BOB Utsav Deposit Scheme 2024 Apply Online, Interest Rate & Benefits

The BOB Utsav Deposit Scheme 2024 is a fixed deposit offering from Bank of Baroda designed to provide attractive interest rates along with flexible tenure options for depositors. This scheme aims to encourage savings among customers by providing higher returns compared to traditional savings accounts. With an initial deposit requirement that is accessible to a wide range of customers, the Utsav Deposit Scheme caters to both individual and corporate clients, making it a versatile choice for various financial needs.

One of the standout features of this scheme is the competitive interest rate, which is higher than the standard rates offered by the bank. Customers can choose from tenures ranging from a minimum of 7 days to a maximum of 10 years, allowing them to plan their finances according to their specific requirements. Moreover, the scheme offers the option of premature withdrawal, making it convenient for depositors who may need access to their funds unexpectedly.

The BOB Utsav Deposit Scheme also comes with the added benefit of being eligible for tax deductions under Section 80C of the Income Tax Act when the investment is made in tax-saving fixed deposits. This makes it an appealing option for those looking to maximize their savings while minimizing their tax liabilities. Overall, the BOB Utsav Deposit Scheme is a well-rounded product for anyone looking to grow their savings with safety and reliability.

BOB Utsav Deposit Scheme 2024

The BOB Utsav Deposit Scheme is a special fixed deposit offering from Bank of Baroda, aimed at providing customers with attractive interest rates and flexible investment options. This scheme is designed for a tenure ranging from 7 days to 10 years, catering to both individual and corporate clients. Customers can enjoy competitive interest rates, which may vary based on the deposit amount and tenure. 

Additionally, the scheme allows for premature withdrawal, making it a flexible choice for savers. Overall, the BOB Utsav Deposit Scheme is an excellent opportunity for those looking to grow their savings while enjoying the benefits of a secure and reliable banking option.

BOB Utsav Deposit Scheme Details 2024 Key Points

Objective of BOB Utsav Deposit Scheme 2024

The BOB Utsav Deposit Scheme 2024 is launched by Bank of Baroda with the following objectives:

• Encourage Savings: The primary aim is to promote savings among individuals during the festive season, allowing them to earn attractive returns on their deposits.
• Special Festive Offer: By introducing a dedicated scheme for the festive period, the bank seeks to provide enhanced interest rates that resonate with the celebratory spirit of the season, motivating customers to invest.
• Support Senior Citizens: The scheme offers higher interest rates specifically for senior and super senior citizens, acknowledging their need for secure and lucrative investment options during retirement.
• Attract New Deposits: The introduction of this scheme is a strategic move to attract new customers and deposits, thereby increasing the bank’s overall deposit base.
• Financial Stability: By encouraging individuals to save and invest, the scheme aims to foster financial stability among customers, ensuring they have a robust financial cushion.
• Flexible Tenure: With a tenure of 400 days, the scheme offers flexibility and short-term investment opportunities, catering to various financial planning needs of customers.

Overall, the BOB Utsav Deposit Scheme aims to provide a secure and rewarding investment option while enhancing the bank's outreach during a significant period of consumer spending and financial planning.

bob Utsav Deposit Scheme Benefits

ROI(% p.a.) w.e.f. 14.10.2024

BOB Utsav Deposit Scheme Features

• The product will be called – “bob Utsav Deposit Scheme”.
• The Products will be made available in Retail Term Deposits Schemes only.
• The product is applicable for all schemes e. General, NRE, NRO and Non - Callable and with all the -3- interest options (RIRD, MIP & QIP for above 1 Year period only) (No new Scheme Code has been created for the said Slab and will be applicable based on the number of days in the TD Accounts).
• Citizen and Super Senior Citizens Preferential Rate is applicable only for “Resident Indian Sr. Citizen and Super Senior Citizens (aged 80 and Above)”.
• For bob Advantage (Non-Callable) Fixed Deposit (Domestic) Accounts - minimum amount is Above Rs. 1.00 Crores and Maximum amount is below Rs 3.00 Crore for [Fresh & Renewal] i.e. non-callable additional 5bps over Callable
• All other terms & conditions applicable to Term Deposits except Rate of interest & period remain same for bob Utsav Deposit Scheme also.

BOB Utsav Deposit Scheme Eligibility Criteria

• An individual in his own name.
• Jointly by more than one individuals.
• In the names of Clubs, associations, Educational Institutions, Partnerships and joint stock companies and any other institutions, which are eligible to open a Term Deposit, account as per Bank rules.

BOB Utsav Deposit Scheme Document Required

To open a fixed deposit under the BOB Utsav Deposit Scheme, the following documents are generally required, adhering to the existing terms for Fixed Deposits (FDs) at Bank of Baroda:

• Application Form: Completed and signed application form for the fixed deposit.
• Identity Proof: One of the following:

1. Aadhar Card
2. Passport
3. Voter ID
4. Driving License
5. Any other government-issued ID

• Address Proof: One of the following:

1. Aadhar Card (if not used as ID proof)
2. Utility bill (electricity, water, gas)
3. Bank statement
4. Rental agreement
5. Any other document that can serve as address proof
6. Photographs: Recent passport-sized photographs (usually 2-3).

• PAN Card: A copy of the Permanent Account Number (PAN) card is mandatory for tax purposes.
• KYC Documents: As per the Know Your Customer (KYC) norms, additional documents may be required depending on the profile of the investor (individual, corporate, etc.).
• Income Proof: Depending on the bank's policies, income proof may be required for higher deposit amounts.

bob Utsav Deposit Scheme : Most Important Terms and Conditions (MITC)

• Accepted as security by Government departments & as margin for non-fund based activities subject to their acceptance.
• Eligibility norms and all other instructions applicable to 'Fixed Deposits' will apply.

BOB Utsav Deposit Scheme Interest Rate

The Bank of Baroda (BOB) Utsav Deposit Scheme offers competitive interest rates based on the tenure and the type of depositor. Here are the details:

Interest Rates for Other Fixed Deposits

The revised interest rates for Bank of Baroda's fixed deposits, applicable to amounts less than ₹3 crores, are as follows:

BOB Utsav Deposit Scheme 2024 Apply Online

To apply for the BOB Utsav Deposit Scheme 2024 online, follow these steps:

Visit the Official Website:

• Go to the Bank of Baroda's official website: Bank of Baroda.

Navigate to the Deposit Schemes Section:

1. Look for the 'Deposits' or 'Fixed Deposit' section on the homepage.
2. Click on it to find details about various deposit schemes, including the BOB Utsav Deposit Scheme.

Select BOB Utsav Deposit Scheme:

• Find the BOB Utsav Deposit Scheme and click on it to view detailed information about the scheme.
• Click on ‘Apply Online’:
• Look for the option to apply online. This may be a button labeled ‘Apply Now’ or similar.

Log In or Register:

• If you are an existing customer, log in using your credentials.
• If you are a new customer, you may need to register by providing the required information.

Fill Out the Application Form:

• Complete the online application form with the necessary details, including personal information, contact details, and deposit amount.

Upload Required Documents:

• Upload any required documents, such as identity proof, address proof, and income proof, if necessary.

Review and Submit:

• Review all the information you have provided to ensure accuracy.
• Submit the application.

Confirmation:

• After submission, you should receive a confirmation message or email regarding your application status.

Visit the Branch (if required):

• In some cases, you might be asked to visit the nearest Bank of Baroda branch for verification or to complete the process.

Summary of BOB Utsav Deposit Scheme

The BOB Utsav Deposit Scheme, launched by Bank of Baroda on October 14, 2024, is a fixed deposit scheme designed specifically for the festive season, offering a tenure of 400 days. This scheme provides competitive interest rates, with general citizens earning 7.30%, senior citizens 7.80%, and super senior citizens 7.90%. 

The scheme aims to encourage savings during the festive period, providing higher returns for both new and existing customers. Alongside this, Bank of Baroda has revised interest rates for its regular fixed deposits, making it an attractive option for investors looking to maximize their savings during this season.