The Bank of Maharashtra offers FD accounts to Indian citizens and NRIs, providing them with a safe plan to grow their savings. Companies, Trusts, Firms, Minors and senior citizens can all benefit from a Bank of Maharashtra FD which offers competitive interest rates.
The Bank of Maharashtra FD rates range from 2.75% to 6.50% p.a. to regular citizens for deposit amounts of below ₹2 Crores. The bank offers special interest rates that are 0.50% higher than the normal rate to senior citizens. With various FD accounts like NRE, NRO, Tax saving, Special schemes, FCNR and more, depositors have a variety of options to fulfil their financial requirements.
Bank of Maharashtra FD Rates 2024 (Below 2 Crores)
The Bank of Maharashtra FD interest rates are given in the following table as per the various FD tenures for deposits below Rs. 2 crores.
| FD Tenures | Interest Rates % (p.a.) General Public |
|---|---|
| 7 days to 30 days | 2.75% |
| 31 days to 45 days | 3.00% |
| 46 days to 90 days | 4.75% |
| 91 days to 119 days | 4.90% |
| 120 days to 180 days | 5.10% |
| 181 days to 270 days | 5.50% |
| 271 days to 364 days | 5.60% |
| 365 days/ One year | 6.50% |
| Above 1 to 2 years | 6.25% |
| Above 2 to 3 years | 6.25% |
| Above 3 to 5 years | 6.00% |
| Above 5 years | 6.00% |
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*Note- The interest rates are subject to change. Please check the Bank of Maharashtra’s official website for the latest information.Bank of Maharashtra Senior Citizen FD Rates
Senior citizens can enjoy a higher rate of interest of 0.50% p.a. with the Bank for FD deposits under ₹2 Crores invested for a tenure of 91 days above. The Bank of Maharashtra FD interest rates along with their applicable tenures is given below:
| FD Tenures | Interest Rates % (p.a.) Senior Citizens |
|---|---|
| 7 days to 30 days | 3.25% |
| 31 days to 45 days | 3.50% |
| 46 days to 90 days | 5.25% |
| 91 days to 119 days | 5.40% |
| 120 days to 180 days | 5.60% |
| 181 days to 270 days | 6.00% |
| 271 days to 364 days | 6.10% |
| 365 days/ One year | 7.00% |
| Above 1 to 2 years | 6.75% |
| Above 2 to 3 years | 6.75% |
| Above 3 to 5 years | 6.50% |
| Above 5 years | 6.50% |
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*Note- The interest rates are subject to change. Please check the Bank of Maharashtra’s official website for the latest information.Bank of Maharashtra Special Scheme Rates
These special deposit schemes are offered to investments of up to ₹10 crores by the bank. The Bank of Maharashtra FD scheme interest rates are as follows:
| Tenures | Interest Rates % (p.a.) General Public | Interest Rates % (p.a.) Senior Citizens |
|---|---|---|
| 200 days | 7.00% | 7.50% |
| 400 days | 6.75% | 7.25% |
Bank of Maharashtra Fixed Deposit Rates (Above 2 Crores)
Individuals, Entities, Trusts, Companies or Institutions that are seeking to invest in amounts of ₹2 - 10 Crores can refer to the table below for the latest Bank of Maharashtra FD rates:
| FD Tenures | Interest Rates % (p.a.)General Public | Interest Rates % (p.a.)Senior Citizens |
|---|---|---|
| 7 days to 30 days | 2.75% | 3.25% |
| 31 days to 45 days | 3.00% | 3.50% |
| 46 days to 90 days | 4.75% | 5.25% |
| 91 days to 119 days | 6.00% | 6.50% |
| 120 days to 180 days | 6.25% | 6.75% |
| 181 days to 270 days | 6.25% | 6.75% |
| 271 days to 364 days | 6.25% | 6.75% |
| 365 days/ One year | 7.00% | 7.50% |
| Above 1 to 2 years | 6.25% | 6.75% |
| Above 2 to 3 years | 6.25% | 6.75% |
| Above 3 to 5 years | 6.00% | 6.50% |
| Above 5 years | 6.00% | 6.50% |
Bank of Maharashtra Tax Saving FD Rates
Bank of Maharashtra offers tax saving FDs, allowing investors to get tax deductions as per Section 80 C of the Income Tax Act, 1961. The interest rates offered by the bank are:
| Tenure | Interest Rates % (p.a.)General Public | Interest Rates % (p.a.)Senior Citizens |
|---|---|---|
| 5 years | 6.00% | 6.50% |
You can now calculate your Bank of Maharashtra FD interest rates and maturity amount with ease and convenience with the help of a Bank of Maharashtra FD Calculator. Get an estimate of your potential gains from your investment and make the right decision.
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Bank of Maharashtra FD Rates for NRI
Bank of Maharashtra offers Non-resident Indians an opportunity to invest their savings through NRE, NRO, FCNR and RFC deposits.
The Bank of Maharashtra NRE rates are given i the table below:
| Duration | Interest Rates % (p.a.) for amounts less than ₹10 Crore. |
|---|---|
| 365 days / 1 year | 6.35% |
| Over 1 year to 399 days | 6.00% |
| 400 days | 6.75% |
| 401 days to 2 years | 6.00% |
| Over 2 years to 3 years | 6.00% |
| Over 3 years to 5 years | 5.75% |
| Above 5 years | 5.75% |
FCNR and RFC accounts are available for the following currencies USD, GBP, EURO, AUD and CAD at various interest rates. For more information on these accounts, please check the Bank website.
Features & Benefits of Bank of Maharashtra Fixed Deposit
Bank of Maharashtra offers many features and benefits for investors in fixed deposits, these are:
- Minimum deposit amount is ₹100.
- Depositors can choose flexible tenures ranging from 7 days to 10 years.
- You can choose between monthly interest deposits and quarterly interest deposits.
- Specific schemes are available for individuals, minors, HUFs, Firms, Companies, Trusts, Clubs, etc.
- Senior citizens can enjoy special benefits in the form of extra interest of 0.50% p.a. However, this benefit is not applicable for NRE accounts.
Bank of Maharashtra FD Account Eligibility
- Individuals
- Joint depositors
- HUFs
- Minors
- Firms, Clubs, Associations, Corporate bodies, etc.
Documents Required to Open Bank of Maharashtra FD
The documents required to open Bank of Maharashtra fixed deposit account are as follows:
- KYC documents: Passport, Voter ID, PAN card, Driving licence, Photo ration card, Government ID card, Senior Citizen ID card.
- Address Proof documents: Electricity Bill, Passport, Telephone Bill, Certificate issued by Post Office, Bank Statement with Cheque.
- Passport Size Photograph
Premature Closure of Bank of Maharashtra Fixed Deposit
Fixed deposits usually have a lock-in period, however, when financial emergencies arise depositors can opt to withdraw their funds prematurely. The premature withdrawal of funds will attract a penalty of 1% on FDs that are held for more than 1 year maturity. No penalty will be charged on deposits with a maturity of up to 1 year.
Types of Bank of Maharashtra Fixed Deposits
The Bank of Maharashtra offers various types of fixed deposits that depositors can invest in, these are:
Maha Saraswati Scheme
This scheme is specifically designed for minors that are aged 6 months and above. Minors can open their own accounts if they are 10 years old and above, or they can open joint accounts with their parents and guardians or their parents can open the account on their behalf. The feature of this scheme are:
- Minimum deposit amount is ₹100.
- Tenure for the deposit is 36 months to 120 months.
- If an educational loan is availed, there will be a concession of 0.25% on the interest rate for normal Maha Saraswati account holders. While BPL account holders will get a concession of 0.50% on the interest rate.
Monthly Interest Deposit Scheme
This deposit scheme offers monthly income, making it possible to plan for a monthly budget. Individuals, minors, joint depositors, clubs, corporates, firms, etc are eligible for the account. The features include:
- Minimum deposit of ₹1000.
- Tenure is available for 12 to 120 months.
- Loan facility is available for up to 90% of the deposit.
- Nomination facility is available.
Quarterly Interest Deposit Scheme
This is a scheme that offers quarterly interest on the deposit amount. Eligible persons including minors, clubs, firms, corporates, etc can open this account. The account offers the same features as the Monthly Interest Deposit Scheme.
Tax Saving Term Deposit
This scheme is offered to any eligible individual or HUFs, for tax saving under Section 80C of the IT Act, 1961. The maximum amount for deposit is 1.5 lakhs in a year for a fixed tenure of 5 years. Premature withdrawal and availing of loan is not allowed for this deposit account.
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Frequently Asked Questions
The current Bank of Maharashtra FD rates are 2.75% to 6.50% p.a. for deposits that are less than ₹2 Crores.
The highest fixed deposit interest rate for Bank of Maharashtra is 7.00% p.a. for the tenure of 200 days.
The FD in Bank of Maharashtra will likely double in 10 years. However, that will depend on the interest rate, deposit amount and tenure that you choose.
Yes, senior citizens enjoy a higher interest rate of 0.50% above the normal interest rate.
Yes, senior citizens get extra interest above the existing rate of interest. Moreover, they also get zero penalty fee on premature withdrawal of funds.
The Bank of Maharashtra FD interest for ₹10 lakh for a tenure of 1 year is 6.5% p.a.
The highest interest rate for a 1 year FD is 6.50% p.a.
The Bank of Maharashtra FD scheme interest rate for 5 years is 6.00% p.a.
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