Bank of Baroda unveils green term deposit scheme: Interest rate, eligibility, tenure & other details
Upstox
2 min read • Updated: March 12, 2024, 10:35 AM
Summary
Resident Indians, NRIs and high-net individuals are eligible to invest in the deposit scheme, which offers an interest rate of as high as 7.15%.
State-run lender Bank of Baroda has unveiled the ‘bob Earth Green Term Deposit Scheme’, a new deposit scheme that is aimed at raising deposits for environment-friendly projects. The scheme, as per a release issued by the bank, will be used for financing in the eligible green sectors.
The deposit scheme, which comes at a time when the curbing of carbon emissions remains one of the top priorities globally, offers customers the benefit of stable financial returns while contributing towards environment safety.
The scheme allows depositors to “participate in India’s transition to a green and sustainable economy,” the bank said.
Interest rates
Bank of Baroda is offering interest rates in the range of 6.15 percent to 7.15 percent, depending on the tenure of the deposits.
For deposits for the period of 12 months to 18 months, the lender is offering an interest rate of 6.15 percent per annum. The interest rate being offered is higher, at 7.15 percent, if the tenure of deposits of 777 days.
However, for longer-term deposits of 1,111 days, 1,717 and 2,201 days, the interest rate being offered is 6.40 percent.
Who is eligible to invest?
“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,” Bank of Baroda said. New and existing customers of the lender can open their green deposits at any of the bank branches across the country.