What is Utsav Fixed Deposit Scheme? Interest Rates @ 7.90%
If you’ve been searching for a fixed deposit scheme that offers high returns with zero market risk, chances are you’ve come across the Bank of Baroda (BoB)’s special product – the BOB Utsav Deposit Scheme.
But what is Utsav Fixed Deposit Scheme? How is it different from the usual FD products offered by banks?
In this guide, we’ll walk you through everything you need to know: from its launch to recent interest rate updates, benefits, eligibility, and whether it’s the right fit for your financial goals. Let’s dig in.
What Is the Utsav Fixed Deposit Scheme 2025?
The Bank of Baroda (BoB) has developed a new term deposit scheme that provides greater Special FD rates to its customers.
The Baroda Maha Utsav Deposit Scheme has a 400-day term and interest rates that have been in effect since October 14th, 2024, for a limited time.
This initiative offers a 7.90% interest rate for super senior citizens (above the age of 80) who book a 400-day term deposit.
The bank provides this scheme for fixed deposits under ₹3 crore to all customers, including ordinary, senior, including super senior citizens.
Bank of Baroda FD interest rates, tenures, and special fixed deposits categories have
evolved with changes over the past few years.
By 2025, the Utsav FD Scheme has carved a niche among investors looking for dependable, high-yield savings instruments.
As market-linked instruments like mutual funds fluctuate, schemes like Utsav FD provide much-needed stability and predictability. Plus, the icing on the cake has higher-than-usual interest rates.
Key Features of Utsav FD
What distinguishes this plan from conventional fixed deposits, then?
Below is an overview of its main features:
1. This refers to retail term deposits with the Bank of Baroda worth less than ₹3 crore.
2. The Utsav fixed deposit plan includes four categories: general, non-resident external (NRE), non-resident ordinary (NRO), and non-callable.
3. For more than a year, the program covers the following interest payout options: RIRD (Regular Income Recurring Deposit), MIP (Monthly Income Plan), and QIP.
4. This scheme does not include a unique scheme code. The scheme, however, will apply based on the number of days from the time a term deposit is booked.
5. The initiative is open to resident Indian senior residents and super senior citizens only, not NRE/NRO senior or super senior citizens.
6. Non-individuals and capital gain term deposits are excluded from the Utsav deposit system.
The scheme’s interest rates apply to a minimum of ₹1 crore and a maximum of ₹3 crore for a 400-day non-callable domestic fixed deposit.
7. Extra fixed deposit terms and conditions will apply, except duration and Utsav Callable FD interest rates.
Latest Interest Rate Updates (June 2025)
Below are the updated interest rates of the Utsav FD Scheme of June 2025:
TenureGeneral CitizenSenior citizen FD rates
07-30 days33.5
31-45 days3.253.75
46- 60 days4.55
61- 90 days4.755.25
91 days to 6 months5.56
6 months 1 day to 270 Days66.5
271 days to < 1 year6.256.75
1 Year to 2 Years6.87.3
(except 444 Days, 555 days & 700 Days)
> 2 Years to <3years77.5
As of FD interest rates 2025, the updated rates for Utsav FD, offer up to 7.50% per annum.
Deadline Extensions & Scheme Updates
There has been an update on the deadline, presently the Utsav Callable FD scheme deadline has been extended to June 30, 2025, following a strong response from customers.
Who Should Consider Utsav FD?
Now that we know what is Utsav Fixed Deposit Scheme? so let’s find out who can consider taking it.
Ideal For
• Individuals in their own name
• Jointly by multiple individuals
• Clubs
• Educational institutions
• Associations
• Joint stock companies
• Partnership firms
How It Compares
Let us have a comparison of interest rates between the banks, and find out which bank has the highest rates:
BanksHighestFD rate(% p.a.)1-yearFD rate(% p.a.)3-yearFD rate(% p.a.)5-yearFD rate(% p.a.)Additionalinterest ratefor senior citizens(% p.a.)
Slice Small Finance Bank978.7580.5
Unity Small Finance Bank8.67.258.158.150.5
Suryoday Small Finance Bank8.47.98.480.4
Shivalik Small Finance Bank8.367.56.50.5
Utkarsh Small Finance Bank8.256.258.257.750.5
Jana Small Finance Bank8.27.58.058.20.5
Ujjivan Small Finance Bank8.057.97.27.20.5
Equitas Small Finance Bank8.057.97.757.250.50-0.60
SBM Bank8.057.57.37.750.5
DCB Bank7.757.17.257.250.5
As per the above table, Slice Small Finance Bank offers the highest interest rate of 9% on personal finance.
How to Invest in Utsav FD
Investing in this scheme is easy—Bank of Baroda has kept the process investor-friendly.
Eligibility
• Every individual and member of the Hindu Undivided Family
• Must be able to pay the minimal amount
Documents Required
• PAN Card
• Aadhaar card
• Passport
• Voter ID card, or driving license
• If you are a senior citizen, you may need to provide proof of age.
• Utility bills (electricity, telephone)
• A bank statement with a cheque can also be used.
• Passport-sized photograph: A recent photograph is usually required for the application.
• FD Application Form: You will need to fill out the Bank of Baroda FD application form.
How to Apply in Utsav Fixed Deposit Scheme?
There are two fixed deposit options, you will receive while applying:
Option 1: Offline Application
• Go to the Bank of Baroda branch that is closest to you.
• Make an application to open a Utsav FD account.
• Complete the application and attach the required paperwork.
• To activate the FD, deposit the required amount.
Option 2: Online Application
• Install the Bob World mobile app after downloading it.
• Enter your login information.
• Go to the section on fixed deposits.
• Choose the Utsav FD plan.
• Fill out the application by entering the details that are required.
Expert Insights & Market Impact
What do the experts say?
Higher interest rates and both Utsav callable deposit and non-callable deposit choices are available under the Utsav FD plan, especially for elderly and super senior individuals.
In order to draw deposits and compete with other special deposit programs, the Bank of Baroda uses it to accommodate a variety of investor demands.
The scheme is frequently introduced around the holiday season in order to take advantage of the spike in deposit activity.
How these changes will impact the market?
Higher interest rates may attract more investors, leading to increased deposit inflows for Bank of Baroda.
However, this also raises competitive pressure as other banks may introduce similar schemes or adjust their existing FD rates.
Special FD schemes like Utsav FD may encourage investors to prefer these over regular FDs.
Higher interest rates also increase the cost of funds for the bank, impacting profitability based on the bank’s ability to utilize these deposits effectively.
Additionally, banks may adjust their FD rates if the Reserve Bank of India changes its policy rates.
FAQs
Q1. What is the Utsav FD scheme? The “Utsav Fixed Deposit (FD) Scheme” is a special term deposit program provided by several banks, including IDBI Bank and Bank of Baroda, that pays greater interest rates than standard FDs for a set duration. It is frequently provided as a holiday season promotion or a limited-time offer.
Q2. What is the SBI Amrit Utsav scheme? The State Bank of India (SBI) offers a special fixed deposit (FD) scheme known as “Amrit Vrishti” under the SBI Amrit Utsav scheme. It is a 444-day fixed-term deposit structure. The system provides greater interest rates than conventional term deposits, with adjustments for elderly and super senior individuals.
Q3. Which plan is better than FD? Systematic Investment Plans (SIPs) in mutual funds have the potential to generate higher returns than traditional fixed-income instruments such as FDs. Compounding and rupee cost averaging are benefits of SIPs, which invest in market-linked securities.
Q4. Which bank gives 9.5 interest on FD? Unity Small Finance Bank provides competitive Fixed deposit interest rates that range from 4.50% to 9.50% for the general public and 4.50% to 9.50% for senior citizens, based on tenure. These rates apply to FDs that mature in 7 days to 10 years.
Q5. What is Utsav Fixed Deposit Scheme? The Utsav Fixed Deposit Scheme is a special term deposit plan introduced by banks during festive seasons, offering higher interest rates than standard FDs. Banks like the Bank of Baroda introduced the Bob Utsav Deposit Scheme, offering 7.30% p.a. for the general public, 7.80% p.a. for senior people, and 7.90% p.a. for super senior persons.
Final Thoughts
So, what is Utsav Fixed Deposit Scheme? It is a limited-period fixed deposit with high returns from the Bank of Baroda, specifically for investors looking for secure returns in the short term.
With a tenure of 375 days and an interest rate of up to 7.50% p.a., the Utsav FD is one of the few options available in the current crowded fixed deposit space.
If you are a risk-averse investor or a senior citizen looking to earn a return on your idle cash in a risk-averse manner.
The Utsav FD may be right for you, especially since the scheme is only eligible to be opened until June 2025.
Don’t wait too long. Rate revisions (up or down) and deadlines are just around the corner and you may want to act quickly in relation to your portfolio.
Also Read: Top Government Schemes For Home Loan in Mumbai