Bharatiya Mahila Bank Fixed Deposit Rates

Bharatiya Mahila Bank was incorporated with the main objective to encourage more women in the country to have bank accounts. Though it was initially a bank for ‘women only’, now, everyone can open an account here. In 2017, the Bharatiya Mahila Bank became a fully owned subsidiary of the State Bank of India (SBI). Consequently, the fixed deposit schemes and interest rates offered will be the same as that offered by the well-known public sector bank SBI. Before applying for a fixed deposit, take a look at all the interest rates.

SBI merger

The SBI went on to merge with as many as 5 associate banks including Bharatiya Mahila Bank in the early half of 2017. The banks include State Bank of Patiala, State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner and Jaipur. SBI fixed deposit rates will be the same as that applicable to this bank.

The updated list of Bharatiya Mahila Bank FD Rates for Regular and Senior Citizen, with effect from 28 May, 2018, is listed below:

*For deposits that are less than Rs.1 crore

Bharatiya Mahila Bank Short-Term FD Interest Rates

• Bharatiya Mahila Bank short-term fixed deposits will allow all FD stakeholders to gain interest in a scale that is from 5.75% p.a to 6.40% p.a.
• A highly-paid tenure for a short-term deposit is 211 days to 364 days, where the gain rate works out to be 6.40% p.a.
• All time deposits schemes that are opened from 46 days to less than 1 year will offer the depositor more than 6.00% p.a. easily.
• For 180 days to 210 days, interest will be paid out at the rate of 6.35% p.a. and for 46 days to 179 days, the gain rate stands at 6.25% p.a.

Bharatiya Mahila Bank Medium & Long-Term FD Interest Rates

• If you make an investment for a period that is more than 1 year to 5 years, the gain rate will work out to be around 6.65% p.a tom 6.70% p.a.
• A high paying rate here is 6.70% p.a., which is for any FD kept in the bank from 3 years to less than 5 years.
• In this category, one can also go for a tax saving scheme that will give a tax deduction benefit of up to Rs.1.5 lakh under the provisions of Section 80C of the Income Tax Act.
• The bank will offers a gain rate of 6.65% p.a. for an investment duration that is from 1 year to less than 3 years.
• One can go for long-term fixed deposits to meet a range of financial goals such as owning a car, vacation or to save money for education, etc.
• The interest rate that is paid for investing from 5 years to 10 years is 6.75% p.a.

Bharatiya Mahila Bank Senior Citizen FD Interest Rates

• Additional interest rate is offered to all senior citizen time deposit schemes across tenures.
• The range at which interest is paid is from 6.25% p.a. and goes up to 7.25% p.a.
• The highest paying tenure for pensioners remains to be long-term FDs held from 5 years to 10 years, where the gain percentage is 7.25% p.a.