BOB hikes FD rates, introduces Monsoon Dhamaka with up to 7.90% interest

2 min read Last Updated : Jul 18 2024 | 11:43 AM IST

Bank of Baroda has hiked its fixed deposit (FD) rates and introduced a new scheme called the ‘BoB Monsoon Dhamaka Deposit Scheme.’

The scheme is available in two tenor buckets: Interest rate of 7.25 per cent per annum for 399 days and 7.15 per cent p.a. for 333 days. The latest FD rates offered by Bank of Baroda opened on July 15 and are applicable on retail deposits below Rs 3 crore.

“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,” said Sanjay Mudaliar, Executive Director at Bank of Baroda.

Key highlights of new FD rates:

Monsoon Dhamaka Deposit offers a 7.25 per cent interest rate on deposits maturing in 399 days. Senior citizens will earn an additional interest rate of 0.50 per cent p.a. – 7.75 per cent p.a. for 399 days and 7.65 per cent p.a. for 333 days.

General FD rates: The bank has also revised its general FD rates for various tenures. For deposits maturing in one year to 400 days, the interest rate is 6.85 per cent for general citizens and 7.35 per cent for senior citizens. For deposits maturing in more than 400 days and up to 2 years, the interest rate remains the same at 6.85 per cent for general citizens and 7.35 per cent for senior citizens.

The bank has also revised the Marginal Cost of Funds Based Lending Rate (MCLR) applicable from 12th July 2024.

Check full list of BoB Fixed Deposit interest rates 2024