State-owned Bank of Baroda has made significant changes to its fixed deposit (FD) offerings, introducing a new scheme called the ‘bob Square Drive Deposit Scheme’ and revising existing interest rates. The new scheme, which took effect on April 7, 2025, 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.
The bank has discontinued its special Utsav Deposit Scheme and adjusted its FD offerings to better align with changing market conditions. The revised FD interest rates range from 4.25% to 7.15% for general citizens and 4.75% to 7.65% for senior citizens, depending on the deposit period and amount.
The new scheme and revised rates are applicable to deposits below Rs 3 crore. For callable deposits, the bank offers an interest rate of 7.15% for general citizens, 7.65% for senior citizens, and 7.75% for super senior citizens for deposits with a tenor of 444 days.
In addition to the new scheme, the bank also offers tax-saving FDs with interest rates ranging from 6.50% to 7.50%. Senior and super senior citizens receive higher interest rates on tax-saving FDs, making it a more attractive option for long-term savings.
The revised interest rates and new scheme aim to provide customers with a more competitive and flexible FD option, while also ensuring that the bank’s interests are aligned with market conditions. Overall, the changes aim to balance customer needs with the bank’s financial goals.