Mumbai: Bank of Baroda has launched a new fixed deposit product called the ‘bob Square Drive Deposit Scheme.’ This scheme offers attractive interest rates of up to 7.80 per cent per annum for a tenure of 444 days. It is open for retail deposits below ₹3 crore.
Interest Rates for Different Categories
General Citizens: 7.15 per cent per annum
Senior Citizens: 7.65 per cent per annum
Super Senior Citizens: 7.75 per cent per annum
For large deposits (above Rs 1 crore and below Rs 3 crore), the scheme offers both callable and non-callable options.
Callable vs Non-Callable Deposits
Callable Deposits: Allow premature withdrawal but offer slightly lower interest rates.
Non-Callable Deposits: No early withdrawal allowed, but interest rates are higher, up to 7.80% per annum.
Why This Scheme?
Bank officials say the scheme aims to provide higher fixed returns as market interest rates are expected to decline. Beena Vaheed, Executive Director at Bank of Baroda, mentioned, “The scheme offers an opportunity to lock in higher rates and earn stable returns.”
How to Open a Deposit?
Customers can open deposits via digital platforms like the BoB World app, Internet Banking, or by visiting any Bank of Baroda branch. New customers can also open fixed deposits using video KYC through the bank’s website without needing a savings account.
