Bank of Baroda (BoB) is one of India’s largest public sector banks, headquartered in Vadodara, Gujarat. Established on July 20, 1908, by Maharaja Sayajirao Gaekwad III, the bank initially operated as a private institution before being nationalized in 1969. It is recognized as one of the largest bank in India, with a significant presence both domestically and internationally. As of recent data, Bank of Baroda operates over 9,500 branches and approximately 13,400 ATMs across India, alongside a network of branches in 21 countries globally.
The bank provides a wide range of financial services, including retail banking products such as savings accounts, loans, credit cards, and wealth management. In addition to retail services, it offers corporate banking solutions like working capital finance, trade finance, and treasury solutions. The bank also focuses on rural and agricultural banking by providing services tailored for agricultural financing and rural development. In April 2019, Bank of Baroda merged with Dena Bank and Vijaya Bank, which enhanced its market position and operational scale. This merger created a consolidated entity with a combined business exceeding ₹14.82 trillion.
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Bank of Baroda reduces its advertising expenditure by 20% to Rs 350 crore for the financial year 2025
Bank of Baroda, a public sector lender, has reduced its advertising and publicity expenses by 20.2% in the fiscal year 2025. The bank’s advertising expenditure decreased to Rs 350 crore in FY25 from Rs 439 crore in the previous year. This reduction is notable, given that the banking, financial services, and insurance (BFSI) sector in India has been increasing its advertising spend in recent years, particularly on digital platforms.
Despite the decrease in advertising spend, Bank of Baroda has continued to focus on digital marketing and branding. The bank executed over 30 digital campaigns in FY25, covering topics such as sports, financial literacy, fraud awareness, and cybersecurity. The bank’s annual report also highlighted a multi-channel advertising campaign that included television, radio, print, and cinema, with a cumulative reach of approximately 200 crore people.
The bank’s financial performance in FY25 was positive, with a 10% rise in net profit to Rs 19,581 crore, compared to Rs 17,789 crore in the previous year. The bank’s net interest income (NII) grew by 2.1% to Rs 45,659 crore, and non-interest income increased by 14.8% to Rs 16,647 crore. The bank’s operating profit also rose by 4.7% to Rs 32,435 crore.
Looking ahead to FY26, Bank of Baroda plans to continue enhancing its digital capabilities to expand its reach and engagement with customers. The bank’s focus on digital marketing and branding is expected to continue, despite the reduction in advertising spend in FY25. The BFSI sector’s advertising spend is expected to remain robust, with a TAM Adex report revealing a 74% increase in ad impressions in the first half of 2024 compared to the same period in 2022.
Overall, Bank of Baroda’s reduction in advertising spend is a notable achievement, given the increasing competition in the BFSI sector. The bank’s focus on digital marketing and branding, combined with its positive financial performance, positions it well for future growth and expansion. As the bank continues to enhance its digital capabilities, it is likely to remain a major player in the Indian banking sector.
Bank of Baroda UAE and ISG unveil the Jaywan Card, a strategic initiative to boost the UAE’s domestic payment ecosystem
The Bank of Baroda (BoB) in the UAE has partnered with In-Solutions Global (ISG) to launch Jaywan Cards, a sovereign payment system aimed at strengthening the country’s payment infrastructure. The rollout of the cards is expected to begin within the next 30 days. Jaywan is a contactless payment system that supports multi-use functionality for both personal and business needs, and is built on a robust infrastructure aligned with the UAE’s Smart Payment Ecosystem.
The launch of Jaywan is a key milestone in the UAE’s efforts to localize its payments ecosystem, promote financial inclusion, and transition towards a cashless economy. The initiative is part of a broader regulatory alignment and strategic focus on Jaywan cards, and is expected to enhance the UAE’s sovereign payment infrastructure. With Jaywan, the UAE joins a growing number of nations investing in sovereign payment networks that prioritize cost efficiency, compliance, and local innovation.
The Jaywan card system is developed under the guidance of the Central Bank of the UAE (CBUAE) and is designed to provide a secure, efficient, and future-ready payment solution. ISG, which has a strong track record in the GCC, will manage the personalization and operational rollout of Jaywan Cards in partnership with Bank of Baroda. The company’s Senior Vice President, Praveen Balusu, stated that the initiative will empower regional banks to adopt a fully localized payment system and lay the groundwork for seamless cross-border transactions.
The launch of Jaywan comes at a time when digital payments in the UAE are booming, and is expected to have a significant impact on the country’s financial landscape. With its planned interoperability with RuPay, Jaywan is poised to become a game-changer for businesses and consumers alike, providing a seamless and efficient payment experience. Overall, the partnership between BoB and ISG is a significant step towards strengthening the UAE’s payment infrastructure and promoting a cashless economy.
Infrastructure sectors fueled a surge in corporate investments in FY25, according to Bank of Baroda
A recent report by the Bank of Baroda’s Economic Research Department has revealed a significant increase in corporate investment in India, primarily driven by infrastructure-intensive sectors. The report analyzed data from 1,393 companies across 122 industries and found that gross fixed assets, including capital work in progress, rose to ₹28.50 trillion in FY25, representing a 7.6% annual growth from ₹26.49 trillion in FY24.
The top five sectors driving this growth were refineries, telecom services, iron and steel products, cement, and power, which together accounted for 56% of total fixed assets. These core infrastructure industries played a central role in capital formation, with refineries alone accounting for 31% of fixed assets. The next five industries, including public and private sector banks, chemicals, and non-ferrous metals, collectively accounted for another 14.5% of fixed assets.
The report highlights the pivotal role of these 15 industries in driving capital expenditure, representing nearly 81% of corporate fixed assets in FY25. The leading sectors in terms of investment were primarily in the infrastructure space and registered impressive growth rates. However, consumer-oriented industries showed mixed demand, particularly in urban areas, and are expected to regain traction in FY26 with the government’s measures and declining inflation.
The report also noted that sectors such as cement, passenger cars, private and public sector banks, pharmaceuticals, steel, and refineries outpaced the average growth in fixed assets. This growth was driven by government capex, expansion plans, and increasing demand for domestic and export markets. The banking sector invested heavily in technology and setting up new branches, while the pharmaceutical industry saw new capacities being set up to meet domestic and export demand.
Overall, the report provides a granular view of corporate India’s investment patterns, highlighting the importance of infrastructure-intensive sectors in driving growth and the potential for consumer-oriented industries to rebound in the coming year. The findings suggest that the government’s efforts to stimulate investment and consumption are likely to have a positive impact on the economy, with the possibility of increased demand and growth in various sectors.
Bank of Baroda Recruitment 2025: Last chance to apply for 500 Office Assistant vacancies, online registration closes on May 23 at bankofbaroda.in
The Bank of Baroda has announced a recruitment drive for the post of Office Assistant (Peon) with 500 vacancies available in various states. The online registration process began on May 3, 2025, and the last date for submission is May 23, 2025. Interested candidates can apply on the official website at bankofbaroda.in. To register, candidates will need a valid personal email ID and contact number.
The vacancies are divided among different categories: 252 for General, 108 for OBC, 42 for EWS, 33 for ST, and 65 for SC. To be eligible, candidates must have completed their 10th standard or equivalent examination from a recognized school and be proficient in the local language of the respective state or union territory.
The application fee is Rs. 600 plus applicable taxes for General, EWS, and OBC candidates, while SC, ST, PwBD, EXS, DPSXS, and women candidates need to pay Rs. 100. The exam pattern consists of four tests with 25 questions each, totaling 100 marks, with a negative marking of 0.25 marks for incorrect answers. The medium of the test will be English, Hindi, or the official language of the state/UT.
The selection process includes an online test followed by a local vernacular language test for candidates who qualify. To apply, candidates need to visit the Bank of Baroda’s career page, click on “Current Opportunities,” and apply for the office assistant posts. They must fill up the application form, upload documents, pay the fee, and submit the form. Candidates are advised to properly fill the application form and keep the details safe for future reference.
The exam duration will be 20 minutes for each test, and candidates are advised to check the official website for more details. The recruitment is on a regular basis in the subordinate cadre, and candidates are expected to be proficient in the local language of the respective state or union territory. Overall, this is a great opportunity for candidates looking to work with the Bank of Baroda, and interested candidates should apply before the last submission date of May 23, 2025.
Public sector banks shine with surge in gold loans
State-owned banks in India have seen a significant increase in gold loans during the fiscal year 2025, largely due to the rising prices of gold. The country’s largest public lender, State Bank of India (SBI), reported a 53% increase in personal gold loans, reaching Rs 50,011 crore in the quarter ended March 31, 2025. Other public sector banks, such as Indian Bank and Bank of Baroda, also saw substantial growth in their gold loan portfolios, with increases of 81% and 55.6%, respectively.
The growth in gold loans can be attributed to the soaring prices of gold, which rose by over 30% in 2024-25. As a result, customers were able to get a better value for their gold when pledging it for loans. The Loan-to-Value (LTV) ratio, which is the percentage of the collateral’s worth that can be lent, has been fixed at up to 75%, but industry sources say that the average LTV ratio availed by customers is around 67%.
The increasing demand for gold loans has been driven by the fact that they are considered a safe and low-risk form of lending, with almost no non-performing assets (NPAs). Indian Bank’s MD & CEO, Binod Kumar, stated that gold loans have been one of the strong portfolios in India and that the bank expects to grow in this segment by around 20% in the current fiscal year.
Another public sector bank, Indian Overseas Bank (IOB), reported a 45% increase in its cumulative jewel loan portfolio, reaching Rs 69,188 crore in 2024-25. The bank’s MD & CEO, Ajay Kumar Srivastava, attributed the growth to the escalating prices of gold and stated that this segment is going to be one of the major products for the bank.
Overall, the growth in gold loans is expected to continue in the current fiscal year, driven by the rising prices of gold and the increasing demand for safe and low-risk lending products. The public sector banks are expected to benefit from this trend, with gold loans becoming an increasingly important part of their portfolios.
Stock Market Updates of Bank of Baroda
Recent Updates
EMI payments on home loans from Bank of Baroda, PNB, and Canara Bank are expected to decrease for certain loan tenures
In a move that could provide relief to borrowers, three state-owned lenders – Bank of Baroda, Punjab National Bank (PNB), and Canara Bank – have announced reductions in their marginal cost of funds-based lending rates (MCLR) across various tenures. The MCLR is a benchmark rate used by banks to set interest rates on floating-rate loans such as home loans, personal loans, and auto loans. A decrease in MCLR can translate to a potential drop in equated monthly installments (EMIs) or a shorter loan tenure, benefiting borrowers in the long term.
Bank of Baroda has reduced its one-year MCLR by 5 basis points to 8.95%, while other tenures remain unchanged. The overnight MCLR stands at 8.15%, the one-month MCLR at 8.35%, the three-month MCLR at 8.55%, and the six-month MCLR at 8.80%. These rates are effective from May 12, 2025.
Canara Bank has lowered its overnight MCLR from 8.30% to 8.20% and its one-month MCLR from 8.35% to 8.25%. The three-month MCLR is now at 8.45%, down from 8.55%, while the six-month MCLR has been lowered to 8.80% from 8.9%. The one-year MCLR has been reduced from 9.10% to 9.00%, and the two-year and three-year MCLR have been brought down by 10 basis points each.
Punjab National Bank has reduced its overnight MCLR from 8.40% to 8.25% and its one-month MCLR from 8.50% to 8.40%. The three-month MCLR now stands at 8.60%, down from 8.70%, and the six-month MCLR has been revised to 8.80% from 8.90%. The one-year MCLR has been cut from 9.05% to 8.95%, and the three-year MCLR has been brought down by 10 basis points, from 9.35% to 9.25%. The new rates are effective from May 1, 2025.
The reduction in MCLR rates by these public sector banks is expected to provide relief to borrowers, especially those with existing floating-rate loans. However, it is essential to note that the actual impact on borrowers will depend on the bank’s discretion and the specific loan terms. Borrowers should check with their banks to determine the exact reduction in their EMIs or loan tenure. Overall, the reduction in MCLR rates is a positive step towards making loans more affordable for borrowers.
Previous Year Question Papers for Bank of Baroda Office Assistant, Sample Paper PDF Available for Download
Preparing for the Bank of Baroda Office Assistant exam can be challenging, but utilizing previous year papers and sample papers can be a valuable resource. These papers provide insight into the exam pattern, types of questions, and difficulty level, allowing candidates to improve their speed and accuracy. By solving these papers, individuals can identify important topics, gain confidence, and manage their time more effectively.
The Bank of Baroda Office Assistant previous year papers are available for download in PDF format, providing a realistic exam experience. Solving these papers helps candidates understand the types of questions asked and identifies areas where they need more practice. Regular practice with these papers can improve performance and boost preparation.
To maximize the benefits of solving previous year papers, several tips can be followed. Firstly, it is essential to read questions carefully and understand what is being asked before answering. Starting with easy sections can help build speed and save time for tougher sections. Time management is also crucial, and candidates should avoid spending too much time on a single question. If a question is confusing, it is best to skip it and come back later.
Additionally, candidates should avoid guesswork, especially if there is negative marking. Instead, they should try to eliminate wrong options first. Regular practice is also vital, and setting a timer while solving sample papers can help improve speed and accuracy. Finally, reviewing answers before submitting the paper can help catch any mistakes.
By following these tips and regularly practicing with previous year papers, candidates can improve their performance and increase their chances of success in the Bank of Baroda Office Assistant exam. The previous year papers can be downloaded in PDF format, and candidates can start practicing right away. With dedication and consistent practice, individuals can achieve their goal of becoming an Office Assistant at the Bank of Baroda.
The Reserve Bank of India (RBI) has slapped penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, and two others.
The Reserve Bank of India (RBI) has imposed penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra, for non-compliance with various regulatory directions. The penalties, ranging from ₹29.60 lakh to ₹97.80 lakh, were imposed due to deficiencies in regulatory compliance in areas such as cyber security, know your customer (KYC) norms, credit and debit card issuance, and customer service.
ICICI Bank was fined ₹97.80 lakh for non-compliance with RBI directions on cyber security, KYC, and credit and debit card issuance. Bank of Baroda was penalized ₹61.40 lakh for non-compliance with directions on financial services and customer service. IDBI Bank and Bank of Maharashtra were each fined ₹31.80 lakh for non-compliance with directions on interest subvention scheme for agricultural loans and KYC norms, respectively.
Axis Bank was penalized ₹29.60 lakh for unauthorized operation of internal accounts. The RBI clarified that the penalties were not intended to question the validity of any transactions or agreements entered into by the banks with their customers, but rather to address the deficiencies in regulatory compliance.
The penalties are a reminder of the RBI’s focus on ensuring that banks adhere to regulatory requirements and maintain high standards of compliance. The central bank has been actively monitoring banks’ compliance with various regulations and has taken enforcement actions against those that fail to meet the required standards. The penalties imposed on these five banks serve as a warning to other lenders to ensure that they are in compliance with all regulatory requirements to avoid similar penalties in the future. Overall, the RBI’s actions aim to promote a safe and sound banking system that protects the interests of customers and maintains public trust in the financial sector.
Deposit ₹ 1,00,000 in Bank of Baroda and earn a guaranteed return of ₹ 16,022 – learn more now!
The Bank of Baroda, India’s second-largest government bank by market capitalization, is offering a savings scheme that provides a fixed interest of Rs 16,022 on a deposit of just Rs 1 lakh. This scheme is a 2-year fixed deposit (FD) plan that offers an interest rate of 7.00% to ordinary citizens and 7.50% to senior citizens. The interest rates offered by Bank of Baroda on its FD schemes range from 4.25% to 7.65%, depending on the tenure of the deposit.
The 2-year FD scheme is a lucrative option for those looking to invest their savings for a fixed period. By depositing Rs 1 lakh, an ordinary citizen under the age of 60 can earn a total of Rs 1,14,888 on maturity, which includes the principal amount and the interest earned. This translates to a fixed interest of Rs 16,022 over the 2-year period.
It’s worth noting that the interest rates offered by Bank of Baroda have been revised after the Reserve Bank of India reduced the repo rate. Despite this, the bank’s FD schemes remain an attractive option for those looking to earn a fixed return on their investments. Senior citizens can earn an even higher interest rate of 7.50% on the 2-year FD scheme, making it an attractive option for retired individuals looking to supplement their income.
Overall, the Bank of Baroda’s 2-year FD scheme offers a competitive interest rate and a fixed return on investment, making it a popular choice among savers. With a deposit of just Rs 1 lakh, individuals can earn a significant interest of Rs 16,022 over a period of 2 years, making it a worthwhile investment option for those looking to grow their savings.
Bank of Baroda launches comprehensive Environmental, Social, and Governance (ESG) framework
On Earth Day 2025, Bank of Baroda launched its environment, social, and governance (ESG) policy, outlining its commitment to achieve net zero emissions by 2057. The bank’s initiative aligns with the Earth Day 2025 theme, “our power our planet,” which emphasizes the importance of renewable energy sources. As part of its efforts to promote sustainability, the bank will prioritize financing for renewable energy projects.
To contribute to a greener planet, Bank of Baroda has also launched a “plant a tree” program, under which it has planted over 30,000 trees on behalf of its customers for every auto and home loan disbursed in 2025. The bank’s managing director and CEO, Debadatta Chand, emphasized the importance of being a responsible corporate citizen, stating that the bank aims to embed ESG practices into its core strategy and operations.
In addition to its ESG policy, the bank has introduced a range of sustainable finance products, including green deposits, residential rooftop solar loan schemes, and green hydrogen financing schemes. To raise awareness about sustainable finance among its employees, the bank is conducting a “green financing” training and capacity-building workshop. The bank has also launched a dedicated web space, “BOB Earth,” to showcase its sustainability initiatives and progress towards achieving its ESG goals.
The launch of the ESG policy and net zero commitment demonstrates Bank of Baroda’s commitment to promoting environmental sustainability, social well-being, and good governance. By prioritizing sustainable finance and reducing its carbon footprint, the bank aims to contribute to a more environmentally friendly future. The “plant a tree” program and other sustainability initiatives undertaken by the bank highlight its efforts to make a positive impact on the environment and promote eco-friendly practices among its customers and employees. Overall, Bank of Baroda’s ESG policy and sustainability initiatives mark an important step towards achieving a more sustainable future.
Maximize Your Returns: Compare the 444-Day Special Fixed Deposits of SBI, IDBI, BoB, and Punjab & Sindh Bank to Find Out Which One Offers the Highest Interest on Your Rs 6 Lakh Investment
Several banks in India have introduced or extended special fixed deposit (FD) schemes, offering investors attractive interest rates for specific durations. These schemes are similar to regular term deposits but are available only for a limited time and often come with enhanced interest rates. Recently, the Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, prompting banks to adjust their interest rates downward.
Punjab & Sind Bank has extended its special tenure fixed deposit scheme until June 30, 2025, and has also revised its interest rates. IDBI Bank has revamped its Utsav Deposit Scheme, discontinuing certain tenures and implementing interest rate cuts across key tenures. The State Bank of India (SBI) has relaunched its Amrit Vrishti 444-day FD at a reduced interest rate, giving investors another opportunity to lock in returns on a medium-term deposit.
Bank of Baroda (BoB) has introduced a new deposit scheme called the bob Square Drive Deposit Scheme, replacing its earlier Utsav Deposit Scheme. The 444-day FD under this new plan offers revised interest rates for both general and senior citizens. These changes are effective from April 7, 2025. The interest rates offered by these banks are subject to change and may not be the same as those offered by other banks.
It’s essential for investors to do their due diligence and consult with a financial expert before making any investment decisions. The calculations provided are projections and not investment advice. Investors should carefully review the terms and conditions of each scheme, including the interest rates, tenure, and any applicable penalties for early withdrawal.
Overall, the special FD schemes offered by these banks provide investors with an opportunity to earn attractive interest rates on their deposits. However, investors should be aware of the risks and rewards associated with these schemes and make informed decisions based on their individual financial goals and risk tolerance. By doing so, investors can make the most of these special FD schemes and achieve their financial objectives.
Why are savings accounts now yielding higher interest rates, especially following the RBI’s latest rate cut? Find out the top banks offering the best returns – Money News
The Reserve Bank of India (RBI) has slashed its repo rate by 50 basis points, marking the end of the high interest rate regime in the country. This move has led to a cascade effect, with several banks, including public and private sector lenders, cutting their lending rates and adjusting their fixed deposit rates. As a result, interest rates on savings accounts have also been reduced.
Public sector banks, such as State Bank of India, Punjab National Bank, and Bank of Baroda, are currently offering interest rates ranging from 2.7% to 2.9% on savings accounts. Private sector banks, on the other hand, are offering slightly better rates, ranging from 2.75% to 3.25%.
The RBI’s focus is now on accelerating economic growth, and if retail inflation remains stable, it may cut rates further in the future. This could have a direct impact on fixed deposits and savings accounts, with banks potentially paying lower interest rates.
Adhil Shetty, CEO of BankBazaar, suggests that depositors should consider investing in other instruments, such as fixed deposits, mutual funds, or government savings schemes, to earn higher returns. In the current environment, earning interest from a savings account alone may not be sufficient.
The trend of lower interest rates is expected to continue, as the RBI prioritizes growth support and inflation remains within its comfort zone. For depositors, this may mean lower returns on traditional deposits, but it could also lead to cheaper borrowing and encourage consumption and investment.
Don’t miss the deadline! Apply for 146 SRM and other vacancies by [insert date] – learn more here
The Bank of Baroda has announced a recruitment drive to fill 146 vacant positions for various posts, including Senior Relationship Manager, Private Banker, Territory Head, and others. Eligible candidates can apply on the official website, www.bankofbaroda.in, until the registrations conclude.
The eligible candidates can check the vacancy details, pay scale, educational qualifications, and other requirements in the official notification. Here’s a brief overview of the posts:
- Deputy Defence Banking Advisor (DDBA): 1
- Private Banker – Radiance Private: 3
- Group Head: 4
- Territory Head: 17
- Senior Relationship Manager: 101
- Wealth Strategist (Investment & Insurance): 18
- Product Head – Private Banking: 1
- Portfolio Research Analyst: 1
To apply for these positions, candidates can follow these steps:
- Visit the official Bank of Baroda website (www.bankofbaroda.in).
- Go to the ‘Career’ tab and select ‘Current Opportunities’.
- Click on the ‘Apply Now’ button under the Advt No. BOB/HRM/REC/ADVT/2025/03.
- Fill in the application form, upload required documents, and pay the application fee as per your category (Rs. 600 for General, EWS, and OBC candidates and Rs. 100 for SC, ST, PWD, and Women candidates).
- Submit the form and keep a printout for future reference.
India’s production showed a late-year surge in FY25, but is expected to encounter challenges in FY26, according to Bank of Baroda’s outlook.
According to a Bank of Baroda report, India’s industrial production showed signs of improvement towards the end of FY25, driven by rising manufacturing PMI, GST collections, and e-way bill generations. The report suggests that the production growth may have picked up in the last quarter of the previous financial year, although the first quarter of the current fiscal year may face some pressure due to uncertain global trade conditions. The Reserve Bank of India’s decision to reduce policy rates is expected to lower the cost of credit, which may encourage production and investment. Additionally, the Trump administration’s announcement of a 90-day pause on country-specific tariffs and softer global commodity prices are seen as positives for the sector’s near-term outlook.
However, recent data shows a mixed picture. India’s Index of Industrial Production (IIP) growth slowed to 2.9% in February 2025, down from 5.6% in February 2024 and 5.2% in January 2025. The decline in output was broad-based, with the mining and electricity sectors witnessing the most significant slowdown. Within the manufacturing segment, several key industries reported lower output, including basic metals, wearing apparel, chemicals, and motor vehicles. On the other hand, some sub-sectors such as pharmaceuticals, textiles, and computers/electronics saw an improvement in output.
Under the use-based classification, only capital goods showed year-on-year growth, while output of primary goods, intermediate goods, infrastructure goods, and consumer durables fell. The IIP growth for the fiscal year so far has moderated to 4.1%, compared to 6% growth in the same period last year. While production may have picked up towards the end of FY25, the outlook for Q1 of FY26 remains mixed, with both positive and negative factors influencing the sector’s growth.
Indian Overseas Bank Cuts Repo-Linked Lending Rate to 8.85% Post RBI Rate Reduction
Indian Overseas Bank (IOB) has announced a 25 basis points reduction in its Repo Linked Lending Rate (RLLR), effective immediately. The new rate stands at 8.85%, down from 9.10%. This move comes after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decision to reduce the Policy Repo Rate from 6.25% to 6%. The rate cut is a response to rising global economic uncertainties, particularly the United States’ announcement of 27% tariffs on Indian imports. The bank’s Asset Liability Management Committee (ALCO) convened on April 11 and decided to pass on the benefit of the reduced policy rate to customers. The revised rate structure aims to enhance credit affordability and encourage economic activity during a time of global economic flux.
IOB’s decision aligns with its policy of promptly responding to monetary policy changes and supporting borrowers with reduced interest burdens. The bank’s move is a step towards easing the financial burden on customers and encouraging them to borrow at a lower rate of interest. This development is significant, as it comes amidst global economic uncertainties and a potential slowdown in economic growth.
The reduction in RLLR will have a cascading effect on other lending rates, such as the Marginal Cost of Funds-Based Lending Rate (MCLR), which is used to determine the interest rates on home and other loans. This move is expected to benefit consumers and corporates alike, making borrowing more affordable and sustainable. IOB’s decision to pass on the benefit of the rate cut to customers is a positive step, as it demonstrates the bank’s commitment to supporting economic growth and promoting credit accessibility.
IOB’s announcement is the latest in a series of rate cuts by public sector lenders in India. The bank joins other state-owned banks such as Bank of Baroda (BoB), which recently cut its lending rates by 25 basis points. The move is seen as a response to the RBI’s rate cut and reflects the bank’s focus on supporting economic growth and promoting credit availability. The rate reduction will also help to increase loan disbursements and boost economic activity, thereby supporting India’s growth momentum. Overall, IOB’s decision to reduce its RLLR is a welcome move, which will benefit customers and contribute to the overall economic well-being of the country.
Outshining ICICI Bank and Axis Bank, HDFC Bank’s interest rates are the lowest – See the latest rates from India’s top private lender – Personal Finance
HDFC Bank, India’s second-largest bank by assets, has reduced its interest rate on savings accounts by 25 basis points to 2.75%. This reduction is effective from April 12 and applies to savings accounts with balances less than Rs 50 lakh, earning an interest rate of 2.75% per annum. Accounts with balances over Rs 50 lakh will earn an interest rate of 3.25% per annum. This move comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut, which has shifted its monetary policy stance from Neutral to Accommodative.
The reduction in HDFC Bank’s interest rate brings it closer to public sector lenders like State Bank of India and Punjab National Bank, which offer a minimum interest rate of 2.70% on savings account deposits since 2022. HDFC Bank’s interest rate is now on par with Bank of Baroda, which offers an interest rate of 2.75% on deposits up to Rs 50 crore.
In comparison, HDFC Bank’s peers, ICICI Bank and Axis Bank, are currently offering a minimum interest rate of 3% on balances below Rs 50 lakhs. The reduction in HDFC Bank’s interest rate is likely a response to the changing economic environment and the RBI’s move to prioritize growth over inflation control.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
Bank of Baroda, Indian Bank, and PNB Cut Loan Interest Rates in Response to RBI’s Repo Rate Reduction
The Reserve Bank of India (RBI) recently cut the repo rate, leading to expectations of cheaper loans for account holders. Now, three major government banks – Bank of Baroda, Indian Bank, and Punjab National Bank – have announced a reduction in interest rates on their loans. These measures aim to provide relief to common customers by making loans cheaper and decreasing the burden of Equated Monthly Installments (EMIs).
Indian Bank, based in Chennai, has cut its repo benchmark rate and repo-linked benchmark lending rate from April 11, 2025. The repo benchmark rate has been reduced from 6.25% to 6.00%, while the repo-linked benchmark lending rate has come down from 8.70% to 8.40%. The bank’s decision aligns with RBI’s policy of providing loans at affordable interest rates. Punjab National Bank, the country’s second-largest bank, has reduced its repo-linked lending rate by 25 basis points from 9.10% to 8.85%. Bank of Baroda has also cut its interest rate on loans by 0.25% to provide convenience to customers.
These interest rate reductions will primarily benefit customers whose loans are linked to the RBI’s repo rate. Home loan, personal loan, and auto loan holders can expect significant relief as a result of the RBI’s order. Other banks may follow suit, further decreasing loan rates and making loans even cheaper for consumers.
Bank of Baroda lowers interest rates by 25 basis points, benefiting its customers
The State-owned Bank of Baroda (BoB) has announced that it will immediately transmit the Reserve Bank of India’s (RBI) latest policy rate cut of 25 basis points to its customers. This means that the bank’s external benchmark-linked lending rates for retail and MSME (Micro, Small and Medium Enterprises) loans will be reduced by 25 basis points. This decision aims to ensure that customers benefit quickly from the RBI’s monetary policy move.
The RBI had slashed key interest rates by 25 basis points for the second time in a row to support economic growth, which is facing threats from reciprocal tariffs imposed by the US. However, the Bank of Baroda has left the marginal cost of funds-based lending rate (MCLR) unchanged. The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal loans, has been kept unchanged at 9%.
The reduction in lending rates is expected to benefit customers by making borrowing costs more affordable. This move is likely to have a positive impact on the economy, as it will increase consumer and business confidence, leading to increased spending and investment. The Bank of Baroda’s decision to immediately transmit the RBI’s policy rate cut shows its commitment to passing on the benefits of monetary policy to its customers.
Overall, the Bank of Baroda’s announcement is a positive development for borrowers, particularly in the retail and MSME segments, who are likely to benefit from the reduced interest rates. The move is also expected to support economic growth by increasing the availability of credit and making borrowing more affordable.
Bank of Baroda responds to RBI rate cut by slashing lending rates for retail borrowers, a boon for individuals seeking loans
The Bank of Baroda (BoB) has announced that it will pass on the benefits of the recent RBI rate cut to its customers immediately. Following the RBI’s decision to reduce the repo rate by 25 basis points, several public sector banks, including Punjab National Bank, Bank of India, Indian Bank, and UCO Bank, have already cut their lending rates by up to 35 basis points. BoB has now also reduced its external benchmark-linked lending rates for retail and MSME customers.
The new rates will be effective immediately, and existing customers will also benefit from the rate cut. The bank’s Overnight Marginal Cost of Funds-Based Lending Rate (MCLR) stands at 8.15%, and its one-year MCLR is 9%. This puts BoB among the most competitive banks in the industry.
The rate cut by the Reserve Bank of India was the second consecutive reduction, following the 25 basis point cut in February. Loan borrowers from other banks are now hoping that their loan interest rates will also come down, totaling a 50 bps reduction.
According to the bank, this move reaffirms its commitment to providing credit at affordable rates and supporting economic growth and financial inclusion. The rate cut is expected to benefit individuals and businesses, especially those belonging to the retail and MSME segments. However, it is not clear whether other banks will follow suit, but the move by BoB is a positive development for Consumers.
Equitas SFB slashes rates, Bank of Baroda tees off with new scheme as RBI’s MPC meet approaches – MSN
Equitas Small Finance Bank (Equitas SFB) has reduced its lending rates for personal and business loans, in line with the several other banks that have cut their rates recently. In recent days, several banks including top 5 lenders, banks, have slashed interest rates on various loan products.
On Tuesday, state-owned Bank of Baroda followed the lead of several other banks by announcing a new scheme, which carries an interest rate as low as 7.45%. According to reports, the bank has launched a new scheme called ‘Femina Loan Scheme’ which offers an interest rate of 7.45% for women loan borrowers. Analysts consider this to be the lowest ever rate by the bank to date. This new bouquet of personal loan offers will particularly benefit the small borrowers from middle class and home loan consumers. This new offer comes in run up to RBI Monetary Policy Committee (MPC) meeting scheduled to take place on February 6-7.
The interest rates for loan products of various banks have dropped in recent days, Besides Bank of Baroda announcing the lowest rate for women borrowers, the country’s top five lenders have cut their interest rate, with SBI cutting its rate to 9.15% from 9.60% to 9.55%, after an RBI move to cut its repo rates in February.
A recent report from the country’s largest bank SBI cited that the recent RBI policy to cut its repo rate to 5.40% will improve liquidity in the economy. Buyers may see more savings in loan rates. India’s banking industry continues to stages slow borrowing costs as lenders take steps to differ from their larger competitors. Yet in 2022, the total of NDTs in loans grown to above 2000% after lockdowns. Equity mergers and weddings to see rising asset demand. Total ECLGS offering to banks are agreeing to editsved differently by these figures and it decided agreement guarantees have made funds widened growth tissueline.
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Bank of Baroda launches Square Drive Fixed Deposit Scheme offering 7.75% interest, replacing Utsav deposits
State-owned Bank of Baroda has made significant changes to its fixed deposit (FD) offerings, introducing a new scheme called the ‘bob Square Drive Deposit Scheme’ and revising existing interest rates. The new scheme, which took effect on April 7, 2025, offers an interest rate of 7.15% per annum for general citizens, 7.65% for senior citizens, and 7.75% for super senior citizens for callable deposits.
The bank has discontinued its special Utsav Deposit Scheme and adjusted its FD offerings to better align with changing market conditions. The revised FD interest rates range from 4.25% to 7.15% for general citizens and 4.75% to 7.65% for senior citizens, depending on the deposit period and amount.
The new scheme and revised rates are applicable to deposits below Rs 3 crore. For callable deposits, the bank offers an interest rate of 7.15% for general citizens, 7.65% for senior citizens, and 7.75% for super senior citizens for deposits with a tenor of 444 days.
In addition to the new scheme, the bank also offers tax-saving FDs with interest rates ranging from 6.50% to 7.50%. Senior and super senior citizens receive higher interest rates on tax-saving FDs, making it a more attractive option for long-term savings.
The revised interest rates and new scheme aim to provide customers with a more competitive and flexible FD option, while also ensuring that the bank’s interests are aligned with market conditions. Overall, the changes aim to balance customer needs with the bank’s financial goals.
Central Bank Signals Potential Rate Reduction as Economy Faces Increasing Pressure
The Reserve Bank of India (RBI) is expected to lower its key interest rates by up to 25 basis points this week, driven by easing inflation and the need to boost economic growth. The Monetary Policy Committee (MPC) is set to convene on April 7, with an official announcement expected on April 9. The decision comes as global economic challenges, particularly new tariffs from the United States, loom on the horizon.
Madan Sabnavis, Chief Economist at Bank of Baroda, emphasizes the importance of the upcoming policy announcement, citing the global economic landscape’s uncertainties due to US tariffs on around 60 countries, including India and China. Experts believe that with inflation rates under control and liquidity levels stabilized, the RBI is in a favorable position to implement a 25 basis point rate cut.
The recent tariffs imposed by the US present both challenges and opportunities for India. Competitors in key export markets, such as China, Vietnam, and Bangladesh, will face increased duties, potentially making Indian goods more competitive. Rating agency Icra has projected a 25 basis point rate cut in the upcoming MPC meeting while maintaining a neutral outlook on future policy changes.
Industry body Assocham has urged a cautious approach, advocating for a “wait-and-watch” strategy rather than an immediate rate cut. However, other experts believe that the RBI may adopt a more “accommodative” stance, indicating the possibility of additional rate cuts later this year.
Retail inflation has recently dropped to a seven-month low of 3.61% in February, primarily due to declining prices of vegetables and proteins. This decline has created an opportunity for the RBI to consider further rate reductions. The MPC’s decision will ultimately hinge on a combination of domestic economic conditions and external pressures.
A potential 25 basis point rate cut would make borrowing more affordable, particularly in the housing market, and stimulate consumption. However, the actual impact will depend on how quickly commercial banks pass on the RBI’s policy changes to consumers. The outcome of the meeting on April 9 will provide crucial insights into the RBI’s strategy moving forward, as it seeks to balance growth stimulation with inflation control.
The Reserve Bank of India’s Monetary Policy Committee (MPC) kicks off its meeting today, with SBI predicting a 25-basis-point rate cut in the April 9 announcement.
The Reserve Bank of India (RBI) is set to hold its next Monetary Policy Committee (MPC) meeting from April 7-9, where it will review the current economic conditions and decide on policy rates. RBI Governor Sanjay Malhotra will announce the outcome on April 9 at 10 AM. The market expects a further 25-basis point rate cut, citing a report by the State Bank of India (SBI), which anticipates a cumulative rate cut of at least 100 basis points through the cycle.
Economists are divided on the expected rate cut. Some, like Debopam Chaudhuri from Piramal Group, believe a 50-basis-point reduction is necessary to support economic growth, while others, like Sonal Badhan from Bank of Baroda, predict a more gradual approach with a 25-basis-point cut now and a total reduction of 75 basis points in this cycle.
However, the RBI’s decision will be influenced by several factors, including capital flows, economic growth, geopolitical risks, and global trade trends. The report highlights a potential challenge that deposit mobilization by banks may become difficult due to low tax-adjusted returns for savers and the introduction of Just-In-Time (JIT) mechanism.
A rate cut may boost economic growth, but the RBI needs to strike a balance between stimulating growth and controlling inflation. The outcome of the MPC meeting will be crucial in determining the future of India’s monetary policy and its impact on the economy. As the country navigates its way through economic challenges, the RBI’s decision will set the tone for the rest of the year.
BoB expects signing of the Indo-US trade pact to alleviate pressure on the economy.
A recent report by Bank of Baroda (BoB) suggests that the immediate impact of higher US tariffs on India’s economy is uncertain, but a potential trade deal could mitigate its effects. India’s economy is largely driven by domestic consumption, which accounts for 60% of its GDP. On the other hand, merchandise exports make up only 12% of India’s GDP in FY24. The report assumes a 10% decline in the value of India’s exports to the US, which would lead to a 0.2% impact on India’s GDP growth.
However, the report highlights that exemptions on pharmaceutical products and the possibility of a trade agreement between India and the US could limit the negative impact of the tariffs. A mutually beneficial trade deal could help reduce the impact of higher tariffs, making it a viable solution to mitigate the effects of the US tariffs on India’s economy.
The report suggests that a trade deal could benefit both countries, leading to increased trade and economic growth. India could gain access to the large US market, while the US could benefit from India’s large consumer market and its position as a hub for pharmaceutical exports. The report concludes that a trade deal by the end of this year could limit the impact of higher US tariffs on India’s economy, making it a crucial step in maintaining economic stability and growth in the country.
According to Bank of Baroda’s report, India’s 10-year bond yield is expected to remain stable within a narrow range of 6.25-6.55% for the fiscal year 2026, driven by prudent borrowing strategies.
According to a report by Bank of Baroda, India’s 10-year bond yield is expected to trade between 6.25-6.55% in the current fiscal year (FY26). The report attributes this projection to the government’s carefully planned borrowing program, which includes a higher supply of securities at the shorter end of the yield curve. This is expected to keep the long end of the curve stable. The report also notes that the Reserve Bank of India (RBI) has taken steps to maintain liquidity, which will support the orderly evolution of the yield curve.
India’s 10-year yield had shown some stickiness in the last financial year (FY25), particularly in April, due to rising US 10-year yields and tighter inflation data. However, the yield curve subsequently became rangebound due to the Federal Reserve’s earlier-than-expected rate cuts, India’s inclusion in global bond indices, and a prudent fiscal framework. The RBI’s increased demand for securities through Open Market Operations (OMOs) also capped the impact of these factors on yields.
Another important driver of domestic yields has been India’s increasing weight in global bond indices, which has attracted significant foreign portfolio investment (FPI) flows, particularly through the fully accessible route (FAR) route. Additionally, the report highlights the buoyant demand conditions from banks, mutual funds, and pension funds, which have supported yields in a tight liquidity environment. Overall, the report expects India’s 10-year bond yield to remain stable and within the projected range of 6.25-6.55% in FY26.
Financial institutions show remarkable growth in fourth-quarter lending and deposits, according to latest banking and finance reports.
The four Indian banks, HDFC Bank, Bank of Baroda, Bank of India, and IDFC First Bank, have reported robust growth in advances and deposits for the fourth quarter of 2024-25. According to their provisional business updates, HDFC Bank’s deposits grew 14.1% year-on-year to ₹27.15 lakh crore, while its gross advances rose 5.4% YoY to ₹26.43 lakh crore. The bank’s CASA deposits, which are current and savings accounts, achieved a growth of around 3.9% over the year-ago period.
Bank of Baroda’s domestic deposits increased by 9.28% to Rs 12.42 lakh crore, while domestic advances gained 13.7% to Rs 10.21 lakh crore. The lender’s global business grew 11.44% in the quarter under review to Rs 27.03 lakh crore.
Bank of India reported a growth in domestic deposits to Rs 7 lakh crore, from Rs 6.8 lakh crore in the previous quarter. Global deposits also rose to Rs 8.2 lakh crore, compared with Rs 7.9 lakh crore in the previous quarter. The bank’s global business grew to Rs 14.8 lakh crore, from Rs 14.5 lakh crore in the December quarter. Its global gross advances increased to Rs 6.7 lakh crore, up from Rs 6.5 lakh crore in the previous quarter.
IDFC First Bank’s loans and advances witnessed a significant increase of 20.3% to Rs 2.41 lakh crore. Deposits also grew 25.2% to Rs 2.42 lakh crore. The strong growth in advances and deposits indicates a positive trajectory for these banks in the coming years.
Indian Bank Names Venkatachalam Anand as Chief Officer for Vigilance
Shri Venkatachalam Anand has been appointed as the new Chief Vigilance Officer (CVO) of Indian Bank, effective April 1, 2025. Anand, who previously held the position of CVO at UCO Bank, will take over from Shri Vishesh Kumar Srivastava, who is being transferred to Bank of Baroda. Srivastava’s tenure as Indian Bank’s CVO came to an end on April 1, 2025.
Shri Venkatachalam Anand has over three decades of experience in the banking sector. He joined Bank of India (BOI) in 2000 as a Senior Manager (Law) and has since worked in various roles, including as Assistant General Manager and Zonal Manager. His expertise lies in law, recovery, and asset management, as well as retail business.
As CVO, Shri Anand will be responsible for ensuring the integrity and transparency of Indian Bank’s operations. His appointment comes at a time when the bank is undergoing significant changes, including a shift towards digital banking and increased focus on customer service.
Shri Anand’s tenure at UCO Bank has been marked by significant achievements, including improving the bank’s recovery rates and enhancing its risk management strategy. His experience and expertise will undoubtedly be valuable in his new role as CVO of Indian Bank.
Introducing the Baroda mDigiNext Mobile App: Bank of Baroda’s Latest Innovation in Digital Banking
Bank of Baroda, a leading public sector bank in India, has launched the Baroda mDigiNext mobile app to cater to the cash management needs of its corporate customers. The app is designed to provide a user-friendly experience, advanced financial tools, and seamless execution, offering real-time access to essential services and insights. With the app, corporate clients can manage their working capital and cash flows more efficiently, making faster and more informed financial decisions.
The Baroda mDigiNext app is a state-of-the-art tool that streamlines cash management operations and workflows, enabling corporates to access financial information anywhere, anytime. The app’s features include advanced payment functionalities, making it a unique offering in the market. The launch of the app marks a significant milestone in the evolution of cash management services, reflecting Bank of Baroda’s commitment to innovation and digital solutions.
The app is designed to provide a transformational experience for corporate clients, offering rich insights that will help them stay competitive in a fast-paced business environment. According to Debadatta Chand, Managing Director and CEO of Bank of Baroda, the app will “set a new experience for corporate clients in cash management and banking services.” Lalit Tyagi, Executive Director at Bank of Baroda, added that the app’s launch “reaffirms our commitment to delivering innovative, future-ready digital solutions” and will enhance convenience, efficiency, and control over cash flow management for corporate clients.
Bob is set to amplify its retail investments, intensifying its efforts to drive growth and expansion.
Bank of Baroda (BoB), India’s second-largest public sector lender, is shifting its focus to retail loan growth, particularly in home loans, as it seeks to capitalize on a 20% compound annual growth rate for the next three years. The bank’s retail loan book is expected to increase to around 32% of its total loan book in the next three years, up from 27% currently. Home loans currently account for around 51% of BoB’s loan book, lower than the 55% of its larger peer State Bank of India (SBI).
However, the bank is now giving home loans a renewed push, particularly with the success of its personal and auto loans slowing down. Automating credit appraisals using Aadhaar for KYC and new score card models have reduced the turnaround time for home loans, allowing the bank to scale up its housing portfolio. With a vast network of 8,300 branches, including over 50% in rural and semi-urban areas, BoB is well-positioned to tap into the growing demand for home loans.
The bank’s strategy involves tie-ups with auto companies to offer loans to their employees, as well as targeting corporate account employees with personal loans. This diversification of its retail loan book is expected to help BoB stay ahead of the competition and maintain its growth momentum. With its extensive branch network and efforts to digitize its lending processes, the bank is well-equipped to tap into the growing demand for home loans and capitalize on the expected growth in the retail loan segment.
Isuzu India and Bank of Baroda Join Forces to Offer Dealer Invoice Finance Solution
SML Isuzu Ltd, a renowned name in the commercial vehicle industry, has partnered with Bank of Baroda to launch the Dealer Invoice Finance Program. The initiative is designed to provide SML Isuzu dealers across India with easy access to supply chain finance solutions, ensuring smoother operations, improved cash flow, and enhanced inventory turnover.
The partnership aims to empower SML Isuzu dealers to scale their businesses and grow, by offering them flexible credit solutions. This co-operation also aligns with SML Isuzu’s commitment to strengthening its dealer network and reinforcing its presence in the commercial vehicle segment.
The agreement was formally signed by Prashant Kumar, Chief General Manager – Marketing, SML Isuzu Ltd, and Kapil Bhardwaj, AGM & Branch Head, Mid Corporate Branch, Bank of Baroda – Ludhiana. This strategic collaboration is expected to benefit SML Isuzu dealers by providing them with the necessary support to navigate the increasingly competitive commercial vehicle market.
By partnering with Bank of Baroda, SML Isuzu is demonstrating its commitment to its dealer network, recognizing the importance of financial empowerment for its partners. The Dealer Invoice Finance Program is likely to be a game-changer for SML Isuzu dealers, enabling them to make informed business decisions, manage cash flow more effectively, and scale their operations.
With this partnership, SML Isuzu is poised to further strengthen its presence in the commercial vehicle segment, as it continues to expand its reach and grow its network of dealerships. By providing its dealers with the support they need to succeed, SML Isuzu is positioning itself for long-term success and reinforcing its position as a leading player in the industry.
Bank of Baroda introduces its cutting-edge ‘CorpConnect’ mobile app, designed to cater specifically to the needs of corporate clients.
Bank of Baroda (BoB) has launched a new mobile app called “mDigiNext” to cater to the cash management needs of its corporate customers. This dedicated cash management services app offers payment functionalities that enable businesses to manage their working capital and cash flows efficiently, resulting in greater operational efficiency and speed. The app provides 24/7 access to essential financial tools, empowering corporates to make swift and informed financial decisions.
The app offers various features such as one-to-one transaction creation and authorization, bulk upload authorization and rejection, end-to-end transaction tracking, and real-time transaction status inquiries. It also allows users to access account summaries, view a consolidated dashboard of all group entities, and includes enhanced security features with OTP verification and 3-Factor Authentication. The app is currently available on Android and will soon be available on iOS.
Debadatta Chand, Managing Director & CEO of Bank of Baroda, said that the app combines a user-friendly interface, advanced tools, and capabilities with seamless execution, enabling customers to stay agile in a competitive business landscape.
The launch of mDigiNext is aimed at streamlining cash management operations and workflows for corporates, providing them with greater control and flexibility in managing their finances. With the app, corporates can now access and manage their accounts and transactions remotely, 24/7, empowering them to make quicker and more informed financial decisions. Overall, the mDigiNext app is designed to provide a convenient, secure, and efficient way for corporate customers to manage their cash management needs with Bank of Baroda.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
Bank of Baroda launches a milestone Phygital Branch in New Delhi, marking a significant milestone in digital banking in the city.
Bank of Baroda, one of India’s leading public sector banks, has launched its latest phygital branch at Parliament Street in New Delhi. This innovative branch combines physical and digital banking services to provide a seamless customer experience. The Phygal branch features self-service kiosks, a video contact center for non-financial services, and universal service desks for in-person assistance.
The phygital branch aims to cater to diverse customer needs, offering both self-service and assisted service models. Customers can use self-service kiosks with interactive touchscreens to access a range of services, such as PAN updates, account statements, and nominee changes. The video contact center allows customers to connect with the bank’s contact center through video calls for assistance on non-personalized and non-financial services.
The universal service desks provide a one-stop solution for customers requiring in-person assistance with banking needs. The phygital branch is the fifth of its kind in the country, with the goal of redefining the banking experience for customers.
Speaking at the launch, Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “We are pleased to add another phygital branch in New Delhi, taking the milestone forward in redefining the banking experience for our customers. This initiative has started showing better customer experience.” The phygital branch has already started demonstrating improved customer experience, according to the bank. With this innovative model, Bank of Baroda aims to cater to a wide range of customer needs, offering both independent self-service and personalized assistance for those who prefer human interaction.
Banking Jobs Alert! Ministry of Finance Announces Director Positions Available at Government-Owned Institutions – Application Procedure Inside
The Indian Ministry of Finance has acknowledged the existence of vacancies in the boards of public sector banks (PSBs) and is taking steps to fill them. According to Pankaj Chaudhary, the Minister of State in the Ministry of Finance, filling director positions is a regular process. He assured that the government is taking necessary action to fill vacancies as soon as possible.
The ministry provided an update on the number of directors and vacancies on the boards of all PSBs. The details include: Bank of Baroda (16 directors, 6 vacancies), Bank of India (16 directors, 5 vacancies), Bank of Maharashtra (14 directors, 8 vacancies), and so on. It is clear that several public sector banks have vacancies on their boards, including Bank of Maharashtra, where the position of Chairman and all Managing Directors/Chief Executive Officers are currently filled.
The Ministry’s statement comes in response to a query by Revolutionary Socialist Party (RSP) MP N K Premachandran, who had raised concerns about the vacancies in public sector banks. In his queries, Premachandran asked if the government proposed to fill the vacancies, what action it had taken in this regard, and whether it was aware that the Director vacancies in Maharashtra State Bank/Bank of Maharashtra had not been filled.
Premachandran also asked if the government proposed to amalgamate other public sector banks with State Bank of India (SBI). The Ministry clarified that there is no proposal under consideration to amalgamate other public sector banks with SBI. Overall, the Ministry of Finance has assured that it is working to fill the vacancies on the boards of public sector banks and is committed to ensuring the effective governance of these institutions.
Bank of Baroda opens its doors to its newest Regional Office in Anand, marking a significant milestone in its growth and expansion strategy.
The Bank of Baroda has inaugurated its new regional office in Anand, Gujarat. The event was attended by Shri Lal Singh, Executive Director of the bank, along with other senior executives, including Shri Ashwini Kumar, General Manager and Zonal Head, Ahmedabad, Shri Rakesh Chalavariya, Deputy General Manager (Business Development), and Shri Rajkumar Mahavar, Regional Head, Anand.
The new premises are designed to provide better convenience to customers and employees, reinforcing the bank’s commitment to excellence in banking services. The modern, state-of-the-art facilities are equipped with the latest technology and infrastructure, enabling customers to enjoy a seamless and efficient banking experience.
The new office is a reflection of the bank’s growth and expansion in the region, as well as its commitment to providingcustomers with high-quality services and products. The bank is constantly striving to improve and innovate, and its new premises in Anand are a testament to this vision.
As part of its ongoing efforts to enhance customer experience, the Bank of Baroda has implemented various initiatives, such as digital channels, mobile banking, and ATM networks, to make banking more convenient and accessible. The bank has also been at the forefront of Digital India initiatives, leveraging technology to transform the way it operates and deliver services to its customers.
The new regional office in Anand is another step towards the bank’s goal of providing excellent customer service, increasing accessibility, and improving efficiency. The bank’s commitment to excellence is evident in its continuous effort to innovate and invest in new technologies, infrastructure, and processes, ensuring that its customers can enjoy a seamless and secure banking experience.
Overall, the Bank of Baroda’s new regional office in Anand reflects the bank’s growth, innovation, and commitment to excellence in banking services, making it a benchmark for other banks to follow.
All roads lead to ‘E’ as Route claims a dominant win, while BoB and DY ‘A’ register a convincing victory, setting the stage for an exciting finale with WNS Global and Central Bank.
The “A” Division Times Shield, a three-day first-round knockout tournament, has seen several matches played out. Outright wins were recorded by Route Mobile and Bank of Baroda, while WNS Global Services and Central Bank teams qualified for the final of the E Division.
In the “A” Division, Jain Irrigation “A” took on Income-Tax “A” and set a target of 323/4d, which was chased down by Income-Tax “A” who reached 116/2. Route Mobile also won against Tata, setting a target of 178/8d, which was surpassed by Tata, but only to 142.
In the other matches, Mumbai Customs drew with BPCL, while Bank of Baroda defeated Nirlon, setting a target of 267 and overhauling their opponents’ score of 267 and 119. CGST & CEX, Mumbai lost to D Y Patil “A”, who set a target of 261 and 205, which was chased down to 67/1.
In the E Division, Deutsche Bank lost to WNS Global Services, who set a target of 183/5, while Satellite Developers lost to Central Bank, who set a target of 101/2.
The dates and venue for the final of the E Division have yet to be announced. The tournament is being played at various venues.
Compare FD returns: Which bank offers the highest interest rates on Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh deposits for a 5-year tenure: State Bank of India, Punjab National Bank, or Bank of Baroda?
The article compares the returns offered by State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) on fixed deposits (FDs) for a five-year tenure. The comparison is based on a lump sum investment of Rs 3 lakh, Rs 6 lakh, and Rs 9 lakh.
The yields on FDs vary depending on the bank and investment amount. For a five-year FD, SBI offers the highest returns, ranging from 5.30% to 6.30% for amounts between Rs 3 lakh to Rs 9 lakh. PNB offers a slightly lower yield, ranging from 5.20% to 6.20%. BoB offers the lowest returns, ranging from 5.10% to 6.10%.
The returns are based on the assumption that the interest is compounded quarterly, and the interest is paid out quarterly. For example, an investment of Rs 3 lakh in SBI’s 5-year FD for a quarter will earn an interest of Rs 4,950, which is approximately 0.65% of the principal amount.
It is essential to remember that the interest rates and returns are subject to change, and you should consult the banks’ official websites or authorized dealers for the most up-to-date information. It is also recommended to consult a financial expert or conduct your own research before making an investment decision. The goal is to provide a general idea of the returns offered by SBI, PNB, and BoB for a five-year FD, enabling readers to make an informed decision.
Take advantage of high-yield savings: Four top banks now offer fixed deposits with interest rates of 9.50% or higher – The Economic Times
According to a recent article in The Economic Times, four banks are currently offering fixed deposit (FD) interest rates above 9%. This is significant, considering that the average FD interest rate in the Indian banking system is around 5.5-6.5%. The higher interest rates on offer from these four banks provide attractive options for individuals looking to save and invest their funds for a fixed period.
Here are the four banks offering FD interest rates above 9%:
Kotak Mahindra Bank: 9.50% p.a. (compounded quarterly) for a 5-year tenure
Kotak Mahindra Bank is offering a highly competitive FD interest rate of 9.50% per annum for a 5-year tenure. This rate is 2.75% higher than the average FD interest rate offered by most banks.DCB Bank: 9.30% p.a. (compounded quarterly) for a 5-year tenure
DCB Bank, a private sector bank, is offering an FD interest rate of 9.30% per annum for a 5-year tenure. This rate is 2.8% higher than the average FD interest rate.IndusInd Bank: 9.25% p.a. (compounded quarterly) for a 5-year tenure
Indusind Bank, another private sector bank, is offering an FD interest rate of 9.25% per annum for a 5-year tenure. This rate is 2.7% higher than the average FD interest rate.- Bank of Baroda: 9.20% p.a. (compounded quarterly) for a 5-year tenure
Bank of Baroda, a public sector bank, is offering an FD interest rate of 9.20% per annum for a 5-year tenure. This rate is 2.65% higher than the average FD interest rate.
These higher interest rates can be beneficial for individuals looking to save and invest their funds for a fixed period. However, it’s essential to note that FD interest rates may vary depending on factors such as the bank’s tier-wise classification, deposit amount, and tenure. It’s recommended to check the interest rates and terms and conditions of each bank before investing in an FD.
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.