Bank of Baroda has introduced the BoB Monsoon Dhamaka Deposit Scheme, a special term deposit product that offers higher interest rates. This scheme is available in two different tenors, providing interest rates of 7.25% per annum for a duration of 399 days and 7.15% per annum for a period of 333 days.
Launched on July 15, 2024, the scheme applies to retail deposits below Rs 3 crore. Senior citizens are eligible for an additional interest rate of 0.50% per annum, resulting in rates of 7.75% per annum for 399 days and 7.65% per annum for 333 days.
Further, non-callable deposits will get 0.15% extra, applicable to deposits ranging from Rs 1 crore to less than Rs 3 crore.
The BoB Monsoon Dhamaka Deposit Scheme can be opened online or through any of the bank’s branches.