Since the festive season is around the corner, one of India’s top public sector banks, Bank of Baroda, today announced the start of the “BOB Ke Sang Tyohaar Ki Umang” holiday campaign, which would last through December 31, 2023.
The launch of 4 new savings accounts from Bank of Baroda, together with enticing interest rate promotions on loans for homes, cars, people, and education, are among the company’s festival offers. For the benefit of owners of its debit and credit cards, the Bank has also partnered with Top Brands in industries like electronics, travel, and food to offer festive deals and discounts.
This has led to some changes in the interest rates of BOB’s rates as they have become highly competitive with home loans – 8.40% p.a. onwards, car loans – 8.70% p.a. onwards with no processing fees at all. For students who have obtained admission to certain top educational institutions in the nation, the Bank has introduced a special rate on education loans starting at 8.55% p.a., a discount of up to 60 basis points, and without collateral. Baroda Personal Loans provide lower interest rates starting at 10.10% p.a., an 80 basis point discount, no processing fees, and bigger loan limits up to Rs 20 lakh. Borrowers now have the option of choosing between a fixed rate of interest and a floating rate of interest for Personal & Car Loans thanks to an introduction by the Bank.Notably, Bank of Baroda loans are more cheap for borrowers because the interest is computed using the Daily Reducing Balance method rather than the Monthly Reducing Balance approach. For quicker processing of mortgage-based loans, the Bank has also built 112 Retail Asset Processing Centres (RAPC) in various cities.
For the advantage of its customers, the Bank has also introduced a variety of savings accounts. These include the My Family My Bank/BOB Parivar Account, a Family Savings Account created to meet the needs of the entire family, the Bob LITE Savings Account, a Lifetime No Minimum Balance Account, the BOB BRO Savings Account, a Zero Balance Savings Account for Students (16 to 25 Years), and the Baroda NRI PowerPack Account. Additionally, the Bank has introduced the BOB SDP (Systematic Deposit Plan), a recurrent deposit programme. These savings accounts provide a number of advantages and discounts over the holiday season.
Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda also commented on the new campaign and festive offers launched by the bank; he said, “The festive season is upon us and we are already seeing the early signs of a spur in demand with high-frequency indicators such as car sales and credit card spends registering record highs. Bank of Baroda’s festive campaign ‘BOB Ke Sang Tyohaar Ki Umang’ brings together a suite of attractive offerings across savings accounts, loans, and credit & debit cards. These attractive festive offers coupled with the convenience of our digital platforms will make the festive season even more rewarding and joyous for people, thereby giving a significant boost to demand.”
Not just limiting to the interest and loan rates, there are various discounts offered by BOB on their debit cards, credit cards and EMI as well in this festive season.
