SavingsTips: If you are also thinking of investing some part of your income somewhere, then this news is going to be beneficial for you. Let us tell you that recently a new retail term deposit scheme has been started by a well-known bank in the country, in which customers are being given the benefit of bumper interest ranging from 7.15 percent to 7.75 percent. Let us know about this scheme in detail through the news.

Which bank launched this investment scheme-

Let us tell you that this new savings scheme has been started by the Bank of Baroda and the name of this scheme is "BoB Square Drive Deposit Scheme". This is a new retail term deposit scheme in a way. This scheme has been started from 7th April 2025 and is applicable on retail term deposits of less than Rs 3 crore.

Know what are the interest rates for whom-

Investment in this scheme is going to be beneficial for the customers in many ways. Under this scheme, in the 444-day term deposit scheme, common citizens get interest at the rate of 7.15 percent per annum senior citizens get 7.65 percent per annum, and very senior citizens (BoB Scheme interest rate) who are 80 years of age or above get interest at the rate of 7.75 percent per annum.

If senior citizens invest Rs 5 lakh for 444 days in BoB's new FD scheme at an interest rate of 7.65 percent, then the cool amount on maturity will be Rs 5,38,250. This means that senior citizens will get a return of a full Rs 38,250 in 444 days.

How to take advantage of this scheme-

If you also want to take advantage of the interest rates (interest rate of Square Drive Deposit Scheme) by investing in this scheme, then, customers can open fixed deposits through Bank of Baroda's digital channels like BOB World App and the bank's internet banking platform as well as in any branch of Bank of Baroda. Along with this, new customers of the bank can now open FD with the bank by visiting the official website of Bank of Baroda through video KYC. Yes, but for this they do not need to open a savings account.

What are the benefits of investing in these savings schemes-

Experts say that the BOB Square Drive Deposit Scheme (bank of baroda special scheme) is the best means of investment for investors. In this scheme, depositors get stable and assured returns on savings with high rates.

Bank of Baroda will continue to innovate this deposit scheme (BoB Square Drive Deposit Scheme) to meet the different financial goals of the customers and to help them financially. However, many schemes have already been launched by this bank.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.