All You Need to Know About Utsav Fixed Deposit Scheme

Starting from October 2024, several individuals have been turning to the Utsav Fixed Deposit Scheme to grow their savings. Wondering what is the Utsav Fixed Deposit Scheme and what makes it so appealing?

The Utsav Fixed Deposit Scheme, introduced by the Bank of Baroda, is one of the lucrative FD options offering high interest rates to account holders. If you are prioritising to invest in this scheme, explore the interest rates and eligibility criteria here first so that you make informed decisions. 

What Is the Utsav Fixed Deposit Scheme 2025?

The Bank of Baroda (BoB) launched a special term deposit scheme offering higher interest rates to its customers. Known as the Utsav Fixed Deposit Scheme, it has a tenure of 400 days and the interest rates have been effective from the 14th of October 2024 for a limited period. 

This scheme offers a 7.90% interest rate for super senior citizens (above 80 years) for booking a term deposit for 400 days. The bank, however, offers this scheme on fixed deposit principal below ₹3 crore for all customers including general, senior and super senior citizens. 

Features of the Utsav Fixed Deposit Scheme

Here are the features of the Utsav Fixed Deposit Scheme:

• The product applies to retail term deposits with the Bank of Baroda, amounting to a principal of less than ₹3 crore.
• General, NRE (Non-Resident External), NRO (Non-Resident Ordinary) and non-callable categories are all included under the Utsav fixed deposit scheme.
• The scheme applies to all 3 interest payout options such as RIRD (Regular Income Recurring Deposit), MIP (Monthly Income Plan) and QIP (Quarterly Income Plan) for more than 1 year.
• This scheme does not have a separate scheme code. However, based on the number of days of booking a term deposit, the scheme will apply.
• Resident Indian senior citizens and super senior citizens are eligible for the scheme and not NRE/NRO senior or super senior citizens.
• Non-individuals and capital gain term deposits are exclusions to the Utsav deposit scheme.
• In case of booking a non-callable domestic fixed deposit for 400 days, the interest rates of the scheme will apply on a minimum amount of ₹1 crore and a maximum below ₹3 crore.
• Additional terms and conditions of fixed deposits will apply except for the tenure and interest rates.

Rate of Interest Applicable on Utsav Fixed Deposit Scheme

The following table illustrates the interest rates for the Utsav Fixed Deposit Scheme with tenure of 400 days:

Eligibility Criteria for Utsav Fixed Deposit Scheme

Here are the entities that are eligible to book a Utsav Fixed Deposit Scheme: 

• Individuals in their own name
• Jointly by multiple individuals
• Clubs
• Educational institutions
• Associations
• Joint stock companies
• Partnership firms 

Documents Required for Utsav Fixed Deposit Scheme

To open a Utsav Fixed Deposit Account, you need to submit the following documents: 

• PAN card as identity proof and tax identification proof
• Address proof such as an Aadhaar card, passport, Voter card, driving license and others

How to Open a Utsav Fixed Deposit Scheme?

You can deposit your funds in the Utsav fixed deposit scheme online or offline. To open the Utsav deposit scheme offline, you need to visit a Bank of Baroda branch physically. On the other hand, if you want to open the Utsav deposit scheme online, you can choose the bank’s digital channels such as the BoB Internet Banking option or BoB World app. 

Final Word

Now that you know what is the Utsav fixed deposit scheme, you can make an informed decision about your next FD investments. While this scheme offers an attractive interest rate for a 400-day tenure, higher than the regular BOB FD rates, you might consider other fixed deposits in the market offering competitive interest rates. Check out and compare such rates provided by leading banks and NBFCs via the Stable Money app and plan your investment strategically.