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Business News/ Industry / Banking/  State-owned Bank of Maharashtra revises retail FD rates, now promising up to 7% on 200 days tenor
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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.

On a deposit tenor of 200 days, Bank of Maharashtra (BoM) is now offering a maximum interest rate of 7%. Premium
On a deposit tenor of 200 days, Bank of Maharashtra (BoM) is now offering a maximum interest rate of 7%.

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.

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

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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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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Published: 18 Apr 2023, 02:29 PM IST
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