Bank of Maharashtra is a prominent government-owned bank in India, managed by the Ministry of Finance, Government of India. The bank offers a range of fixed deposit options with varying interest rates and tenures. Investors can start investing in Bank of Maharashtra FD with a minimum investment of INR 1,000. This comprehensive article delves into the features and Bank of Maharashtra FD interest.
Interest Rates on Fixed Deposits for Domestic and NRO Accounts of Less than Rs.2 Crore
Tenure | Interest Rates (% p.a.) | |
Regular Citizens | Senior Citizens | |
7 days to 30 days | 2.75 | 2.75 |
31 days to 45 days | 3.00 | 3.00 |
46 days to 90 days | 3.50 | 3.50 |
91 days to 119 days | 4.50 | 5.00 |
120 days to 180 days | 4.75 | 5.25 |
181 days to 270 days | 5.35 | 5.85 |
271 days to 364 days | 5.60 | 6.10 |
365 days/1 year | 6.35 | 6.85 |
Above 1 year to 2 years | 6.00 | 6.50 |
Above 2 years to 3 years | 6.00 | 6.50 |
Above 3 years to 5 years | 5.75 | 6.25 |
Above 5 years | 5.75 | 6.25 |
Special Fixed Deposit Schemes
Tenure | Interest Rates (% p.a.) | |
Regular Citizens | Senior Citizens | |
200 days | 7.00 | 7.50 |
400 days | 6.75 | 7.25 |
Note:
1. This special FD interest rate is available for deposits up to Rs.10 crores only
2. Senior citizen special FD rates are applicable for deposits up to Rs.2 crores only
NRE Fixed Deposit Interest Rates for Deposits up to Rs.2 Crore w.e.f. 9 November 2022
Tenure | Interest Rates (% p.a.) |
365 days/1 year | 6.00 |
1 year to 399 days | 6.00 |
400 days (Maha Dhanavarsha) | 6.30 |
401 days to 2 years | 6.00 |
Above 2 years to 3 years | 6.00 |
Above 3 years to 5 years | 5.75 |
Above 5 years | 5.75 |
Bank of Maharashtra Offers Interest Rates on FDs Above Rs.10 Crores
Period of Deposit | Interest Rate for General Citizens (p.a.) |
7 days to 30 days | 2.65% |
31 days to 45 days | 2.90% |
46 days to 90 days | 3.40% |
91 days to 119 days | 4.40% |
120 days to 180 days | 4.65% |
181 days to 270 days | 4.65% |
271 days to 364 days | 4.90% |
1 year | 5.90% |
Above 1 year to 2 years | 6.00% |
Above 2 years to 3 years | NA |
Above 3 years to 5 years | NA |
Above 5 years | NA |
FCNR (B) Fixed Deposit Interest Rates
Period | Rates for USD | Rates for GBP^ | Rates for EURO^ | Rates for AUD^ | Rates for CAD^ |
12-15-18-21 months | 4.65 | 2.05 | 0.01 | 1.25 | 1.04 |
24-27-30-33 months | 3.10 | 2.20 | 0.01 | 1.45 | 2.10 |
36-39-42-45 months | 3.10 | 2.30 | 0.01 | 1.80 | 2.32 |
48-51-54-57 months | 3.00 | 2.30 | 0.10 | 1.85 | 2.38 |
60 months | 3.00 | 2.30 | 0.15 | 2.00 | 2.39 |
Bank of Maharashtra Tax Saver Deposit
Tenure | Interest Rates (% p.a.) | |
Regular Citizens | Senior Citizens | |
5 years | 5.75 | 6.25 |
Senior Citizen FD Rates at Bank of Maharashtra
Bank of Maharashtra offers senior citizens higher interest rates on fixed deposits than regular FDs. These rates are 0.50% higher for all maturity periods of 91 days and above on deposits up to Rs. 1 crore. These special rates apply only to resident Indians, and proof of age is required for senior citizens to avail themselves of the senior citizen rates.
FD Interest Calculator for Bank of Maharashtra
The Bank of Maharashtra FD interest calculator is a valuable tool for determining the final value of a fixed deposit scheme. The calculator provides an accurate maturity value by entering the initial deposit amount, deposit term, and interest rate. These calculators are convenient for investors as they show the interest earned on the principal amount every quarter throughout the deposit term.
Loan Against Bank of Maharashtra Fixed Deposits
The Bank of Maharashtra offers 0% interest loans against its deposits, but not if you have a fixed deposit with another bank. They provide loans against FDs at rates ranging from 3.75% to 5.9%.
Conclusion
In conclusion, the Bank of Maharashtra offers a wide range of fixed deposit options with competitive interest rates, catering to regular and senior citizens. Investors can earn steady returns with flexible deposit tenures and attractive interest rates. The bank also provides a Bank of Maharashtra FD interest calculator and allows loans against deposits, ensuring customer convenience. Overall, the Bank of Maharashtra’s fixed deposit schemes offer a secure investment opportunity backed by a government-owned bank.
Indeed, individuals have the option to open a Fixed Deposit with the Bank of Maharashtra even in the absence of a PAN card.
Certainly! Bank of Maharashtra provides a 0.5% interest rate discount on the prevailing fixed deposit rates specifically for elderly individuals.
Bank of Maharashtra FD premature withdrawal is allowed. The interest rate will be based on the deposit term, not the contract rate. No penal interest rate applies for domestic/NRO deposits under 1 year. For other maturities, a 1% penal rate is applicable.
Bank provides attractive interest rates on the Bank of Maharashtra FD plan. Regular citizens can earn a maximum rate of 7.00%, while senior citizens enjoy a higher rate of 7.50% for 200 days.
The maximum deposit limit for Bank of Maharashtra FDs is Rs. 5 crores.