Project on Bank of Baroda

  BANK OF BARODA

              Bank of Baroda (BoB) is an India 

multinational, public sector banking and financial services company. It is owned by Government of India.

             The bank was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20 July 1908 in the Princely State of Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India and has been designated as a profit-making public sector undertaking(PSU).

Founded:20 July 1908; 110 years ago

Founder:Sayajirao Gaekwad III

Headquarters:Baroda Bhavan R.C. Dutt                                     Road, Kallakurichi                                               Alkapuri,Vadodara, India

Number of locations:9583 branches(2018)

Area served:India & Worldwide

Controlled by:Government of India and                                 Reserve bank of India(RBI)

           Based on 2017 data, it is ranked 1145 on Forbes Global 2000 list.BoB has total assets in excess of ₹ 3.58 trillion (making it India’s 2nd biggest bank by assets), a network of 9583 branches in India and abroad, and 10441 ATMs as of July, 2017.The government of India announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank on September 17, 2018 to create the country's third largest lender. The amalgamation is the first-ever three-way consolidation of banks in the country, with a combined business of Rs 14.82 lakh crore, making it the third largest bank after State Bank of India (SBI) and HDFC Bank.

International presence :-

The Bank has 107 branches/offices in 24 countries(excluding India) including 61 branches/offices of the bank, 38 branches of its 8 subsidiaries and 1 representative office in Thailand. The Bank of Baroda has a joint venture in Zambia with 16 branches.

Among the Bank of Baroda's overseas branches are ones in the world's major financial centres (e.g., New York, London, Dubai, Hong Kong, Brussels and Singapore), as well as a number in other countries. The bank is engaged in retail banking via the branches of subsidiaries in Botswana, Guyana, Kenya, Tanzania, and Uganda. The bank plans has recently upgraded its representative office in Australia to a branch and set up a joint venture commercial bank in Malaysia. It has a large presence in Mauritius with about nine branches spread out in the country.

The Bank of Baroda has received permission or in-principle approval from host country regulators to open new offices in Trinidad and Tobago and Ghana, where it seeks to establish joint ventures or subsidiaries. The bank has received Reserve Bank of India approval to open offices in the Maldives, and New Zealand. It is seeking approval for operations in Bahrain, South Africa, Kuwait, Mozambique, and Qatar, and is establishing offices in Canada, New Zealand, Sri Lanka, Bahrain, Saudi Arabia, and Russia. It also has plans to extend its existing operations in the United Kingdom, the United Arab Emirates

Recent developments :-

          Bank of Baroda acquired the semi naming rights of Sikanderpur Metro Station in Gurugram. This is the first time that a public sector bank has bagged the naming right of a metro station.They followed a similar approach with Mumbai Metro where Andheri metro station has been named as Bank of Baroda Andheri.

         Bank of Baroda sealed a 3-year principal sponsorship contract with Olympics 2016 Women's badminton Silver medalist PV Sindhu and India's No 1 ranked Men's Badminton player K Srikanth.

Bank of Baroda became the first National Supporter (Indian sponsor) of the FIFA U-17 World Cup India 2017, the first football World Cup to be hosted in India

After the merger of Dena bank and Vijaya Bank with Bank of Baroda effective April 1, 2019 it has become the India's third largest lender behind SBI and ICICI bank.

Types of Bank of Baroda Credit Cards:-
             Bank of Baroda has gained a relevant spot in the credit card market as it has involved several cards that cater to all the needs and requirements of the card-holders.

 The various offered are as follows:

BOBcard Signature:This card offers the card-holders free of cost coverage of accidents and a 100% cash-back on the gathered loyalty points.
BOBcard Platinum:This card provides free personal coverage in case of accidents and also 100% cash-back facility on the saved loyalty points.
BOBcard Titanium:This card offers free accidental coverage, full cash-back facility on saved loyalty points and free joining facility.
BOBcard Corporate Premium:Through this card, 30% extra cash can be withdrawn over the credit limit. Again, it involves revolving credit and free of cost personal insurance in case of accidents.
Co-Branded Card:This card has a revolving credit of Rs 3,00,000 and 20% more cash can be withdrawn above the credit limit. Again it offers a free of cost accident insurance of Rs 1, 00,000.

Bank of Baroda Interest Rates on Savings Account:-Bank of Baroda offers a wide variety of Savings Account that has varied rates of interests and is calculated annually on a daily basis. The cards are:

1.  Baroda Centenary Savings Account
2. Savings Bank Account
3. Baroda Basic Savings Account
4. Super Savings Account
5. Baroda Salary Advantage Saving Account
6. Baroda Bachat Mitra
7. Baroda Pensioners Savings Bank Account
8. Baroda Jeevan Suraksha Savings Bank Account
9. All the above accounts earn an interest rate of 4% p.a. that is calculated on a daily basis.

Bank of Baroda Fixed Deposit Account
Bank of Baroda offers large fixed deposit schemes to the card-holders at varying rates of interests. Given below are different fixed deposit interest rates for different consumers:

• Fixed Deposit Rates on Short-terms:

 The interest rates on short-term deposits ranges from 4.5% to a highest of 7.30% depending on the total holding tenure.

• Fixed Deposit Rates on Medium and Long Terms:For medium term-deposits, the interest rate remains constant at 6.75%. Again, the interest rate for long-term deposits stands at 6.75%.
• Fixed Deposit Rates for Senior Citizens:

The fixed Deposit rate for senior citizens for long-term deposits is 7.80% making it 0.50% higher than for general public.

Bank of Baroda Home Loans:-
Bank of Baroda offers its customers a host of home loans to cater to all the house related needs and requirements of the consumers. Through BOB’s home loans the consumers can easily own a new home, renovate the existing one, purchasing a land to construct a new home and repay an unpaid loan already taken. The various types of home loans offered by BOB are as follows:

1. Baroda Home Loan Advantage
2. Baroda Pre Approved Home Loan
3. Baroda Home Loan Suraksha Personal LoanB 

Bank of Baroda NRI Services:-

Bank of Baroda provides several financial and banking products and services for Non-Resident Indians who are residing abroad. The different products and services under NRI banking are as follows:

1. Foreign Currency Linked Rupee Deposits (FCLR) Schemes
2. Foreign Currency Denominated Non-Resident Fixed Deposits (FCNR-FD)
3. Non-Resident External (NRE) (RUPEE) Savings Account
4. Baroda Premium Non-Resident External (NRE) Savings Bank Account
5. Non-Resident External (NRE) (RUPEE) Current Account
6. Non-Resident External (NRE) (RUPEE) Fixed Deposits
7. Non-Resident Ordinary Rupee Savings Account (NRO-SB)
8. Non-Resident Ordinary Rupee Current Account (NRO-CA)
9. Non-Resident Ordinary (NRO) (RUPEE) Fixed Deposits
10. Resident Foreign Currency Account for NRIs
11. Resident Foreign Currency (Domestic) Account
12. Rupee Linked Foreign Currency Deposit (RLFCD) Scheme for NRIs

Bank of Baroda Internet Banking

Bank of Baroda provides a best-in-class internet banking facility called “Baroda Connect” to benefit its retail as well as corporate customers.  It is a tailor-made service available 24/7 and 365 days a year. Here are some of the features of the internet banking facility:

 

1. Immediate transfer of funds
2. Payment of direct and indirect taxes
3. Receive account statements
4. Payment of utility bills like electricity, mobile etc
5. Payment of school fees
6. Booking rail tickets

 

Bank of Baroda Loans

Bank of Baroda offers a wide range of loan facility starting from home loans, travel loans to car loans and personal loans satisfying all the loan requirements of the consumers in every field. Here is a list of various loans:

 

Home loan

1. Auto loan
2. Two-wheeler loan
3. Car loan to NRI
4. Personal loan
5. Education loan
6. Mortgage loan
7. Traders loan
8. Baroda loan to pensioners
9. Baroda Ashray etc

Honours/Awards:-

1. Best Public Sector Bank Award under the category of Global Business at the Dun & Bradstreet Banking Awards 2015.
2. The Government of India awarded Bank with the 1st Prize in the Indira Gandhi Rajbhasha Shield
3. Competition in Region 'B'. on Hindi Diwas 2014. Further, Bank was awarded first prize for 'B' Region and second prizes for Region 'A' and 'B' by Reserve Bank of India (RBI) under the RBI Rajbhasha Shield Competition.
4. BML Munjal award in Public Sector Category for Business Excellence Through Learning & Development –2015.[29]
5. Excellence in Banking (PSU Sector) at the 5th My FM Stars of the Industry Awards recently held in Mumbai on 30.01.2015
6. National Prize – First Rank in Innovative Training Practices for the year 2014 from ―Indian Society for Training and Development(ISTD).
7. Golden Peacock National Training Award for the year 2014 under the aegis of Institute of Directors, New Delhi.
8. Champion of Champions Award at the 54th annual ABCI Awards 2015, for 6 Categories- Indian
9. Language Publication – Bronze; Exhibition Collateral – Gold; Wall Calendar 2014 – Silver; Environmental Communication – Silver; E-Zine – Bronze; Corporate Film – Gold.
10.  Awards at the IBA Banking Technology Awards 2014 – 15, Winner in Best Financial Inclusion
11. Initiative; First Runner up in Training & Human Resources, E - learning Initiatives; First Runner up in ―Best Use of Data.
12. Best Bank - Global Business Development (Public Sector) & Best Bank – Overall (Public Sector) Award in Dun & Bradstreet – Polaris Financial Technology Banking Awards 2014.
13. Skoch Order of Merit in India‘s Best 2014 Financial Inclusion & Deepening Awards 2014.
14. ASSOCHAM Social Banking Excellence Award under Public Sector Banks category, in recognition of the significant initiatives being undertaken by the Bank in social banking sphere.
15. The Most Efficient Public Sector Bank‘ for the year 2014 by Dalal Street Investment Journal in the Best PSU‘s of India Awards‘.