Bandhan Bank Launches Elite Plus Account for HNIs, Bank of Baroda Unveils High-Yield Deposit Scheme

Bandhan Bank’s Elite Plus Savings Account for HNIs

• Target Audience: High Net-Worth Individuals (HNIs)
• Key Features:
  • Unlimited monthly cash deposits
  • Free RTGS, NEFT, and IMPS transactions
  • Enhanced debit card insurance coverage
  • Personal accident cover up to ₹15 lakh
• Objective: Cater to premium customers seeking a comprehensive, high-value banking experience with exclusive privileges.

Bank of Baroda’s bob Square Drive Deposit Scheme

• Scheme Type: Retail Term Deposit
• Tenure: 444 days
• Interest Rates:
  • General Customers: 7.15% per annum
  • Senior Citizens: Additional 50 bps (7.65%)
  • Super Senior Citizens (80+ years): 7.75% per annum
  • Non-Callable Deposits: Up to 7.80% per annum
• Deposit Limit: Applicable on retail term deposits below ₹3 crore
• Effective Date: April 7, 2025
• Purpose: Offer competitive returns to retail investors amid stable interest rate conditions.

Strategic Implications

• Both initiatives aim to enhance customer engagement and attract deposits by providing customized solutions to different demographics:
  • Bandhan Bank targets HNIs seeking premium banking services
  • Bank of Baroda caters to conservative investors, especially senior citizens, with attractive fixed-income options

BS