BoB Monsoon Dhamaka Deposit Scheme is a new term deposit product from Bank of Baroda that comes with higher interest rates. This program offers interest rates of 7.25% annually for 399 days and 7.15% annually for 333 days, with two distinct tenors available. The scheme accepts customer deposits up to Rs 3 crore launched on 15 July 2024. You get every necessary information regarding this scheme.
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BoB Monsoon Dhamaka Deposit Scheme
Public sector lender Bank of Baroda said on Monday that the interest rate on fixed deposits of less than Rs 3 Cr has risen. The bank has also launched the BoB Monsoon Dhamaka Deposit Scheme, which offers higher interest rates on 399 days and 333 days of tenure respectively in line with the monsoon season 7.25% for the general public, 7.75% for older individuals and 7.15% for non-older individuals. The Bank of Baroda’s latest fixed-rate notes are accessible on its official website and will go into effect on 15 July 2024.
Overview Of BoB Monsoon Dhamaka Deposit Scheme
| Name of the scheme | BoB Monsoon Dhamaka Deposit Scheme |
| Launched by | Bank of Baroda |
| Beneficiaries | Customers |
| Objective | To increase the interest rate they receive on their savings |
| Official website | bankofbaroda.in |
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Objective Of BoB Monsoon Dhamaka Deposit Scheme
The main objective of this scheme, which allows users to earn a greater rate of interest on their deposits, is proudly announced by Bank of Baroda. The choice of two tenures is another feature it offers. Individuals need to use this chance to get increased returns on their savings.
Benefits Of BoB Monsoon Dhamaka Deposit Scheme
- Bank of Baroda has introduced the BoB Monsoon Dhamaka Deposit Scheme, a novel term deposit product with higher interest rates.
- Seniors will receive an additional interest rate of 0.50% p.a. to 7.75% p.a. for 399 days and 7.65% p.a. for 333 days.
- Non-callable deposits will receive an extra 0.15% (applied on minimum deposits above Rs 1 crore to less than Rs 3 crore).
- Under this strategy, a maximum interest rate of 7.90% p.a. is offered for 399 days.
- An extra 0.50% annually is awarded to seniors, while 0.15% is given to non-callable deposits.
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Domestic Term Deposits Including NRO Deposit
| Tenors | Resident Indian Sr.Citizen | Residents/General Public |
| 7 days to 14 days | 4.75 | 4.25 |
| 15 days to 45 days | 6.50 | 6 |
| 46 days to 90 days | 6.00 | 5.5 |
| 91 days to 180 days | 6.10 | 5.6 |
| 181 days to 210 days | 6.25 | 5.75 |
| 211 days to 270 days | 6.65 | 6.15 |
| 271 days & above and less than 1 year (except 333 Days and 360 Days) | 6.75 | 6.25 |
| 333 Days (bob Monsoon Dhamaka Deposit Scheme) | 7.65 | 7.15 |
| 360 Days (bob360) 7.1 7.60* 1 year | 7.35 | 6.85 |
| 399 Days (bob Monsoon Dhamaka Deposit Scheme) | 7.75 | 7.25 |
| Above 1 year to 400 days | 7.35 | 6.85 |
| Above 400 days and upto 2 Years | 7.35 | 6.85 |
| Above 2 Years and upto 3 Years | 7.65 | 7.15 |
| Above 3 Years and upto 5 Years 6.5 7.15 # Above 5 Years and upto 10 Years | 7.50 | 6.5 |
FAQ’s
What is the Bob Monsoon Dhamaka Deposit Scheme?
A unique term deposit option with higher interest rates is the BoB Monsoon Dhamaka Deposit Scheme, launched by Bank of Baroda. There are two distinct tenors available for this program, with interest rates of 7.15% annually for 333 days and 7.25% annually for 399 days.
What is the main objective of the scheme?
The main objective of the scheme is to provide participants the opportunity to increase the interest rate they get on their savings.
What is the official website of the scheme?
bankofbaroda.in