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Bank of Maharashtra (BoM), a public sector lender, has revised its interest rates on retail fixed deposits under 2 crore. According to the bank's official website, the new rates took effect on November 9th. Following the revision, the bank is currently offering an interest rate on deposits maturing in 7 days to more than 5 years that ranges from 2.75% to 5.75%. The Bank of Maharashtra will now grant a maximum interest rate of 6.30% on 400 days of Maha Dhanvarsha deposits.

Bank of Maharashtra FD Rates

The bank will give an interest rate of 2.75% on fixed deposits maturing in 7 days to 30 days, and Bank of Maharashtra will offer an interest rate of 3% on fixed deposits maturing in 31 days to 45 days. Now, deposits with maturities between 46 and 90 days will pay interest at a rate of 3.50%, while those with maturities between 91 and 119 days will pay interest at a rate of 4.50%. Now, the Bank of Maharashtra will pay 4.75% interest on deposits that mature in 120 to 180 days and 5.25% interest on deposits that mature in 181 to 270 days.

On fixed deposits maturing in 271 to 299 days, the bank will now offer an interest rate of 5.50% and on those maturing in 300 days, Bank of Maharashtra will offer an interest rate of 5.85%. Deposits maturing in 301 to 364 days will now fetch an interest rate of 5.50% and those maturing in 365 days to 399 days will now fetch an interest rate of 6%. Bank of Maharashtra will pay a 6.30% interest rate on FDs maturing in 400 days and 6% on those maturing in 401 days to 3 years. On fixed deposits maturing in 3 years to more than 5 years, the bank is now promising an interest rate of 5.75%.

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

Senior citizens would receive an additional rate of 0.50% p.a. for deposits up to 2 crore with maturities of 91 days or longer. Deposits made by non-residents are not eligible for the Bank of Maharashtra's additional interest rate advantage. Up to a maximum of 2 Cr, a member, retiree, or spouse of a deceased member or deceased retired member of the bank's employees would be given an additional interest rate of only 1%.

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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