Bank of Maharashtra FD Interest Rates
The Bank of Maharashtra is one of India’s oldest banks. It was formally established in 1935. It offers a number of Fixed Deposit (FD) options to its customers. These schemes required the investor to deposit a large part of his or her funds in a bank in exchange for interest and high returns at maturity. Fixed Deposits are offered by the Bank of Maharashtra at interest rates ranging from 3.00 percent to 5.25 percent per annum. The Bank of Maharashtra’s senior citizen FD rates range from 4.50 percent to 5.75 percent per annum.
Bank of Maharashtra fixed Deposit Features
FDs from the Bank of Maharashtra are one of the best investment options for depositors looking to invest in a fixed income instrument and earn higher returns than savings accounts. Fixed Deposits from the Bank of Maharashtra have the following features:
- Amount of the deposit: Bank of Maharashtra FDs can be opened with any amount from zero to unlimited.
- FD Tenure: Tenure of FDs varies from 7 days to 10 years.
- Interest Rates: 2.75 percent per annum to 4.90 percent per annum
- FD Rates for Senior Citizens: 2.75 percent to 5.40 percent per annum
- Highest Interest Rate: According to today’s rate, Bank of Maharashtra’s highest FD interest rate is 4.90 percent for a 10-year term.
- Deposits in the Bank of Maharashtra are safe since they are covered by the Deposit Insurance Scheme of the Reserve Bank of India, which insures up to 5 lakh of a depositor’s total deposits.
- Loan against FD: The Bank of Maharashtra offers a loan against FD to its depositors to help them fulfil their liquidity needs without having to break their FD.
- Auto Renewal Facility: Available
- Nomination Facility: Available
- Popular FD Plans: Fixed-Income Account
Bank of Maharashtra FD Interest Rates
|Period of Deposit||Interest rate for general citizens (p.a.)||Interest rate for Senior citizens (p.a.)|
|7 days to 45 days||3.00%||N/A|
|46 days to 90 days||3.75%||N/A|
|91 days to 180 days||4.00%||4.50%|
|180 days to 270 days||4.50%||5.00%|
|271 days to 364 days||4.50%||5.00%|
|1 year 1 day to 2 years||5.25%||5.75%|
|2 years 1 day to 3 years||5.25%||5.75%|
|3 years 1 day to 5 years||5.25%||5.75%|
Documents required to open Fixed Deposit Account in Bank of Maharashtra
Customers must produce the following papers to apply for any of the fixed deposit schemes and receive good returns on Bank of Maharashtra FD interest rates:
- Identity Verification (Passport, Voter ID Card, Ration Card, etc.)
- Address Verification (Aadhaar Card, Passport, Driving License, etc.)
- Photograph the size of a passport (s)
Note that this is a sample list, not an exhaustive list. The bank may request additional documents if necessary.
Bank of Maharashtra Fixed Deposit Rates – Premature Withdrawal
Premature termination of a Term Deposit with the Bank of Maharashtra is accompanied by a Nil interest rate, which is lower than the agreed rate. The penalties for premature closing of a Bank of Maharashtra FD are subject to change and may vary depending on deposit schemes.
Loan against Fixed Deposit Bank of Maharashtra
The Bank of Maharashtra provides a 0% interest rate on loans secured by its own deposits. It’s worth noting that the Bank of Maharashtra will not lend you money if you have an FD with another bank. The Bank of Maharashtra offers a loan against a fixed deposit (FD) at a rate ranging from 3.75 percent to 5.9 percent.
FD Account Opening Process at Bank of Maharashtra
You can visit the Bank of Maharashtra’s official website and login to your account to open a Fixed Deposit account. Select Fixed Deposit from the menu, then the Type of FD you want to open and click Next. After that, fill in the deposit amount and, if you are over 60, select the ‘Senior Citizen’ option. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the Bank of Maharashtra FD.
Nomination Facility on Bank of Maharashtra FD
The Bank of Maharashtra provides a nomination facility on Fixed Deposits, which allows the depositor’s family to claim the money in the event of the depositor’s death. A nominee may be appointed by an individual, a single account holder, or a joint account holder. No more than one person may be named as a nominee. When you open a fixed deposit with the Bank of Maharashtra, you should fill out nominee information. At the time of claim, the nominee must provide identification evidence.
Bank of Maharashtra News Snippets
The Bank of Maharashtra recently changed its FD rates.
The Bank of Maharashtra has amended its fixed deposit rates, which will take effect on October 9, 2020. The FD rate is 3 percent for 7 to 45 days, 3.50 percent for 46 to 90 days, and 4 percent for 91 to 180 days. Fixed deposit rates range from 4.25 percent for 181 to 364 days to 4.90 percent for one year to five years.
Bank of Maharashtra’s FD rates have been revised.
With effect from April 7, 2020, the Bank of Maharashtra amended its fixed deposit rates. The FD rate is 3.50 percent for 7 to 45 days, 4.50 percent for 46 to 90 days, and 4.75 percent for 91 to 180 days. Fixed deposit rates range from 181 to 364 days at 5%, 5.75 percent for one year, and 5.50 percent for one year to five years at 5.50 percent.
Maharashtra Bank announced a profit increase of 154 crore in the third quarter.
In the third quarter ended December 31, 2020, Bank of Maharashtra reported a net profit of Rs. 154 crores, compared to Rs. 135 crores the previous year. Home, personal, taxi, two-wheeler, and gold loans, as well as company and mudra loans, rose by 12% year on year to Rs 1,04,904 crore. Deposits, which include FDs and Rds, also rose by 14% to 1,61,971 crore. From 50.51 percent in the previous quarter, the share of low-cost current account, savings account (CASA) deposits increased to 50.91 percent of total deposits.
✅ What is the highest FD rate for Bank of Maharashtra?
You can earn a maximum interest of 4.90% on Bank of Maharashtra fixed deposit.
✅ Are there any special rates for senior citizens FD of Bank of Maharashtra?
Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.75% to 4.90%. Compared to this, the rate of senior citizens FD are in the range of 2.75% to 5.40%.
✅ Who is eligible for opening an FD account in Bank of Maharashtra?
All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.
✅ Is it possible to change the tenure of my existing fixed deposit account with Bank of Maharashtra?
No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.