Which bank launched the ‘Global Women NRE & NRO Savings Account’ in March 2025?

Correct option is B

Correct Answer: (B) Bank of Baroda

Explanation:

• In March 2025, Bank of Baroda launched the bob Global Women NRE & NRO Savings Account, a specialized banking product tailored for women Non-Resident Indians (NRIs).
• This initiative makes Bank of Baroda the first public sector bank in India to offer such a product.

Key Features:

• Auto Sweep Facility: Enables customers to earn higher interest by automatically transferring funds to fixed deposits.
• Concessional Loan Rates: Offers reduced interest rates on home and auto loans.
• Locker Rent Waiver: Provides 100% concession on locker rent.
• Customized Debit Card: Includes complimentary domestic and international airport lounge access.
• Insurance Coverage: Free personal and air accident insurance coverage.
• Quarterly Average Balance (QAB): Requires a QAB of ₹1,00,000 in CASA or ₹10,00,000 in CASA + Term Deposits.

Information Booster:

• Launch Date: March 2025
• Target Audience: Women NRIs
• Bank: Bank of Baroda
• Product Name: bob Global Women NRE & NRO Savings Account
• Unique Selling Point: First public sector bank to offer a specialized savings account for women NRIs.

Other Banks' Initiatives:

• Federal Bank:
• Establishment Year: 1931
• Headquarters: Aluva, Kerala
• Axis Bank:
• Establishment Year: 1993
• Headquarters: Mumbai, Maharashtra
• Offers a range of NRE and NRO savings accounts with features like competitive interest rates and easy access to funds.
• State Bank of India (SBI):
• Establishment Year: 1806 (as Bank of Calcutta, became SBI in 1955)
• Headquarters: Mumbai, Maharashtra
• Provides NRE and NRO savings accounts with global access and attractive interest rates.