Bank of Maharashtra also offers attractive fixed deposit interest rates. Bank of Maharashtra offers FD interest rates which vary according to the tenure and FD scheme. In our Previous articles, we compared all bank’s Fixed Deposits interest rates for the year 2023. Bank of Maharashtra offers FD interest rates not only for the general public but also for senior citizens of our country.
Types of Term Deposit Schemes:-
Many schemes are being run by the BOM in the name of Term Deposit or Fixed Deposit to make the fixed deposits more lucrative. Some of the FD schemes are mentioned below. For e.g.
- Maha Saraswati Scheme– Maximum period of deposit is 120 month. It is a variant of RD. Also, cover free accidental insurance cover up to Rs.50,000/-
- Mahasanchay Deposit Plan– Max. Period is 60 Month. Also, Premature withdrawal is allowed. Loan up to 90% of balance including interest accrued.
- Recurring Deposit – Deposit after fix interval of time. Max period is 120 month. Loan up to 90% of balance including interest accrued.
- Monthly Interest Deposit Scheme– Monthly interest will be credited in to saving account from FD account as a monthly income. Max period is 120 month and Loan up to 90% of balance.
- Quarterly Interest Deposit Scheme- Quarterly earned interest will be credited in to saving account from FD account. Max period is 120 month and Loan up to 90% of balance.
- Tax Saving Term Deposit– Can be used under section 80C of Income Tax Act, 1961 to save the tax on expenditure incurred for saving. Max tenure is 5 year. Also called 5 year tax saving scheme. Also, Premature not allowed. Interest is same as for Domestic and NRO.
- Maha Millonaire RD (MMRD) Scheme– Depositor will receive at least 1 million rupees (10 Lakh) on maturity. Max period is 120 month.
Bank of Maharashtra FD Interest Rates for Domestic, Bulk and NRO Deposits(w.e.f. 17/4/23)
| Tenure | Less than Rs. 2 cr. (%) | Rs. 2 cr. to Rs.10 cr. (%) | Above Rs. 10 cr. (%) |
| 7 Days -30 Days | 2.75 | 2.75 | 2.65 |
| 31 Days- 45 Days | 3.00 | 3.00 | 2.90 |
| 46 Days -90 Days | 3.50 | 3.50 | 3.40 |
| 91 Days – 119 Days | 4.50 | 4.50 | 4.40 |
| 120 Days- 180 Days | 4.75 | 4.75 | 4.65 |
| 181 Days -270 Days | 5.35 | 5.35 | 4.65 |
| 271 Days- 364 Days | 5.60 | 5.60 | 4.90 |
| 1 Year | 6.35 | 6.35 | 5.90 |
| 1 Year – 2 Year | 6.00 | 6.00 | 6.00 |
| 2 Year- 3 Year | 6.00 | 6.00 | – |
| 3 Year- 5 Year | 5.75 | 5.75 | – |
| Above 5 Year | 5.75 | 5.75 | – |
| Special Fixed Deposit Scheme | |||
| 200 Days | 7.00 | 7.00 | – |
| 400 Days | 6.75 | 6.75 | – |
Notes:-
- The above all interest rates are effective from 17 April, 2023.
- Also, auto renewal facility will not be available for special Fixed Deposit scheme.
- Senior Citizen of India will be offered an additional rate of 0.5% p.a. only for deposits above Rs. 2 cr.
Bank of Maharashtra NRE FD interest rates
| Tenure | For Amount less than Rs.10 cr.(% per annum w.e.f. 17/4/23) |
| 1 Year | 6.35 |
| 1 Year to 399 Days | 6.00 |
| 400 Days( Maha Dhanavarsha) | 6.75 |
| 401 Days to 2 Years | 6.00 |
| 2 Year to 3 Years | 6.00 |
| 3 Year to 5 Years | 5.75 |
| Above 5 Years | 5.75 |
Notes:-
- According to the Bank Term Deposit Scheme 2006, (5 Year Tax saving Scheme), is applicable up to Rs. 1.5 lakh.
- Basically, Bank will not pay any interest if the deposit is prematurely closed before the minimum period of 1 year and in case of above 1 year Bank of Maharashtra will charge 1% penalty on premature withdrawal.
- Also, Bank will not offers any additional Interest to the Senior Citizen of India in case of NRE term deposit.
For more information visit the Bank’s official site- Click Here
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Nupur Tanan
"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.