Bandhan Bank’s Elite Plus, Bank of Baroda’s New Deposit Scheme, and PMMY Expansion

In April 2025, several key developments were announced in the Indian banking and financial services sector. Bandhan Bank launched the Elite Plus Savings Account targeted at High Net-worth Individuals (HNIs), offering premium features including unlimited cash deposits and enhanced insurance coverage. Meanwhile, Bank of Baroda (BoB) unveiled a new retail term deposit scheme, bob Square Drive Deposit Scheme, with attractive interest rates for different age groups. Additionally, the government has doubled the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh, introducing a new category—Tarun Plus—aimed at supporting small entrepreneurs with better financial access.

Key Highlights

Bandhan Bank – Elite Plus Savings Account

• Launched on: April 8, 2025
• Target Group: High Net-worth Individuals (HNIs)

Benefits

• Unlimited monthly cash deposits
• Free RTGS, NEFT, and IMPS transactions
• Enhanced debit card insurance coverage
• Personal accident cover of up to ₹15 lakh

Bank of Baroda – bob Square Drive Deposit Scheme

• Launched: April 7, 2025
• Scheme Name: bob Square Drive Deposit Scheme
• Tenure: 444 days

Interest Rates

• 7.15% p.a. for general customers
• 7.65% p.a. (50 bps extra) for senior citizens (60–79 years)
• 7.75% p.a. for super senior citizens (80+ years)
• Up to 7.80% p.a. on non-callable deposits
• Eligibility: Applicable on retail term deposits below ₹3 crore

Pradhan Mantri Mudra Yojana (PMMY) – New Update

• Loan Limit Increased: From ₹10 lakh to ₹20 lakh
• New Category Introduced: Tarun Plus
• Objective: Strengthen micro-financing for small entrepreneurs
• Launch Anniversary: Marks 10 years of the PMMY scheme