Bank of Baroda (BOB) introduced the BOB MONSOON DHAMAKA Deposit Scheme in 2 tenures on 15th July’24.
There are 2 Deposit schemes introduced for a tenure of 333 days and of 399 days.
Basic details of the BOB Monsoon Dhamaka Scheme :
| Class | Tenure | Interest | Int. (Sr. Ctzn.) | Deposit Amt. |
| Callable Deposit | 333 days | @ 7.15% | @ 7.65% | Less than ₹ 1 Cr. |
| 399 days | @ 7.25% | @ 7.75% | Less than ₹ 1 Cr. | |
| Non-Callable Deposit | 399 days | @ 7.40% | @ 7.90% | From ₹ 1 Cr. to ₹ 3 Cr. |
The Maximum amount of BOB Monsoon Dhamaka deposit is available only up to ₹ 3 Cr.
Meaning of Callable and Non-callable Deposit:
- Callable deposit :
Is one that can be closed/withdrawn before maturity. It is also called as a prematurity closure of a deposit.
- Non-callable Deposit :
Is one which can be closed only on maturity. No closure is allowed before its maturity or Pre-maturity closure is not allowed in this.
The TDS is applicable on the interest under section 194A of the Income Tax Act. The depositor can submit forms 15H/15G to the bank to avoid the TDS. So that they can pay tax thereon at the time of filing of their Income Tax returns.
You can click here for the document from BOB.
You can click here for the Deposit interest calculator.
