Bank of Baroda Launches Four New Savings Accounts with Amazing Benefits

Bank of Baroda Launches Four New Savings Accounts with Amazing Benefits
Source: Twitter

Bank of Baroda, one of the leading public sector banks in India, has launched a festive campaign called ‘BOB Ke Sang Tyohaar Ki Umang’ to offer attractive interest rates, discounts, and benefits to its customers. The campaign will run till December 31, 2023 and will cover various products and services such as loans, savings accounts, cards, and deposits.

The bank has announced that it will offer home loans at a highly competitive rate of 8.40% p.a. onwards with a complete waiver of processing fees. Customers can also avail car loans at 8.70% p.a. onwards with nil processing fee. For education loans, the bank has introduced a special rate starting at 8.55% p.a., a discount of up to 60 basis points, and without collateral for students who have secured admissions in identified premier educational institutions in the country. Personal loans are also available at 10.10% p.a., a discount of up to 80 basis points, with nil processing fee and higher loan limits up to Rs 20 lakh.

The bank has also introduced a fixed rate of interest option in personal and car loans, allowing borrowers to choose between fixed and floating rates of interest. This option will provide stability and certainty to the customers in terms of their monthly repayments.

In addition to the loan offers, the bank has also launched four new savings accounts with a host of benefits and concessions. These are:

  • Bob LITE Savings Account: A lifetime no minimum balance account with free debit card, cheque book, and unlimited ATM transactions.
  • BOB BRO Savings Account: A zero balance savings account for students (16 to 25 years) with free debit card, cheque book, and unlimited ATM transactions. The account also offers discounts on online shopping, food delivery, travel booking, and entertainment platforms.
  • My Family My Bank/BOB Parivar Account: A family savings account designed to meet the needs of the entire family with free debit cards for all members, free cheque books for primary account holder, unlimited ATM transactions, and preferential rates on loans and deposits.
  • Baroda NRI PowerPack Account: A savings account for non-resident Indians (NRIs) with free debit card, cheque book, unlimited ATM transactions, and preferential rates on loans and deposits. The account also offers free remittance facility, free demand drafts, and free locker facility for one year.

The bank has also launched the BOB SDP (Systematic Deposit Plan), which is a recurring deposit scheme that allows customers to save a fixed amount every month for a period ranging from 12 months to 120 months. The scheme offers higher interest rates than regular savings accounts and also provides flexibility in choosing the monthly installment amount.

To make the festive season more enjoyable for its customers, the bank has also tied up with top brands across categories such as electronics, travel, and food to provide festive offers and discounts for its debit and credit card holders. Some of the brands that are part of the tie-up are Amazon, Flipkart, Myntra, MakeMyTrip, Yatra, Swiggy, Zomato, Domino’s Pizza, and BookMyShow.

The bank has said that these offers and schemes are aimed at providing convenience, affordability, and value to its customers during the festive season. The bank has also urged its customers to apply for these products and services through its digital channels such as BOB World mobile banking app, net banking, or the Bank of Baroda website.

The bank has also assured its customers that it is taking all necessary precautions and measures to ensure their safety and well-being amid the COVID-19 pandemic. The bank has said that it is following all the guidelines issued by the government and the Reserve Bank of India (RBI) regarding sanitization, social distancing, and digital transactions.

Bank of Baroda is one of the largest public sector banks in India with a network of over 9,500 branches and 13,400 ATMs across the country. The bank was founded in 1908 by Maharaja Sayajirao Gaekwad III of Baroda and has a history of over 110 years of serving the nation.

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