• Bank of Maharashtra NRI Fixed Deposits

    Bank of Maharashtra both offers Non-Resident Indians a convenient array of fixed deposit options ranging from Non-Resident Ordinary (NRO) to Non-Resident External (NRE) and Foreign Currency Non Resident (FCNR) schemes. All of these provide competitive interest rates to NRIs.

    Key Bank of Maharashtra NRI FD rates

    • Maximum NRE Deposit rate: 5.40% p.a. for less than Rs.2 crore
    • Maximum NRO Term Deposit rate: 5.40% p.a. for less than Rs.2 crore
    • Maximum FCNR (B) FD rate:
      • US Dollar (USD): 0.01% p.a.
      • Pound Sterling (GBP): 0.01% p.a.
      • Euro (EUR): 0.01% p.a.
      • Canadian Dollar (CAD): 0.01% p.a.
      • Australian Dollar (AUD): 0.01% p.a.
      • Japanese Yen (JPY): 0.01% p.a.

    Bank of Maharashtra NRI Fixed Deposit Interest Rates

    The interest rates offered by the bank for its various NRI FD schemes are given below:

    Bank of Maharashtra NRO FD Deposit Interest Rates: Up to Rs.7.5 Crore

    The NRO FD interest rates are as given below:

    Deposit Tenure Less than Rs.2 Crore Rs.2 crore to Rs.5 crore Rs.5 crore to Rs.100 crore
    7 days to 45 days 2.75% 2.75% 2.75%
    46 days to 90 days 3.25% 2.75% 2.75%
    91 days to 119 days 3.50% 2.75% 2.75%
    120 days to 180 days 3.75% 2.75% 2.75%
    181 to 270 days 4.00% 2.75% 2.75%
    271 to 364 days 4.25% 2.75% 2.75%
    One year 4.90% 2.75% 2.75%
    Over one year to 5 years and above 4.90% 3.00% 3.00%

    *The NRO fixed deposit rates can vary according to the bank's discretion. These rates are effective from 1 April 2021.

    Bank of Maharashtra NRO FD Deposit Interest Rates: Up to Rs.2 Crore

    The NRO fixed deposit interest rates are as given below:

    Deposit Tenure Interest Rate
    Deposit Tenure Interest Rate
    365 days 4.90%
    Over 1 year to less than 2 years 4.90%
    Over 2 years to less than 3 years 4.90%
    Over 3 years to less than 5 years 4.90%
    Over 5 years 4.90%

    *The NRO fixed deposit rates can vary according to the bank's discretion. These rates are effective from 1 April 2021.

    Bank of Maharashtra FCNR (B) Deposit Interest Rates

    The FCNR (B) deposit interest rates are as given below:

    Period USD GBP EUR AUD CAD
    12 months–15 months–18 months–21 months 0.73 0.38 0.00 0.38 0.87
    24 months-27 months-30 months-33 months 0.80 0.54 0.01 0.44 0.88
    36 months-39 months-42 months-45 months 1.02 0.68 0.06 0.61 1.18
    48 months-51 months-54 months-57 months 1.53 1.07 0.00 1.16 1.71
    60 months 1.78 1.19 0.00 1.42 1.93

    *The Bank of Maharashtra FCNR (B) FD rates can vary according to the bank's discretion. These interest rates are effective from 1 April 2021.

    FAQs on Bank of Maharashtra NRI Fixed Deposits

    1. What is the tenure of the NRE FD scheme offered by Bank of Maharashtra?

      The tenure of the NRE FD scheme offered by Bank of Maharashtra ranges between 1 year and more than five years.

    2. What is the highest interest that is offered by Bank of Maharashtra on its NRE FD scheme?

      The highest interest rate offered Bank of Maharashtra on its NRE FD scheme is 4.90%.

    3. In case of premature withdrawal before one year, is there any penalty levied?

      No penalty is levied in the case of premature withdrawal within one year.

    4. In case of premature withdrawal after one year, is there any penalty levied?

      In case of premature withdrawal after one year, the penalty that is levied is 1%.

    5. Are senior citizens offered an additional interest rate on NRE FDs?

      No, senior citizens are not offered an additional interest rate on NRE FDs.

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