Bank of Maharashtra hikes FD rates by up to 7% on a special tenor of 200 days
2 min read 16 Feb 2023, 02:30 PM ISTIn response to rising fixed deposit rates triggered by the RBI's last update on February 8, 2023, which increased the repo rate by 25 basis points to 6.50%, the public sector lender Bank of Maharashtra (BoM) has increased interest rates on fixed deposits under ₹2 Cr.
PremiumIn response to rising fixed deposit rates triggered by the RBI's last update on February 8, 2023, which increased the repo rate by 25 basis points to 6.50%, the public sector lender Bank of Maharashtra (BoM) has increased interest rates on fixed deposits under ₹2 Cr. Following the change, the bank is currently providing interest rates on deposit tenors of 7 days to 5 years and above that range from 2.75% to 5.75%. The bank has launched two special tenors with 200-day and 400-day maturities, under which it has guaranteed 7% and 6.75% returns, respectively. These rates are effective as of February 14, 2023, according to the Bank of Maharashtra's official website.
Bank of Maharashtra FD Rates
The bank offers a 2.75% interest rate on fixed deposits that mature in 7 to 30 days, and Bank of Maharashtra offers a 3% interest rate on deposits that mature in 31 to 45 days. Deposits with maturities between 46 and 90 days will now earn interest at a rate of 3.50%, while those with maturities between 91 and 119 days will now earn interest at a rate of 4.50%.
The bank is now giving an interest rate of 4.75% on fixed deposits that mature in 120 to 180 days, and Bank of Maharashtra is now offering an interest rate of 5.25% on deposits that mature in 181 to 270 days. The bank will now give an interest rate of 5.50% on deposits with a tenor of 271 to 364 days, while Bank of Maharashtra will now pay 6.25% on deposits with a tenor of one year.
Deposits maturing after 1 year but before 3 years will now earn 6% interest, while those maturing after 3 years but before 5 years and above will now earn 5.75% interest.
Senior citizens who are residents of India would only be given an additional rate of 0.50% per year for deposits up to Rs. 2 crore on all maturity slabs of 91 days and above. Any kind of non-resident deposit is not eligible for the additional interest. However, up to an amount of Rs. 2.00 crore, a member, retired member, or spouse of a deceased member or retired member of the bank's staff would only be provided with an additional interest rate of 1.00%.
Regarding premature withdrawals of fixed deposits, Bank of Maharashtra has mentioned on its website that “On premature withdrawal of term deposits, for deposits up to 1 year maturity (tenor at the time of opening the account) there will NO PENALTY on the applicable interest rate. Interest rates on prematurely withdrawn term deposits with maturity period more than 1 year will be 1% below the applicable rate."
Meanwhile, with effect from February 15, interest rates on fixed deposits under ₹2 crore were increased by 5 basis points to 25 basis points by India's largest public sector lender, State Bank of India (SBI). Additionally, the bank offered a special 400-day tenure plan with a 7.10% rate and 7.60% for senior citizens. SBI now guarantees non-senior citizens a maximum return of 7% on deposits with a tenor of two to three years. “Bank has also introduced specific tenor scheme of “400 days" (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f 15- Feb- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31-Mar-2023," mentioned SBI on its website.
