Bank of Baroda Introduces New FD Scheme with Lower Interest Rates

In a recent move, Bank of Baroda has discontinued its BOB Utsav fixed deposit scheme and introduced a new retail term deposit scheme named BOB Square Drive Deposit Scheme. This new scheme comes with lower interest rates compared to its predecessor.

Details of the New Scheme

The newly launched 444-day scheme offers an interest rate of 7.15% for the general public, 7.65% for senior citizens, and 7.75% for super senior citizens. Notably, for non-callable deposits, the rate is slightly higher at 7.80%.

Comparison with the Previous Scheme

The BOB Utsav scheme, which was introduced in October 2024 during the festive season, offered a 400-day deposit with higher interest rates. The shift to lower rates under the new scheme marks a significant change for investors.