Three Indian Public Sector Banks (PSBs), the State Bank of India (SBI), Bank of Baroda (BoB) and Bank of Maharashtra (BoM) has launched their respective deposit schemes to garner deposits to fund credit demand.
- This development came after the Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned about persistent gap in deposit and credit growth during a meeting held with the Managing Directors(MD) and Chief Executive Officers (CEOs) of public and private sector banks on 2nd July 2024.
BoB launched “the bob Monsoon Dhamaka Deposit Scheme”:
i.Vadodara(Gujarat) based, Bank of Baroda (BoB) launched its special scheme “the bob Monsoon Dhamaka Deposit Scheme” with two tenor buckets i.e. providing interest rate of 25% per annum for 399 days and 7.15% per annum for 333 days.
- The scheme came effective on 15th July, 2024 and it is applicable for retail deposits less than Rs 3 crore.
ii.The scheme offers an additional interest rate of 0.50% for both buckets to senior citizens i.e. 7.75% per annum for 399 days and 7.65% for 333 days.
iii.Non-Callable Deposits will earn an additional interest rate of 0.15%. It is applicable on minimum deposits above Rs 1 crore to less than Rs 3 crore.
iv.NRE customers can avail the 399 Days Deposit Scheme and Non-Callable Deposits less than Rs. 2 crore only.
Note: As of 30th June 2024, BoB deposits increased by 8.83% Year-on-Year (Y-o-Y) basis to Rs 13.06 trillion. But, still its deposit growth was lower than the industry growth rate of 10.64% as of 28th June 2024.
BoM Special FD Scheme:
Pune (Maharashtra)-based Bank of Maharashtra (BoM) launched a special scheme with 4 buckets for deposits up to 10 crore.
Different Interest Rate for Different Tenures:
i.The scheme offers an interest rate of 6.90% for 200 days.
ii.The scheme offers an interest rate of 7.10% for 400 days.
iii.The scheme offers an interest rate of 7.15% for 666 days.
iv.The scheme offers an interest rate of 7.25% for 777 days.
About SBI’s Amrit Vrishti Scheme:
The State Bank of India (SBI), India’s largest PSB launched a scheme named “Amrit Vrishti”. It is a Fixed Deposit (FD) scheme offering higher interest rates and addressing the requirements of both domestic and Non-Resident Indian (NRI) customers.
- The scheme offers an interest rate of 7.25% per annum on deposit of 444 days for general citizens and for senior citizens it offers an interest rate of 7.75%.
- The scheme came effective from 15th July 2024 and valid up to 31st March, 2025.
- Loan can be availed on these deposits.
Eligible fixed deposits:
Domestic Retail Term Deposits including NRI Rupee Term Deposits (< Rs 3 crore), New and Renewal of existing deposits and Term Deposit and Special Term Deposit only.
Note: No interest is payable if the deposit is withdrawn before one year.
Recent Related News:
Bank of Baroda (BoB), an Indian public sector bank(PSB), has acquired the co-branding rights for three Delhi Metro stations namely, Rajouri Garden, South Extension, and Inderlok. As a part of this partnership, BoB will also get a dedicated space for branding, display of products and installation of an ATM(Automated Teller Machine)/Digital Banking Unit (DBU)/ kiosk to serve customers.
About State Bank of India(SBI):
Chairman- Dinesh Kumar Khara
Headquarters- Mumbai, Maharashtra
Tag line-The Banker to Every Indian
Founded – 1st July 1955
About Bank of Baroda (BoB):
Chairman– Hasmukh Adhia
Managing Director (MD)–Debadatta Chand
Headquarters– Vadodara, Gujarat
Tag line– India’s International Bank
Established- 1908
About Bank of Maharashtra (BoM):
Managing Director (MD) and Chief Executive Officer (CEO) – Nidhu Saxena
Headquarters- Pune, Maharashtra
Tag line- Ek Parivar, Ek Bank (One family One Bank)
Established in- 1935
