively. 

    Further, the monetary establishment acknowledged, charges of curiosity have moreover been hiked on the Baroda Tiranga Plus Deposit Scheme.

    The 399 Day Baroda Tiranga Plus deposit scheme now affords charges of curiosity as a lot as 7.90% yearly, which contains 0.50% yearly for senior residents and 0.15% for non-callable deposits.

    Under Baroda Advantage Fixed Deposits, which contains minimal deposits of ₹15.01 lakh to beneath ₹2 crore, the speed of curiosity is 7.30% for the ultimate class from earlier 7%, whereas senior residents earn as a lot as 7.80% from earlier 7.50% on tenures from higher than 2 years to a few years.

    For the an identical deposits from ₹15.01 lakh to beneath ₹2 crore, inside the Baroda Tiranga Plus scheme – 399 days, regular class and senior residents earn 7.40% and 7.90% now — as compared with 7.80% and 7.40% earlier.

    According to the monetary establishment, present and new shoppers of Bank of Baroda can open an FD by the use of any of the Bank’s branches all through India. An on-line FD will even be opened by present shoppers by the use of the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet).

    Earlier, the monetary establishment elevated time interval deposit expenses in March this yr and December 2022.

    BoB serves its worldwide purchaser base of over 150 million by the use of over 46,000 touchpoints unfold all through 17 nations in 5 continents.

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  • Try this to cut back the burden of RBI charge hike on your private home loans

    Home mortgage consumers have borne the brunt of the back-to-back RBI charge hikes to curb rising inflation in India. For the final two years, residence loans have change into dearer for brand new entrants and in addition for present debtors. The burden of high-priced residence loans has been handed on to the debtors both within the type of larger rates of interest or extension.

    Since May 2022, the RBI has elevated the important thing repo charge six occasions by a complete of 250 foundation factors to curb inflation. The transfer has additionally resulted in larger residence mortgage charges. For some, a house mortgage tenure has even prolonged to their retirement age. However, debtors can go for the next measures to cut back rates of interest on their loans.

    Also Read: Is it a great time to go for a house mortgage steadiness switch amid the prevailing charge cycle?

    Switch to different financial institution

    Even although there was an increase in residence mortgage charges, banks are lowering their mortgage charges to draw clients within the new monetary 12 months. By protecting in thoughts their mortgage tenure, mortgage charges of different banks, processing payment, and predictions of an upcoming charge hike, debtors can consider switching their residence loans to different banks.

    The processing payment is the cash paid by mortgage debtors to the brand new lending financial institution you might be switching to. Generally, it’s round 0.5% of the mortgage quantity. Bank of Maharashtra and Bank of Baroda have lowered the rates of interest on their residence loans regardless of rising rates of interest. Moreover, the Bank of Baroda has additionally eliminated the mortgage processing charges. Last week, the Bank of Maharashtra lowered its residence mortgage rates of interest by 20 foundation factors to eight.40%, making it one of many lowest within the sector. Just like these two banks, a number of different banks have additionally decreased their mortgage charges to encourage different debtors to modify to those banks.

    Negotiate with present lender

    In case of a scarcity of engaging choices by different lenders, debtors can even attempt to negotiate with their present lenders to cut back mortgage charges. In such a case, residence mortgage clients want to keep up their larger CIBIL rating to make the state of affairs of their favour whereas negotiating with the lender.

    Also Read: How to say revenue tax advantages on residence loans in FY23?

    Loan conversion

    Apart from negotiating with banks, debtors can verify on their financial institution’s web site for any conversion scheme. Under a conversion scheme, present debtors can cut back the rate of interest of their residence loans within the present financial institution by paying a sure amount of cash termed as conversion payment. The conversion payment is usually 0.25-0.5% of the excellent mortgage. Even throughout mortgage conversion, it’s higher to barter with a banker earlier than paying the conversion payment to get the bottom potential residence mortgage charge.

    Loan Refinancing

    Another approach, to dodge the repercussions of an aggressive charge hike on your private home mortgage is to go for mortgage refinancing. Under this methodology, debtors can exchange their present mortgage with a brand new mortgage that has higher phrases like decrease rates of interest and shorter tenure. Here additionally, debtors need to pay a processing payment of 0.5 per cent.

    During refinancing, an present residence mortgage buyer of a financial institution takes a brand new mortgage to repay the previous one. In many circumstances, banks are prepared to supply higher offers for debtors who need to refinance their loans.

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  • Bank of Baroda particular FD scheme providing 7.5% rate of interest will finish this week

    Bank of Baroda has lately elevated the rates of interest provided on the “Baroda Tiranga Deposit Scheme”, a restricted interval particular retail time period deposit product that’s out there in two tenor buckets of 444 days and 555 days. The Baroda Tiranga scheme now provides depositors an rate of interest of as much as 7.50% p.a., which incorporates 0.50% p.a. for senior residents and 0.25% for non-callable deposits.

    Savers which are concerned about securing this increased fee should hurry up because the scheme closes on December 31, 2022.

    Existing prospects of Bank of Baroda can simply open an internet FD by way of the Bank’s Mobile Banking app (bob World) or Net Banking (bob World Internet).

    Bank of Baroda FD Rates

    Bank of Baroda has hiked retail time period deposit by as much as 65 bps. These charges are relevant on deposits beneath ₹2 crore, with impact from December 26, 2022.

    The financial institution will give rate of interest of 5.75% on deposits maturing in 211 and 270 days and 271 days & above and fewer than 1 12 months. Deposits maturing in a single 12 months, 1 12 months, Above 1 Year to 400 days, above 400 days to 2 years, and a couple of years to three years years will now earn 6.75%

    The rate of interest on deposits maturing in additional than three years and as much as ten years has climbed from 6.25% at BoB.

    Under the Baroda Tiranga Deposit Scheme, Bank of Baroda additionally offers rates of interest up of 6.75% p.a. on 444-day and 555 Day deposits.

     

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  • Kanpur: FIR on 12 together with Mukhtar Baba and financial institution officer, responsible of Kanpur violence… Loan of crores taken on enemy property

    Kanpur: The difficulties of Mukhtar Baba, convicted of funding the Kanpur violence, are rising. Mukhtar Baba has been accused of shopping for and promoting enemy property and taking mortgage of crores from the financial institution on that property. On the suggestion of Lekhpal, FIR has been registered in opposition to 12 individuals together with Mukhtar Baba, his spouse, three daughters, son-in-law, the then financial institution supervisor at Bekanganj police station. On Friday, June 3, violence erupted after the controversial assertion of BJP chief Nupur Sharma in Yatimkhana, New Road, situated in Bekanganj police station space. The Kanpur violence was executed in a well-planned method. There was fierce stone pelting, firing and petrol bombs between the 2 sides. Police mastermind Hayat Zafar and his confederate Javed Ahmed Khan, Mohd. Sufiyan and Mohd. Rahil was despatched to jail. Police investigation revealed that Mukhtar Baba, the proprietor of Baba Biryani, had funded the violence. Presently Mukhtar Baba is in jail.

    There are many enemy properties in Kanpur. Mukhtar Baba has already been accused of shopping for and promoting enemy properties by making ready solid paperwork. According to Lekhpal Vipin Kumar, who lodged the FIR, the proprietor of M/s Shahid Silk House, resident of Chamanganj Nala Road, is Shahid Alam. Shahid Alam was sanctioned an overdraft account with a restrict of Rs 75 lakh on December 27, 2006 from the Kidwai Nagar department of Bank of Baroda. After this, on September 5, 2009, the financial institution’s restrict was elevated to 1.57 crores.

    mortgaged enemy property in financial institution
    Mukhtar Baba’s son-in-law Shahid Alam had taken a mortgage of crores by mortgaging eight properties within the financial institution. Investigation revealed that out of the property mortgaged within the financial institution, 91/146 Hemaman’s former enemy property has been declared. Enemy property is taken into account to be of the federal government, which can’t be purchased and bought, and can’t be mortgaged within the financial institution. Along with this, the method of declaring 99/14A Beaconganj, 88/21 Nalarod Chamanganj as enemy property is occurring.

    Bank didn’t get the investigation executed
    Bank of Baroda Kidwai Nagar department was requested within the investigation of this episode, then it claimed that the mortgage has been issued on the premise of clearance report in respect of properties by means of a panel advocate. Investigation revealed that the financial institution has not acquired any info from the Revenue Department. Along with this, it’s also alleged that Shahid Alam had planted paperwork to indicate his possession within the property of Hiraman Purva. Hiraman Purva 91/146 is asserted enemy property. This property was obtained executed by Mukhtar Baba within the title of spouse Gulshal Jahan by making ready pretend paperwork. After this, Gulshan Jahan had given this enemy property to each daughters Naz Ayesha and Anjum Ara. After this these properties have been bought by means of solid paperwork. That’s why the police have accused Mukhtar’s spouse, daughters and son-in-law.
    Report – Sumit Sharma

  • Bank of Baroda Q2 internet up 58.7%

    State-run Bank of Baroda (BoB) reported a 58.7 per cent in its internet revenue at Rs 3,313 crore within the second quarter ended September 2022 from Rs 2,088 crore in the identical quarter of the earlier fiscal. Its internet curiosity earnings (NII) rose 34.5 per cent to Rs 10,174 crore from Rs 7,566 crore in the identical quarter of the final fiscal.

    While gross NPA ratio improved to five.31 per cent from 8.11, internet NPA diminished to 1.16 per cent from 2.83 per cent. Capital adequacy ratio declined to fifteen.25 per cent from 15.55 per cent on the finish of September 2021. On a consolidated foundation, BoB group’s internet revenue elevated to Rs 3,400 crore as in opposition to Rs 2,168 crore in the identical interval a yr in the past.

  • Bank of Baroda (BoB) unveils particular FD scheme, now provides as much as 7.50% return

    The main public sector lender Bank of Baroda (BoB) at this time launched “Baroda Tiranga Plus Deposit Scheme”, with higher standard interest rates of up to 7.50% p.a. for 399 days with effect from 1st November 2022, which includes 0.50% p.a. for senior citizens and 0.25% for non-callable deposits.

    Shri Ajay K. Khurana, Executive Director, Bank of Baroda said, “In a rising interest rate environment, we are pleased to offer a higher interest rate to consumers so that they earn more on their savings. The Baroda Tiranga Plus Deposit Scheme offers higher interest rates and assured returns. On our Non-Callable Deposits, the Bank has also decided to increase the Non-Callable Premium from 0.15% to 0.25% on retail term deposits, providing further benefits to customers.”

    Baroda Tiranga Plus Deposit Scheme

    On Baroda Tiranga Plus Deposit Scheme of 399 Days, BoB will supply an rate of interest of 6.75% for most people, 7.25% for senior residents below the callable choice, whereas below the non-callable choice, most people, NRE/NRO depositors will get an rate of interest of seven% and senior residents will get an rate of interest of seven.50%. The rates of interest on the Bank’s Baroda Advantage Retail Term Deposit Scheme (Non-Callable) have been hiked by 10 foundation factors on account of elevating the Non-Callable Premium from 0.15% p.a. to 0.25% p.a.

    View Full Image

    Baroda Tiranga Plus Deposit Scheme (bankofbaroda.in) Baroda Tiranga Deposit Scheme

    The rates of interest for Baroda Tiranga Deposit Scheme have additionally been in impact from 1st November as per the official web site of the financial institution. The scheme comes with two particular tenors of 444 days and 555 days. On callable deposits maturing in 444 days, BoB is now providing an rate of interest of 5.75% to most people and 6.25% for senior residents whereas on callable deposits maturing in 555 Days will fetch a typical rate of interest of 6.00% and 6.505 for senior residents. On non-callable deposits maturing in 444 days, the financial institution is providing a typical charge of 6.00% and 6.50% for senior residents whereas these maturing in 555 days will fetch an rate of interest of 6.25% for most people and 6.75% for senior residents below the outdated Baroda Tiranga Deposit Scheme at Bank of Baroda.

    View Full Image

    Baroda Tiranga Deposit Scheme (bankofbaroda.in) Interest charges for Baroda Advantage Fixed Deposits of ₹15 lakh to ₹2 Cr

    On Baroda Advantage Fixed Deposit, the financial institution has additionally revised its rates of interest on 1st November. On deposits maturing in 1 yr to 399 Days, BoB is providing an rate of interest starting from 5.75% to 7.00 for most people and 6.25% to 7.50% for senior residents. Baroda Advantage Fixed Deposits maturing in 399 Days will fetch a most rate of interest of seven.00% for most people and seven.50% for senior residents.

    View Full Image

    Baroda Advantage Fixed Deposits (bankofbaroda.in)

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  • E-rupee launch a landmark second within the historical past of forex: RBI Guv Shaktikanta Das

    RBI Governor Shaktikanta Das, Digital Rupee Launch: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday mentioned that e-rupee launch was a landmark second within the historical past of forex within the nation and it’ll remodel the way in which enterprise is finished and the way in which transactions are performed.

    Speaking at FICCI’s Banking Conference – FIBAC 2022, Das mentioned that the RBI needs to iron out all facets of Central Bank Digital Currency (CBDC) earlier than launch. He added that the central financial institution hopes to launch digitised Kisan Credit Card loans in a full fledged method by CY 2023.

    He famous that there isn’t any goal date for full fedged launch of the digital rupee.

    In his handle to the Indian bankers, Das mentioned that the value stability, sustained development and monetary stability needn’t be mutually unique. he additionally famous that the transparency isn’t compromised in any method by not releasing letter to be written by RBI to authorities for lacking inflation goal.

    Speaking on the convention, Das mentioned that with financial coverage actions and stances present process a regime shift within the superior nations, monetary circumstances have tightened throughout markets and accentuated monetary stability dangers. He famous that in an unsure surroundings, Indian financial system has been rising steadily drawing energy from its macroeconomic indicators and buffers. He mentioned that India in the present day presents an image of resilience and optimism for the world.

    On the inflation entrance, the RBI chief mentioned the central financial institution is intently monitoring inflation tendencies and the impression of earlier actions. He mentioned that the RBI is seeing appreciable enchancment in gross sales of white items in festive season.

    “In mine and the RBI’s view, price stability, sustained growth, and financial stability need not be mutually exclusive,” he mentioned.

    Das added that there’s numerous hypothesis concerning the MPC’s November 3 assembly. “We will prepare a report on and send it to the government,” he mentioned.

    The RBI governor mentioned that MPC’s decision is supposed for your complete financial system and markets and residents ought to know concerning the MPC’s determination. However, he added {that a} letter to the federal government is distributed beneath regulation.

    “I don’t have the privilege or authority or luxury to release it to the media before the addressee gets it… The contents of the letter will not be under the wraps forever. It will be released at some point… The first right of receiving the letter lies with the government,” he mentioned.

    Das defined that if the RBI had began strategy of tightening earlier, what would have been the counterfactual situation?

    “We did not want to upset process of recovery. We wanted economy to safely reach the shores and then bring down inflation,” he mentioned. “There has been a slippage in maintaining inflation target. But if we would have tightened earlier, the country would have paid a high cost for it.”

    -with PTI inputs