BOB launches Square Drive FD with 7.75% interest, ends Utsav Deposit Scheme

The new FD scheme, named the Square Drive Deposit Scheme, was launched on April 7

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Bank of Baroda has introduced a new fixed deposit option called the ‘bob Square Drive Deposit Scheme’. The updated FD interest rates, including the new scheme, came into effect on April 7 and apply to deposits of less than Rs 3 crore. Meanwhile, the bank has also withdrawn its special Utsav Deposit Scheme.

 

The ‘bob Square Drive Deposit Scheme’ offers a tenure of 444 days with an interest rate of 7.15 per cent per annum for the general public. Senior citizens will receive a higher interest rate of 7.65 per cent per annum, while super senior citizens (aged 80 years and above) will earn an even higher rate of 7.75 per cent per annum.

 

bob Square Drive Deposit Scheme w.e.f. 07.04.2025
	Callable			Non-Callable (Deposits above Rs 1 crore to less than Rs 3 crore)
Tenor	Residents/General Public/NRO/NRE	Resident Senior Citizens	Resident Super Senior Citizen	Residents/General Public/NRO/NRE	Resident Senior Citizens	Resident Super Senior Citizen
444 Days	7.15% p.a.	7.65% p.a.  (7.15 + 0.50)	7.75% p.a.  (7.15+0.50+0.10)	7.20% p.a.  (7.15 + 0.05)	7.70% p.a.  (7.15 + 0.05 + 0.50)	7.80% p.a.  (7.15 + 0.05 + 0.50 + 0.10)

 

Tax-Saving FD options

  For customers seeking tax-saving options for a 5-year deposit, Bank of Baroda continues to offer attractive interest rates on its five-year tax-saving FDs:

  General public: Interest rate of 6.80 per cent.

 

Senior citizens: Interest rate of 7.40 per cent.

 

Super senior citizens: Interest rate of 7.50 per cent.

 

This scheme aligns with long-term savings goals while providing tax benefits under Section 80C of the Income Tax Act.

 

Following the revision, Bank of Baroda will offer FD interest rates ranging from 4.25 per cent to 7.15 per cent per annum to general citizens for deposit tenures between 7 days and 10 years. These rates apply to callable deposits of less than Rs 3 crore. For senior citizens, the interest rates range from 4.75 per cent to 7.65 per cent per annum.

 

Tenors	Residents / General Public	Resident Indian Sr. Citizen	Resident Super Senior Citizen
7 days to 14 days	4.25	4.75*	4.75*
15 days to 45 days	4.5	5.00*	5.00*
46 days to 90 days	5.5	6.00*	6.00*
91 days to 180 days	5.6	6.10*	6.10*
181 days to 210 days	5.75	6.25*	6.25*
211 days to 270 days	6.25	6.75*	6.75*
271 days & above and less than 1 year	6.5	7.00*	7.00*
1 year	6.85	7.35*	7.35*
Above 1 year to 400 days	7	7.50*	7.60 $
Above 400 days and upto 2 Years (except 444 Days)	7	7.50*	7.60 $
Above 2 Years and upto 3 Years	7.15	7.65*	7.75 $
Above 3 Years and upto 5 Years	6.8	7.40 #	7.50 $
Above 5 Years and upto 10 Years	6.5	7.50**	7.50**
Above 10 years (MACAD  only)	6.25	6.75*	6.75*