Bank of Baroda Launches bob Earth Green Deposits

As part of its ESG initiatives, Bank of Baroda launches bob Earth Green Term Deposits, the proceeds of which will be specifically earmarked for environment-friendly projects/sectors

Mumbai, March 11, 2024: Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the bob Earth Green Term Deposit Scheme, with the aim to raise deposits that will be deployed towards financing eligible environment-friendly projects and sectors.

The bob Earth Green Term Deposits offer depositors the opportunity to earn attractive interest rates on a range of tenors and participate in India’s transition to a green and sustainable economy. The Bank is offering interest rates of up to 7.15% p.a. The General Public/Resident Indians, NRIs and High Net worth Individual (HNI) investors are all eligible to invest in the bob Earth Green Term Deposit scheme.

The bob Earth Green Term Deposit Scheme: Tenors & Interest Rates

Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “The Bank has taken great strides in embedding sustainability into its operations, including our approach to risk management, governance, social responsibility and environmental impact. The launch of the bob Earth Green Term Deposit Scheme offers depositors dual benefits of stable & secure financial returns and the opportunity to contribute to a greener planet. As one of India’s leading banks, Bank of Baroda is committed to furthering its ESG mandate and enhancing its green financing portfolio.”

Under the bob Earth Green Term Deposit Scheme, Bank of Baroda has introduced some innovative tenures that act as a reminder of the planet’s Climate & Sustainability goals, such as Tenure 1.5 years – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels and Tenure 1717 days – doubly emphasising the United Nations’ 17 Sustainable Development Goals.

The funds raised through bob Earth Green Term Deposits will be allocated to eligible green projects/sectors such as Renewable Energy, Clean Transportation, Sustainable Water and Waste Management, Energy Efficiency, Climate Change Adaptation, Pollution Prevention and Control, Green Buildings, Biodiversity Conservation etc.

Existing and new customers of Bank of Baroda can open a Green Deposit through any of the Bank’s branches across India.

On Bank of Baroda’s 116^th Foundation Day last year, the Bank launched a number of green initiatives under the name of “bob Earth” to reaffirm its commitment and responsibility towards protecting & preserving the gifts of nature for our future generations. The launch of bob Earth Green Deposits is a step forward in this direction.