Bank of Baroda (BoB) has declared a new financial product for Domestic Retail Term Deposits called bob Monsoon Dhamaka Deposit Scheme, which provides interest rates at a substantial level for individuals securing retail deposits up to Rs. 3 Crore. This scheme can be accessed online through the bank’s website as well as physically visiting the branch offices.
The bob Monsoon Dhamaka Deposit Scheme is available for 399 days with an interest rate of 7.25% p.a., and 333 days with an interest rate of 7.15% p.a.
Senior citizens can avail the benefit of an additional 0.50% p.a., receiving 7.75% p.a. for 399 days and 7.65% p.a. for 333 days.
On the launch of the scheme, Sanjay Mudaliar, Executive Director of Bank of Baroda commented, “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.”
Non-callable deposits can earn an extra 0.15%, requiring a minimum deposit of Rs 1 crore and maximum deposit Rs 3 crore.
Non-Resident External (NRE) customers can also enjoy the 399 Days Scheme which offers interest rates at 7.25% p.a. and Non-Callable Deposits amounting up to Rs 2 crore.
