Bank of Baroda (BoB), one of India’s leading government banks, has launched a new fixed deposit scheme called the BOB Square Drive Deposit Scheme.
The new scheme offers attractive interest rates and comes with a tenure of 444 days.
On April 7, 2025, the bank revised its FD rates and introduced this fresh option for investors, where they can invest up to Rs 3 crore.
Interest Rates in BOB Square Drive Scheme
General Citizens: 7.15% p.a.
Senior Citizens: 7.65% p.a.
Super Senior Citizens: 7.75% p.a.
For FDs above Rs 1 crore but less than Rs 3 crore, in a non-callable FD, the interest rate ranges from 7.20% to 7.80%.
In a non-callable FD, funds cannot be withdrawn before maturity, and early withdrawal attracts a penalty. For a callable FD, withdrawals can be made before maturity.
Interest Rates for Other FD Tenures (Callable Deposits – Less Than Rs 3 Crore)
7 to 14 days: 4.25%
15 to 45 days: 4.50%
46 to 90 days: 5.50%
91 to 180 days: 5.60%
181 to 210 days: 5.75%
211 to 270 days: 6.25%
271 days to 1 year: 6.50%
1 year: 6.85%
1 year to 400 days: 7% (7.50% for senior citizens, 7.60% for super senior citizens)
2 to 3 years: 7.15% (Senior Citizens: 7.65%, Super Senior Citizens: 7.75%)
5 to 10 years: 6.50% (Super Senior Citizens: 7.50%)
Tax Saving FD (5-Year Term)
General Citizens: 6.80%
Senior Citizens: 7.40%
Super Senior Citizens: 7.50%
For tax-saving FDs of more than 5 years and up to 10 years, general citizens will receive 6.50%, while senior and super senior citizens can earn up to 7.50% interest.
Reason for the Change
Bank of Baroda stated that these changes were made in response to the current market conditions.
The new interest rates provide more attractive options for investors, particularly senior citizens. These rates are effective from April 7, 2025, and apply to FDs of up to Rs 3 crore.
Additionally, the Utsav Deposit Scheme, which was introduced during the festive season, has been discontinued and replaced by the BOB Square Drive Deposit Scheme.
