BoB Monsoon Dhamaka Deposit Scheme: Interest Rates, Eligibility, Features & Benefits
Bank of Baroda, one of India’s leading public sector banks, has recently announced an attractive term deposit offering, the BoB Monsoon Dhamaka Deposit Scheme. This initiative is designed to offer lucrative interest rates during the monsoon season, encouraging customers to secure higher returns on their investments. Suitable for both the general public and senior citizens, this scheme is tailored to benefit a wide range of depositors.
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Contents
About BoB Monsoon Dhamaka Deposit Scheme 2024
The BoB Monsoon Dhamaka Deposit Scheme is set to launch on July 15, 2024. It introduces special term deposit interest rates of 7.25% per annum for 399 days and 7.15% per annum for 333 days. This scheme is open to retail deposits under Rs 3 crore, providing an excellent opportunity for savers to earn a higher return on their deposits during these specific terms.
BoB Monsoon Dhamaka Deposit Scheme Objective
The primary goal of the BoB Monsoon Dhamaka Deposit Scheme is to offer customers an opportunity to benefit from enhanced interest rates over short-to-medium term periods. It aims to attract new deposits and retain existing ones by capitalizing on the seasonal trend of increased savings during the monsoon months. This scheme also supports the bank’s objectives to increase its deposit base and provide competitive rates in the market.
BoB’s Current FD Rates
Bank of Baroda’s current fixed deposit rates offer a broad spectrum of options for depositors looking for various term lengths:
- Short-term deposits for 15 to 45 days offer an interest rate of 6.00%.
- For extremely short durations of 7 to 14 days, the rate drops to 4.25%.
- Depositors looking at slightly longer terms, from 46 days to 90 days, can avail of a 5.50% interest rate.
- Interest rates gradually increase with the length of the term, culminating in a 7.15% rate for deposits that are three years or longer.
Features & Benefits of BoB Monsoon Dhamaka Deposit Scheme 2024
The BoB Monsoon Dhamaka Deposit Scheme stands out with its unique features:
- Higher Interest Rates: Offers 7.25% for 399 days and 7.15% for 333 days.
- Special Rates for Senior Citizens: An additional 0.50% p.a., resulting in rates of 7.75% for 399 days and 7.65% for 333 days.
- Non-callable Deposit Bonus: An additional interest of 0.15% on non-callable deposits of Rs 1 crore to less than Rs 3 crore.
- Marginal Cost of Funds Based Lending Rate (MCLR) Adjustment: Reflects the bank’s response to changing market conditions, ensuring competitiveness.
Domestic Term Deposits including NRO Deposits
The following table outlines the interest rates applicable to various tenures for Domestic Term Deposits, including NRO Deposits, under this scheme:
| Tenure | Senior Citizen Rate (%) | General Public Rate (%) |
|---|---|---|
| 7 – 14 days | 4.75 | 4.25 |
| 15 – 45 days | 6.50 | 6.00 |
| 46 – 90 days | 6.00 | 5.50 |
| 91 – 180 days | 6.10 | 5.60 |
| 181 – 210 days | 6.25 | 5.75 |
| 211 – 270 days | 6.65 | 6.15 |
| 271 days – less than 1 year | 6.75 | 6.25 |
| 333 days (BoB Monsoon Dhamaka) | 7.65 | 7.15 |
| 360 days | 7.60 | 7.10 |
| 399 days (BoB Monsoon Dhamaka) | 7.75 | 7.25 |
| Above 1 year to 400 days | 7.35 | 6.85 |
| Above 400 days to 2 Years | 7.35 | 6.85 |
| Above 2 Years to 3 Years | 7.65 | 7.15 |
| Above 3 Years to 5 Years | 7.15 | 6.50 |
| Above 5 Years to 10 Years | 7.50 | 6.50 |
Conclusion
The BoB Monsoon Dhamaka Deposit Scheme offers an excellent opportunity for individuals to maximize their earnings through strategically timed deposits. With competitive rates and special benefits for senior citizens, this scheme is set to attract a wide array of customers seeking better returns on their savings during the monsoon season. Whether you are a short-term or long-term investor, the BoB Monsoon Dhamaka Deposit Scheme provides multiple options to cater to your financial needs.
