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

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

Bank of Baroda (BoB) has announced the launch of Bob Earth Green Term Deposit Scheme, aimed at attracting deposits to finance eligible eco-friendly projects and sectors, the bank said in a press release on Monday.

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

It offers annual interest rates ranging from 6.75 percent for a term of 12 to 18 months to 7.15 percent for 777 days. In addition, for longer terms of 1,111 days, 1,717 days and 2,201 days, interest rates are set at 6.40 percent per annum.

The funds raised through this scheme will be used to finance green initiatives such as renewable energy and clean transportation, the bank said.

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

The plan was announced on the bank’s 116th founding anniversary on July 20, 2023, underscoring its reaffirmed commitment to environmental responsibility.

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

Read the statement of July 20, 2023.

First print: March 12, 2024 | 1:53 IST