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Bank of Baroda Unveils 'BoB Square Drive Deposit Scheme' Offering 7.15% Interest for 444 Days.

Banking & Finance | Dated: 09 Apr 2025

In April 2025, Vadodara (Gujarat)-based Indian Public Sector Bank (PSB), Bank of Baroda (BoB) launched a new Fixed Deposit (FD) scheme titled 'BoB Square Drive Deposit Scheme', a term deposit with a tenor of 444 days.

🎯 Key Highlights:

  • - As per BoB, the revised FD interest rates, along with the launch of this new scheme, came into effect on April 07, 2025.
  • - The bank also discontinued its earlier 'BoB Utsav Deposit Scheme', which was introduced in October 2024 and had offered a maximum interest rate of 7.90% for super senior citizens. The revision aims to align BoB’s FD offerings with recent market trends.

💡 Other Important Facts:

  • (i) The newly launched 'BoB Square Drive Deposit Scheme' is available only under retail term deposit options and applies to deposits below ₹3 crore, offering an interest rate of 7.15% per annum for general citizens.
  • (ii) For senior citizens and super senior citizens (aged 80 years and above), the scheme offers interest rates of 7.65% and 7.75% per annum, respectively.
  • (iii) These depositors will receive an additional 5 basis points (bps) on non-callable deposits (above ₹1 crore and below ₹3 crore).

📚 Test Your Knowledge:

Which bank recently launched the 'BoB Square Drive Deposit Scheme' offering 7.15% interest for 444 days?

Correct Answer: Bank of Baroda

🚀 Quick Recap:

About Bank of Baroda (BoB)

  • MD & CEO : Debadatta Chand
  • Headquarters: Vadodara, Gujarat