Bank of Baroda launches Earth Green Term Deposits: Check rate of interest, tenure, details of the special FD scheme

Bank of Baroda Earth Green Term Deposits: Leading public sector lender Bank of Baroda has introduced the bob Earth Green Team Deposits scheme announced on Monday, March 11, which aims to raise deposits that will be deployed towards financing eligible environment-friendly projects and sectors.

As part of its Environmental, Social, and Governance (ESG) initiatives, the scheme proceeds will be specifically earmarked for environment-friendly projects and sectors, according to a press release.

The bank is offering up to 7.15 per cent annual interest rates to investors, depending on the tenor, and has also stated that anyone, including high-net-worth individuals (HNIs), resident Indians, and the general public, can invest in the scheme. Depositors can start their investment from Rs 5,000 up to below Rs 2 crore.

Through the scheme, depositors can help India's economy shift to a more sustainable and green one while also earning attractive interest rates on a range of tenors, the bank added. Both existing and new customers of Bank of Baroda can open a green deposit through any of its branches across India.

Debadatta Chand, Managing Director and 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 and 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.”

The bank has implemented a creative approach for tenures that serves as a constant reminder of the planet's climate and sustainability objectives. These include a 1.5-year tenure, which represents the goal of limiting the increase in global temperature to 1.5 degrees Celsius above pre-industrial levels, and a tenure of 1717 days, which emphasises the 17 Sustainable Development Goals of the United Nations twice.

Bank of Baroda Earth Green Term Deposits: Tenors & Interest Rates

Eligible green projects and sectors, including renewable energy, clean transport, sustainable water and waste management, energy efficiency, climate change adaptation, pollution prevention and control, green buildings, biodiversity conservation, etc., will receive the funds raised through bob Earth Green Term Deposits.