Monsoon Dhamaka Deposit Scheme: BOB updates FD rates, offering up to 7.90% interest to senior citizens

Monsoon Dhamaka Deposit Scheme: Bank of Baroda (BoB) has introduced a new special fixed deposit (FD) scheme called the Monsoon Dhamaka Deposit Scheme. Effective from July 15, it is a special term deposit product offering higher interest rates for deposits below Rs 3 crore.

According to the official release, the scheme is available in two tenures – offering interest rates of 7.25 per cent per annum for 399 days and 7.15 per cent per annum for 333 days.

Monsoon Dhamaka Deposit Scheme: Senior citizens get additional benefits

Senior citizens will get an additional interest rate of 0.50 per cent per annum, making it 7.75 per cent annually for 399 days and 7.65 per cent annually 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)," said BoB.

Monsoon Dhamaka Deposit Scheme: Maximum interest rate

Under this scheme, the maximum interest offered for 399 days is 7.90 per cent per annum, which includes 0.50 per cent per annum for senior citizens and 0.15 per cent per annum for non-callable deposits.

Complete list of interest rates

Bank of Baroda offers interest rates ranging from 4.25 per cent to 7.25 per cent for FDs with durations between 7 days and 10 years. The detailed list of interest rates is available below, allowing you to choose the best FD period for your needs.

SBI's Amrit Vrishchi Scheme

Recently, SBI also launched a 444-day deposit scheme named 'Amrit Vrishti Scheme,' which offers an attractive interest rate of 7.25 per cent annually. Senior citizens benefit from an additional 0.50 per cent interest, making it 7.75 per cent annually. Investments in this scheme can be made until March 31, 2025.