Bank of Maharashtra revises interest rates on retail fixed deposits (FD)

Bank of Maharashtra (BoM), a public sector lender, has revised its interest rates on retail fixed deposits under 2 crores. According to the bank’s official website, the new rates went into effect on November 9. Following the review, the bank currently offers an interest rate on deposits with maturities between 7 days and more than 5 years, which 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 provide an interest rate of 2.75% on term deposits maturing in 7 to 30 days, and the Bank of Maharashtra will provide an interest rate of 3% on term deposits maturing in 31 days to 45 days. From now on, deposits with a maturity between 46 and 90 days will pay interest at a rate of 3.50%, while those with a maturity between 91 and 119 days will pay interest at a rate of 4, 50%. Now, Bank of Maharashtra will pay 4.75% interest on deposits maturing in 120-180 days and 5.25% interest on deposits maturing in 181-270 days.

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

Show full picture

Bank of Maharashtra FD Rates (bankofmaharashtra.in)

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

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

Comments are closed.