In a remarkable move to support environmentally sustainable projects, Bank of Baroda has launched the BOB Earth Green Term Deposit Scheme. This initiative not only offers attractive returns for depositors but also signifies the bank’s commitment to India’s eco-friendly future. Let’s delve into the specifics of this green financial offering and understand its benefits and features.
A Win-Win for Savers and the Environment
The BOB Earth Green Term Deposit Scheme is designed to cater to both existing and new customers who wish to contribute to the green economy while earning substantial interest rates. This dual-benefit approach allows depositors to play a role in environmental sustainability efforts without compromising on their financial goals.
Attractive Interest Rates for a Greener Tomorrow
One of the highlights of this scheme is its competitive interest rates, which go up to 7.15% p.a. This rate is applicable across various tenures, making it an appealing option for a wide range of investors, including resident Indians, Non-Resident Indians (NRIs), and high-net-worth individuals (HNIs).
Innovative Tenures Reflecting Sustainability Goals
The scheme introduces unique tenures that resonate with global climate and sustainability objectives. For instance, a tenure of 1.5 years symbolizes the global ambition to limit the temperature rise to 1.5 degrees Celsius above pre-industrial levels. Additionally, the 1717-day tenure highlights the United Nations’ 17 Sustainable Development Goals. These thoughtfully designed tenures not only provide financial returns but also serve as a reminder of the pressing need for environmental conservation.
How to Participate?
Participation in the BOB Earth Green Term Deposit Scheme is straightforward. Prospective depositors can initiate their green deposits with a minimum investment of ₹5000, up to below ₹2 Crore, at any Bank of Baroda branch across India.
Joining Forces for a Sustainable Future
Bank of Baroda’s initiative is part of a larger movement within the Indian banking sector to support green finance. Earlier in January 2024, the State Bank of India (SBI) launched the SBI Green Rupee Term Deposit (SGRTD), aiming to fund eco-friendly projects. Together, these schemes underscore the banking industry’s role in fostering a sustainable and environmentally conscious economy.
