State-owned Bank of Maharashtra revises retail FD rates, now promising up to 7% on 200 days tenor
The public sector lender Bank of Maharashtra (BoM) has revised its interest rates on fixed deposits of less than ₹2 Cr.
The public sector lender Bank of Maharashtra (BoM) has revised its interest rates on fixed deposits of less than ₹2 Cr. Following the revision the bank is now offering interest rates ranging from 2.75% to 5.75% on a deposit tenor of 7 days to 5 years and above. On a deposit tenor of 200 days, Bank of Maharashtra (BoM) is now offering a maximum interest rate of 7%. As per the official website of the bank, the new FD rates are effective as of 17th April 2023.
Bank of Maharashtra FD Rates
On fixed deposits maturing in 7 to 30 days, the bank will offer an interest rate of 2.75% and on those maturing in 31 to 45 days, Bank of Maharashtra (BoM) is offering an interest rate of 3%. Bank of Maharashtra (BoM) is offering an interest rate of 3.50% on a deposit tenor of 46 to 90 days and 4.50% on a deposit tenor of 91 to 119 days.
Deposits maturing in 120 to 180 days will fetch an interest rate of 4.75% and on those maturing in 181 to 270 days will fetch an interest rate of 5.35%. The bank is promising an interest rate of 5.60% on fixed deposits that mature between 271 to 364 days, whereas Bank of Maharashtra (BoM) is promising an interest rate of 6.35% on deposits maturing in one year.
On deposits with tenors of more than one year to three years, Bank of Maharashtra (BoM) will guarantee an interest rate of 6%, and on deposits with tenors of more than three years to five years, it would guarantee an interest rate of 5.75%. Bank of Maharashtra would provide interest rates of 7% and 6.75% on special tenors of 200 days and 400 days, respectively.
On all maturity tenors of 91 days and above, senior citizens who are residents of India would only receive an additional rate of 0.50% over and above the standard rates per year for deposits up to Rs. 2 crore.
With effect from April 15, Bank of Maharashtra (BoM) raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors. The six-month and one-year MCLRs are now 8.40% and 8.50%, respectively, compared to 8.50% and 8.40% before, respectively, based on the revision made.
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