The New “bob Flexi
Systematic Deposit Plan” – A Smarter, More Flexible Way to Save
Chennai: 2nd July: In today’s
evolving financial environment, customers are increasingly looking for
savings solutions that are tailored to align with their individual financial
goals. Recognising this need, Bank of Baroda has introduced the bob
Flexi Systematic Deposit Plan (bob Flexi SDP) – an innovative and flexible
recurring deposit product that empowers customers to increase their monthly
investment whenever they have the capacity to do so.
The bob Flexi Systematic Deposit Plan
offers customers a higher fixed rate of interest for the entire tenure of the
SDP - providing stability to one’s investment portfolio, inculcates the habit
of disciplined monthly savings and provides customers the flexibility to
increase their monthly contributions when possible based on their financial
situation.
Blending Discipline with Flexibility
Traditional recurring deposits (RDs)
are designed to encourage regular savings through fixed monthly contributions.
The bob Flexi SDP goes a step further by allowing customers to increase their
monthly deposits by up to 10 times their core instalment amount, subject
to a maximum of ₹1 lakh per month. This feature makes bob Flexi SDP an ideal
instrument for goal-based savings such as education, marriage, travel or
building a financial corpus for emergencies.
Lock in Higher Interest Rates
Another important feature of bob Flexi SDP is
that customers can lock in a fixed and higher rate of interest on each
monthly contribution made for the full duration of the deposit, even though
contributions are made in monthly tranches. Hence, while each subsequent
deposit is made for a shorter duration, customers continue to earn a higher
rate of interest applicable for that tenor.
For e.g. If a customer opts for a for a
2-year bob Flexi SDP, as per the current interest rates, she/he will earn an
interest rate of 6.50% p.a. (7.00% p.a. for senior citizens and 7.10% p.a. for
super senior citizens) on all the 24 contributions, even though each successive
monthly deposit is made by the customer for a progressively shorter period of
time.
BoB Flexi SDP introduces a new
level of personalisation to recurring deposit products. Customers can increase
their monthly contributions when the opportunity arises, helping them to
achieve their financial goals more quickly and with ease.
BoB Flexi SDP is available at
Bank of Baroda branches across the country, making it easily accessible to
all. With this addition to its term deposits portfolio, Bank of
Baroda continues to introduce smart, goal-oriented and customer-centric
financial solutions.
