• Investment
  • Car
  • Bike
  • Term Life
  • Health

Bank of Maharashtra FD Rates

Bank of Maharashtra offers a varied range of FD accounts with the objective of enabling their customers generate healthy returns on their savings at a fixed interest rate and a pre-determined tenure. At the same time, these FDs help individuals maintain liquidity. Bank of Maharashtra FDs serve the dual purpose of steady savings and reliable income.

Bank of Maharashtra FD Rates 2019

ParticularsRate of Interest
Saving Deposits Balance of up to Rs. 25 lakh3.50% p.a.
Saving Deposits Balance above Rs. 25 lakh4.00% p.a.

Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

Source: Bank of Maharashtra website

Note - Deposit interest rates are subject to change anytime as per Bank's discretion.

DurationFor amount less than Rs. 2 crore % per annum w.e.f. 08.03.2019)For amount Rs. 2 crore to Rs. 5 crore (% per annum w.e.f. 08.03.2019)For amount greater than Rs. 5 crore to Rs. 100 crore (% per annum w.e.f. 08.03.2019)
7-45 days4.254.254.25
46-90 days5.254.54.5
91-364 days64.754.75
365 Days/ 1 year6.55.255
Over 1 year to 2 years6.555
Over 2 years to 3 years6.655
Above 3 years6.555

Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

Source: Bank of Maharashtra website

Note - Deposit interest rates are subject to change anytime as per Bank's discretion.

Bank of Maharashtra FD Rates for NRO Fixed Deposit

DurationFor Amount less than Rs. 2 crore % per annum w.e.f. 08.03.2019)For Amount Rs. 2 crore to Rs. 5 crore (% per annum w.e.f. 08.03.2019)For amount greater than Rs. 5 crore to Rs. 100 crore (% per annum w.e.f. 08.03.2019)
7-45 days4.254.254.25
46-90 days5.254.54.5
91-364 days64.754.75
365 Days/ 1 year6.55.255
Over 1 year to 2 years6.555
Over 2 years to 3 years6.655
Above 3 years6.555

Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

Source: Bank of Maharashtra website

Note - Deposit interest rates are subject to change anytime as per Bank's discretion.

Bank of Maharashtra FD Rates for NRE Fixed Deposit

Duration
For amount less than Rs. 1 crore
(% per annum w.e.f. 13.08.2018)
365 Days / 1 year6.5
Over 1 Year to 2 Years6.5
Over 2 Years to 3 Years6.5
Above 3 Years6.5

Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

Source: Bank of Maharashtra website

Note - Deposit interest rates are subject to change anytime as per Bank's discretion.

Bank of Maharashtra Tax Saver FD

Bank Term Deposits Scheme, 2006 (5 years Tax Saving Scheme), offered by the Bank of Maharashtra is applicable up to Rs. 1.5 lakh only.

Bank of Maharashtra FCNR Deposits

Interest Rates on fresh FCNR (B) & RFC Deposits for the month of March 2019 shall be as under:

PeriodRates for USDRates for GBPRates for EURORates for AUDRates for CAD
12-15-18-21 months3.141.20.322.082.64
24-27-30-33 months3.081.370.362.032.41
36-39-42-45 months3.032.410.452.032.42
48-51-54-57 months3.251.760.312.472.64
60 months3.271.810.412.54

Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

Source: Bank of Maharashtra website

Note - Deposit interest rates are subject to change anytime as per Bank's discretion.

Features of the Bank of Maharashtra FD Account

  • Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

  • A member or a retired member or the spouse of a deceased member or spouse of a deceased retired member of the Bank’s staff will be offered an additional interest rate of 1% only up to an amount of Rs. 2 crore only.

  • In case of premature withdrawal of deposits, interest is payable at the rate applicable to the period for which deposit has been actually held with the Bank.

  • Premature withdrawal of term deposits of up to 1 year maturity (tenor at the time of opening the account), no penalty is applicable on the interest rate. Interest rates on prematurely withdrawn term deposits with maturity period that exceeds 1 year will be 1% below the applicable rate.

  • Deposits are accepted for a maximum period of 10 years.

  • Mahanidhi/Mahalabh/Mahalaxmi are applicable below Rs. 2 crore only.

  • 444 days/Mahanidhi and 666 days/Mahalabh Schemes rates on repricing will be as per rates applicable to one year to less than 3 years bucket.

  • Bank Term Deposits Scheme, 2006, (5 years Tax Saving Scheme) is applicable up to Rs. 1.5 lakh only.

  • The bank is mandated to take approval before accepting bulk term deposit above Rs. 5 crore.

FAQs on Bank of Maharashtra FD Interest Rates

What is the interest rate that Bank of Maharashtra Fixed Deposit offers on senior citizens FDs?

Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits.

Can I make alterations to the tenure of my ongoing Bank of Maharashtra Fixed Deposit?

No, you cannot make changes to the tenure of an ongoing Bank of Maharashtra Fixed Deposit account. However, you can prematurely close the fixed deposit and start a new one.

How to open a Bank of Maharashtra Fixed Deposit account without a PAN card?

Without a PAN card, you can open a Fixed Deposit account at Bank of Maharashtra by submitting a copy of Form 16, duly filled up with correct information.

What is the highest interest rate that is offered by the Bank of Maharashtra Fixed Deposit?

The interest rate of 6.6% applicable for NRE Fixed Deposits over 2 years and below 3 years is the highest offered by the Bank of Maharashtra.

What are the FD tenure options with Bank of Maharashtra Fixed Deposit?

The tenure options for Bank of Maharashtra Fixed Deposits differs with the type of FD you want to opt for.

What is the minimum amount required to start a Bank of Maharashtra Fixed Deposit account?

The minimum amount required to start a Bank of Maharashtra Fixed Deposit account varies on the type of account, as specified below:

What is the eligibility criteria to open a Bank of Maharashtra Fixed Deposit account?

An individual interested in opening a Fixed Deposit account at Bank of Maharashtra have to meet the following eligibility criteria:

  • Should be a resident of India
  • Should belong to the Hindu Undivided Family (HUF)

Can I open my Bank of Maharashtra Fixed Deposit without a PAN card?

Yes, you can open a Bank of Maharashtra Fixed Deposit without a PAN card.

Leave a rating!
5.0 (3 votes)