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.
The interest rates offered by the bank for its various NRI FD schemes are given below:
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.
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.
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.
The tenure of the NRE FD scheme offered by Bank of Maharashtra ranges between 1 year and more than five years.
The highest interest rate offered Bank of Maharashtra on its NRE FD scheme is 4.90%.
No penalty is levied in the case of premature withdrawal within one year.
In case of premature withdrawal after one year, the penalty that is levied is 1%.
No, senior citizens are not offered an additional interest rate on NRE FDs.
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