Home / Industry / Banking /  Bank of Maharashtra hikes FD rates, now offers up to 7% on 200 days of tenor
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Bank of Maharashtra (BoM) on Tuesday announced a hike of interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of 16th January 2023. Following the change, the bank is now providing interest rates on deposits maturing in the next 7 days to over 5 years that range from 2.75% to 5.75%. The bank is now giving a maximum interest rate of 7% on deposits with a 200-day term.

Bank of Maharashtra FD Rates

The bank will continue to give an interest rate of 2.75% on deposits held for 7 to 30 days, while Bank of Maharashtra (BoM) will continue to offer an interest rate of 3% on deposits held for 31 to 45 days. On deposits maturing in 46 to 90 days, Bank of Maharashtra (BoM) will continue to give a 3.50% interest rate; however, the bank has increased the interest rate to 4.50% on deposits maturing in 91 to 119 days.

Deposits that mature in 120 to 180 days will now earn 4.75% interest, while those that mature in 181 to 270 days will now earn 5.25% interest. The bank will continue to give an interest rate of 5.50% on deposits maturing in 271 days to 364 days, and Bank of Maharashtra (BoM) will continue to offer an interest rate of 6.15% on deposits maturing in 365 days to one year. Bank of Maharashtra (BoM) hiked interest rates on deposits with terms longer than one year to three years by 6%, and on deposits with terms longer than three years to five years by 5.75%.

Bank of Maharashtra FD Rate
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Bank of Maharashtra FD Rate (bankofmaharashtra.in)

The bank has introduced a new tenure of 200 days on which it is promising a maximum interest rate of 7% and on the 400 days (Maha Dhanavarsha) scheme, the bank is now offering an interest rate of 6.75% on deposits of up to 10 Cr only. For all maturity buckets of 91 days and above, resident Indian senior citizens would only be provided with an additional rate of 0.50% pa. for deposits up to Rs. 2 crore.

In order to meet Sebi's minimum public shareholding (MPS) requirements, Bank of Maharashtra (BoM) managing director A S Rajeev said on Monday that the bank plans to raise up to 1,000 crore via qualified institutions placement (QIP) in the January-March quarter or Q4FY23.

The lender reported a 138.76% YoY growth in its Q3FY23 net profit, from 325 crore in Q3FY22 to 775 crore in Q3FY23. The bank's operating profit rose by 35.94% YoY between Q3FY22 and Q3FY23, from Rs. 1,162 crore to Rs. 1,580 crore. Net Revenues in Q3FY23 climbed from Q3FY22 to Q3FY23 by 22.56%, or from 2,138 crore to 2,620 crore, while Net Interest Income (NII) climbed from 1,527 crore to 1,980 crore, or by 29.65% YoY.

Bank of Maharashtra reports that in Q3FY23, its total business climbed by 15.77% YoY to 365,398 crore and its total deposits climbed by 11.69% to 208436 crore. In Q3FY23, gross advances climbed 21.67% YoY to 156,962 Cr from 129,006 Cr in Q3FY22. In Q3FY23, Net Advances climbed by 23.02% YoY to 153,065 crore. According to the lender, gross NPA dropped from 4.73% on December 31, 2021, to 2.94% on December 31, 2022. According to BoM, its Net NPA dropped from 1.24% in Q3FY22 to 0.47% in Q3FY23.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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