Bank of Maharashtra Fixed Deposit Rates

Bank of Maharashtra is one of the oldest banks in India. It was officially constituted in 1935. It provides a variety of Fixed Deposit (FD) schemes to its investors. These schemes required the investor to park a significant portion of funds within the bank for an interest income and high returns upon maturity. Bank of Maharashtra provides Fixed Deposits for interest rates between the range of 2.75% p.a. and 4.90% p.a. Bank of Maharashtra FD rates for senior citizen range between 4.00% to 5.40% p.a.

Bank of Maharashtra FD Rates Less than Rs.2 Crore

Period of Deposit Interest rate for general citizens (p.a.) Interest rate for Senior citizens (p.a.)
7 days to 45 days 2.75% N/A
46 days to 90 days 3.25% N/A
91 days to 119 days 3.50% 4.00%
120 days to 180 days 3.75% 4.25%
181 days to 270 days 4.00% 4.50%
271 days to 364 days 4.25% 4.75%
1 year 4.90% 5.40%
1 year 1 day to 2 years 4.90% 5.40%
2 years 1 day to 3 years 4.90% 5.40%
3 years 1 day to 5 years 4.90% 5.40%
Above 5 years 4.90% 5.40%

*The Bank of Maharashtra Fixed Deposit interest rates tend to change at the discretion of the bank. The rates given here are valid as of 10 July 2021.

Bank of Maharashtra fixed Deposit rates: Rs.2 crore to Rs.100 crore

Period of Deposit Interest rate for general citizens (p.a.) Interest rate for Senior citizens (p.a.)
7 days to 45 days 2.75% N/A
46 days to 90 days 2.75% N/A
91 days to 180 days 2.75% 3.25%
181 days to 1 year 2.75% 3.25%
1 year to 2 years 3.00% 3.50%
2 years 1 day to 3 years 3.00% 3.50%
3 years 1 day to 10 years 3.00% 3.50%

*The Bank of Maharashtra Fixed Deposit interest rates tend to change at the discretion of the bank. The rates given here are valid as of 10 July 2021.

Bank of Maharashtra Tax Saving FD

Period of Deposit Interest rate for general citizens (p.a.) Interest rate for Senior citizens (p.a.)
7 days to 45 days 4.90% 5.40%

*The Bank of Maharashtra Fixed Deposit interest rates tend to change at the discretion of the bank. The rates given here are valid as of 10 July 2021.

Bank of Maharashtra NRE FD Rates for Deposits below Rs.2 Crore

The NRE FD rates are as given below:

Tenure bracket Regular FD rates (per annum)
365 days/1 year to 2 years 4.90%
Over 1 year to 2 years 4.90%
Over 2 years to 3 years 4.90%
Over 3 years to 5 years 4.90%
Over 5 years 4.90%

*The Bank of Maharashtra Fixed Deposit interest rates tend to change at the discretion of the bank. The rates given here are valid as of 10 July 2021.

Types of Deposit Schemes by Bank of Maharashtra

  • Mahalaxmi Term Deposit Scheme
  • Maha Saraswati
  • Tax Saving Term Deposit

Features & Benefits of Bank of Maharashtra Fixed Deposits

Some of the features and benefits of the BoM fixed deposits are as follows:

  • Monthly and quarterly interest deposit schemes
  • Tenure from one year to 10 years
  • Minimum deposit of Rs.1,000

Eligibility Criteria

The eligibility criteria for BoM fixed deposits are as follows:

  • Resident Indians
  • Non-Resident Indians
  • Minors
  • Corporates
  • Clubs
  • Firms

Bank of Maharashtra Loan Against FD

Loan facility of up to 90% of the deposit is available for Bank of Maharashtra FDs.

Nomination Facility on Bank of Maharashtra FD

Nomination facility is available for Bank of Maharashtra FDs.

FAQs on Bank of Maharashtra Fixed Deposit Rates

  1. What is the highest fixed deposit interest rate for Bank of Maharashtra?

    The highest interest rate for Bank of Maharashtra fixed deposits of below Rs.2 crore for the general public is 4.90% p.a. Senior citizens get an additional interest rate of 0.50% p.a. so the highest interest rate for them is 5.40% p.a.

  2. What is the interest of 1 lakh in the Bank of Maharashtra?

    The interest rate for Rs.1 lakh in Bank of Maharashtra will be dependent on the tenure chosen. Currently, the interest rates range from 2.75% p.a. to 4.90% p.a. for the general public with 0.50% p.a. additional interest rate given to senior citizens.

  3. In how many years FD will double in Bank of Maharashtra?

    To find out how long it will take to double your FD, divide the number 72 by the annual rate of interest of your FD contract. This number will be the number of years it takes to double your FD amount.

  4. Is it possible to change the tenure of my existing fixed deposit account with Bank of Maharashtra?

    Once an FD is opened, it is not possible to change the tenure.

  5. Are there any special rates for senior citizens FD of Bank of Maharashtra?

    Yes, senior citizens are offered 0.50% additional interest rate by the Bank of Maharashtra.

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