Mumbai, Jul 16: 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% p.a. for 399 days and 7.15% p.a. for 333 days. The scheme opens on 15th July, 2024 and is applicable on retail deposits below Rs 3 crore.

Senior citizens will earn an additional interest rate of 0.50% p.a. – 7.75% p.a. for 399 days and 7.65% p.a. for 333 days. Further, Non-Callable Deposits will get 0.15% extra (applicable on minimum deposits above Rs 1 crore to less than Rs 3 crore).

The bob Monsoon Dhamaka Deposit Scheme offers a maximum interest of 7.90% p.a for 399 Days, which includes 0.50% p.a. for senior citizens and 0.15% for non-callable deposits.

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.”