Synopsis: Bank of Baroda introduces the Monsoon Dhamaka Deposit Scheme, offering competitive interest rates for domestic retail term deposits up to Rs. 3 crore. Available online and at branches, the scheme features flexible tenures with attractive rates: 7.25% p.a. for 399 days and 7.15% p.a. for 333 days.
Bank of Baroda has introduced the Monsoon Dhamaka Deposit Scheme, a new financial product aimed at domestic retail term deposits, offering competitive interest rates on deposits up to Rs. 3 crore.
Available both online through the bank’s website and at branch offices, this scheme provides attractive returns with flexibility in tenure choices. For instance, customers can opt for either a 399-day tenure with an interest rate of 7.25% per annum or a 333-day tenure offering 7.15% per annum.
Senior citizens benefit from an additional interest rate of 0.50% per annum, enhancing their returns to 7.75% and 7.65% for the respective tenures.
Sanjay Mudaliar, Executive Director of Bank of Baroda, expressed enthusiasm about the scheme, emphasizing its appeal in providing customers with higher returns on their savings during the launch announcement.
He highlighted the scheme's flexibility and competitive interest rates as opportune for individuals looking to secure attractive returns on their deposits.
In addition to the standard interest rates, non-callable deposits can earn an extra 0.15% interest, provided they meet the minimum deposit requirement of Rs. 1 crore and do not exceed Rs. 3 crore.
Non-Resident External (NRE) customers are also eligible for the 399-day scheme, offering them competitive interest rates of 7.25% per annum on deposits up to Rs. 2 crore.
Overall, Bank of Baroda's Monsoon Dhamaka Deposit Scheme presents a compelling option for investors seeking stability and attractive returns in their savings, leveraging the bank's robust deposit offerings and customer-centric approach.
In conclusion, Bank of Baroda's Monsoon Dhamaka Deposit Scheme stands out as a lucrative opportunity for retail investors and senior citizens alike, offering competitive interest rates on deposits up to Rs. 3 crore.
With flexible tenure options and additional benefits for senior citizens and non-callable deposits, the scheme underscores the bank's commitment to providing attractive returns and financial security to its customers.
By launching this scheme, Bank of Baroda not only aims to attract deposits but also reinforces its reputation as a customer-focused financial institution, catering to diverse savings needs with transparency and reliability.
