Bank of Baroda introduces Square Drive FD Scheme with 7.75% interest, ends Utsav deposits The bank has discontinued the Utsav Deposit Scheme and adjusted FD rates to align with market changes
State-owned Bank of Baroda on Monday announced that it has made key changes to its fixed deposit (FD) offerings. According to a press release on Monday, the bank has launched a new FD option named the ‘bob Square Drive Deposit Scheme’. The revised FD interest rates, along with the new scheme, came into effect on April 7, 2025, and are applicable to deposits below Rs 3 crore. The bank has also discontinued the special Utsav Deposit Scheme.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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With the discontinuation of the Utsav scheme and the launch of the bob Square Drive Deposit Scheme, Bank of Baroda has adjusted its FD offerings to better align with changing market conditions.
Also read: SBI closes Amrit Kalash FD offering 7.60%: Know SBI special fixed deposit earning 7.75%
bob Square Drive Deposit Scheme (444 Days)
The scheme offers an interest rate of 7.15% per annum for general citizens, 7.65% for senior citizens, and 7.75% for super senior citizens for callable deposits.bob Square Drive Deposit Scheme w.e.f. 07.04.2025 CallableNon-Callable(Deposits above Rs 1 crore to less than Rs 3 crore)TenorResidents/Resident Senior CitizensResident Super Senior CitizensResidents/Resident Senior CitizensResident Super Senior CitizensGeneral Public/NRO/NREGeneral Public/NRO/NRE444 days7.15% p.a.7.65% p.a.7.75% p.a.7.20% p.a.7.70% p.a.7.80% p.a.(7.15+0.50)(7.15+0.50+0.10)(7.15+0.05)(7.20+0.50)(7.20+0.50+(0.10)
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Latest Bank of Baroda FD interest rates
Following the revision, the bank will provide general citizens with FD interest rates between 4.25% and 7.15% for deposit periods ranging from 7 days to 10 years, applicable to amounts below Rs 3 crore for callable deposits. For senior citizens, the bank offers an interest rate between 4.75% and 7.65%.TenuresResidents / General PublicResident Indian Senior CitizenResident Super Senior Citizen7 days to 14 days4.254.75*4.75*15 days to 45 days4.55.00*5.00*46 days to 90 days5.56.00*6.00*91 days to 180 days5.66.10*6.10*181 days to 210 days5.756.25*6.25*211 days to 270 days6.256.75*6.75*271 days & above and less than 1 year6.57.00*7.00*1 year6.857.35*7.35*Above 1 year to 400 days77.50*7.60 $Above 400 days and up to 2 years (except 444 days)77.50*7.60 $Above 2 years and up to 3 years7.157.65*7.75 $Above 3 years and up to 5 years6.87.40 #7.50 $Above 5 years and up to 10 Years6.57.50**7.50**Above 10 years (MACAD6.256.75*6.75*
bob Tax Savings Fixed Deposit
For a 5-year deposit, Bank of Baroda offers an interest rate of 6.80% to the general public and NRO (Non-Resident Ordinary) account holders and 7.40% to resident Indian senior citizens. Super-senior citizens, typically those aged 80 and above, receive a more favourable rate of 7.50% for the same tenure.Also read: FD rate cut ahead of RBI MPC: HDFC Bank, Yes Bank, Punjab & Sind Bank cut FD interest rate
The bank also offers an interest rate of 6.50% on tax-saving FDs for the general public, applicable to deposits exceeding 5 years and up to 10 years. However, both senior and super senior citizens receive an interest rate of 7.50%, offering them better returns for long-term savings.
TenorsResidents / General Public / NRO ROI (%)Resident Indian Senior Citizen ROI (%)*Residents Super Senior Citizen ROI(%)*For 5 years6.87.40 #7.50 $Above 5 years to up to 10 years6.57.50**7.50**
( # incl. additional ROI of 0.50+0.10 (reduced from 0.15%) for RTD above 3 years and up to 5 years w.e.f 14.10.2024, **incl. additional ROI of 0.50%+0.50% for RTD above 5 years and up to 10 years to resident senior citizens and $ includes 0.10% for senior citizens for deposits above 1 year and up to 5 years)
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This story originally appeared on: India Times - Author:Faqs of Insurances
