Bank Of Baroda

An Indian multinational bank, Bank of Baroda is a public sector bank which also offers financial services. The bank is ranked at 1145 on the Forbes Global 2000 list. The bank has current assets over 3.58 trillion which makes it the second largest bank in India by assets. The bank has 9583 branches and over 10441 ATMs.

A merger of Bank of Baroda, Vijaya Bank and Dena Bank was done on September 17, 2018; which made it the third largest lender in the Indian banking sector. The Chairman on Bank of Baroda is Hasmukh Adhia who is a 1981 batch Gujarat cadre IAS officer. The Managing Director and CEO of Bank of Baroda is P.S. Jayakumar.   

History of Bank of Baroda

The Bank of Baroda was set up by Maharaja Sayajirao Gaekwad III in the year 1908. It established its first branch in the year 1910 in Ahmedabad. The bank began its international operations in 1953 when it established its branches in Mombasa, Kenya and Kampala, Uganda to serve the Indian community living there. Later it opened its branches in Nairobi, Dar-es-Salaam and London.

In the year 1961, Bank of Baroda acquired New Citizen Bank of India which helped it expand its reach in the state of Maharashtra. The Bank of Baroda was nationalized by Government of India in 1969. In the year 1972, Bank of Baroda took over the operations of Bank of India in Uganda. It also opened its branches in New York and in Seychelles in the year 1978. The bank opened its representative office in Sydney in the year 1980. In New Delhi, Bank of Baroda acquired Traders Bank which increased its branches to 34 in New Delhi.

Bank of Baroda has been on an expansion spree ever since has over 85,000 employees and is serving around 120 customers across the world. Internationally, Bank of Baroda has been able to open up 107 branches which span across 24 countries. A total number of 10 banks have merged with Bank of Baroda till date.

Services Offered by Bank of Baroda

Bank of Baroda offers a range of services to its customers. Some of the key services offered by the bank include:

Personal Banking Services

Retail Banking Services

•    Rural/Agri banking Services

•    Wholesale Banking Services

•    SME Banking Services

•    Wealth Management Services

•    The facility of Demat account

•    Wide range of Internet Banking Services

•    NRI Remittance Services

•    Loan Product Services

Corporate Services

• Wholesale Banking Services
• Deposit Services
• Diverse kind of Loans
• Different kinds of Advances

International Services

• Foreign Currency Credit Facility
• External Communication Borrowing Facility
• Offshore Banking
• Correspondent Banking Facility
• International Treasury Facility (Domestic and Forex Operations)

Bank of Baroda also offers a range of rural services under the segments of domestic services and priority sector advances. The services included under the ambit of domestic services include deposit services, priority sector advances and locker facilities.

The bank also offers advances under priority sector advances scheme for small scale industries and small businesses. It also offers retail and other agriculture-related loans..

Types of Fixed Deposit Accounts

Bank of Baroda offers fixed/ short term deposit in which customers are paid fixed interest amount. This amount is payable at regular intervals. The bank also offers quarterly/ monthly term deposit scheme in which customers can receive interest amount at a monthly or quarterly basis.  

Bank of Baroda Interest Rates

Bank of Baroda offers interest of 3.50% for deposits up to 50 Lakh and interest of 4.00% on amount above 50 Lakh.

Bank of Baroda Fixed Deposit Interest Rates

There are many imminent benefits of opening a Fixed Deposit account in Bank of Baroda. Some of the key benefits of a Fixed Deposit account are:

•    The bank offers a nomination facility to the family members or spouse. Any of these can be nominated to receive the final amount.

•    Bank of Baroda also offers loan facility against the Fixed Deposit amount.

•    Customers can deposit a minimum amount of Rs 1000/- for a duration of 15 days in Fixed Deposit. The maximum amount that can be deposited as Fixed Deposit is Rs 25 Crore.

•    The bank also offers the facility of online Fixed Deposit account wherein a new Fixed Deposit account can be opened online.

•    Bank of Baroda also does not charge any kind of penalty if the face value of the deposits is less than 5 Lakh and if the amount has been deposited for a period of at least 12 months. In other cases, an interest of 1% is charged.

Bank of Baroda has won many key awards over the years. This includes the Best Public Sector Bank Award under the global business category in the year 2015. The bank also bagged the prestigious Skoch Order of Merit in India’s Best 2014 Financial Inclusion Awards.

Bank Of Baroda also has to its credit the most efficient Public Sector Bank for the year 2014 in the Best PSUs of India Awards. The bank has also acquired semi naming rights of Sikanderpur Metro Station in Gurgaon. The bank also had a 3 years sponsorship contract with PV Sindhu and K Srikanth, the leading badminton players of India.