BOB Full Form- Bank of Baroda

What is BOB? The full form of BOB is Bank of Baroda. Located in Vadodara, Gujarat, Bank of Baroda (BOB or BoB) is a public sector bank in India. Its 153 million customers, US$218 billion in total revenue, and 100 abroad locations make it the second largest public sector bank in India, behind State Bank of India. It is placed 586 on the Forbes Global 2000 list as of 2023 data. It has been a protracted and exciting voyage spanning more than a century and 17 nations. Its story of vision, enterprise, financial prudence, and corporate governance begins in 1908 with a tiny building in Baroda and ends in the new, high-rise, and technologically advanced Baroda Corporate Centre in Mumbai. With the exception of India, the bank maintains 107 branches and offices throughout 24 countries. These comprise 61 bank branches, 38 branches belonging to its eight subsidiaries, and 1 representative office located in Thailand. In Zambia, the Bank of Baroda has a joint venture with sixteen branches.

Products and Services of Bank of Baroda

The different products and services offered by BOB are discussed below:

• Deposit Accounts: A variety of deposit accounts are available from Bank of Baroda to help you achieve your financial objectives and safeguard your future. Clients have access to a large selection of deposit solutions that are tailored to meet their individual needs.
• Term Deposit for High Net Individuals (HNI): A term deposit is an interest-bearing deposit that the bank accepts for a predetermined amount of time. offering longer deposit terms, a higher interest rate, quarterly compound interest, and interest reinvestment.
• Current Account: Current accounts are a type of demand deposit that does not pay interest and allow withdrawals up to a certain amount or as many times as the account balance permits.
• Premium Current Account: Current accounts are a type of demand deposit that does not pay interest and allow withdrawals up to a certain amount or as many times as the account balance permits. You can open and keep an account in USD, EUR, GBP, or any other freely convertible currency that the IBU accepts.
• Loans and Advances: BOB provides the following credit facilities through trade finance, bilateral or syndicated lending, and other forms of funding.
• Syndication Loan: When the amounts required exceeded the credit appetite of a single lender, syndicated loans were initially developed as a means of enabling lenders to lend substantial sums of money to a single borrower. A multi-lender transaction between lenders (often banks) and borrowers to issue a loan on standard terms and conditions regulated by a single document (or sets of papers) is known as an investment grade syndicated loan.
• Term Deposit Scheme Loan-  With a wealth of features and benefits, Bank of Baroda's IFSC BUY product, the Baroda Loan Against Rupee Term Deposit Scheme, is perfect for Indian Corporates who wish to support their foreign WOS/JV without having to send money overseas.
• External Commercial Borrowings: "External Commercial Borrowings" (ECBs) are foreign currency borrowings raised by Indian corporations from banking systems outside of India. These foreign exchange borrowings may be made in accordance with the Government of India's and the RBI's ECB Policy guidelines when they become available. When it comes to underwriting, structuring, and issuing different types of foreign currency facilities for Indian corporates via the ECB channel, Bank of Baroda is a major participant and quite active. Through Primary / Secondary Participations, we also take part in ECBs organised by other foreign financial partners.