Mumbai: Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the bob Monsoon Dhamaka Deposit Scheme, a special term deposit product offering higher interest rates.
The bob Monsoon Dhamaka Deposit Scheme is available in two tenor buckets – offering interest rates of 7.25 per cent p.a. for 399 days and 7.15 per cent p.a. for 333 days. The scheme opens on July 15, 2024 and is applicable on retail deposits below ₹3 crore.
Senior citizens will earn an additional interest rate of 0.50 per cent p.a. – 7.75 per cent p.a. for 399 days and 7.65 per cent p.a. for 333 days. Further, Non-Callable Deposits will get 0.15 per cent extra (applicable on minimum deposits above Rs 1 crore to less than ₹3 crore).
The bob Monsoon Dhamaka Deposit Scheme offers a maximum interest of 7.90 per cent p.a for 399 Days, which includes 0.50 per cent p.a. for senior citizens and 0.15 per cent for non-callable deposits.
| bob Monsoon Dhamaka Deposit Scheme w.e.f. 15.07.2024 | ||||
|---|---|---|---|---|
| Callable | Non-Callable | |||
| (Deposits above Rs 1 crore to less than Rs 3 crore) | ||||
| Tenors | Residents/General Public/NRO/NRE* | Resident Senior Citizens | Residents/General Public/NRO/NRE* | Resident Senior Citizens |
| 399 days | 7.25% p.a. | 7.75% p.a. | 7.40% p.a. | 7.90% p.a. |
| (7.25 + 0.15) | (7.25 + 0.50 + 0.15) | |||
| 333 days | 7.15% p.a. | 7.65% p.a. | - | - |
Sanjay Mudaliar, Executive Director, Bank of Baroda said, “Bank of Baroda is pleased to announce the bob Monsoon Dhamaka Deposit Scheme, enabling customers to earn a higher rate of interest on their savings. It also offers the flexibility to choose from two tenures. This is an opportune time for people to lock in higher returns on their deposits.”
The bob Monsoon Dhamaka Deposit Scheme can be opened online or through any of the Bank’s branches.