Bank of Maharashtra offers FD interest rates of 2.75-7.35% p.a. to the general public and 2.75-7.85% p.a. to senior citizens on tenures ranging from 7 days to 5 years and above. The interest rate on Bank of Maharashtra Tax Saving FDs is 6.50% p.a. to the general public and 7.00% p.a. for senior citizen depositors for tenures of 5 years. The bank also offers various fixed deposit products for NRIs, such as NRO, NRE, RFC and FCNR (B) fixed deposits. Bank of Maharashtra accepts FCNR (B) fixed deposits and RFC fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro, Australian Dollar (AUD) and Canadian Dollar (CAD).
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Bank of Maharashtra FD Interest Rates (p.a.) Highlights 2024 |
|
| Highest slab rate | 7.35% (for 333 days) |
| For 1 year | 6.75% |
| For 2 years | 6.50% |
| For 3 years | 6.50% |
| For 4 years | 6.50% |
| For 5 years | 6.50% |
| Tax-Saving FD | 6.50% |
The interest rates are updated as of 17 December 2024
FDs of up to ₹5 lakhs insured by RBI
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| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 30 days | 2.75 | 2.75 |
| 31 days to 45 days | 3.00 | 3.00 |
| 46 days to 90 days | 4.75 | 4.75 |
| 91 days to 119 days | 5.00 | 5.50 |
| 120 days to 180 days | 5.25 | 5.75 |
| 181 days to 270 days | 5.75 | 6.25 |
| 271 days to 364 days | 5.75 | 6.25 |
| 365 days/1 year | 6.75 | 7.25 |
| Above 1 year to 2 years | 6.50 | 7.00 |
| Above 2 years to 3 years | 6.50 | 7.00 |
| Above 3 years to 5 years | 6.50 | 7.00 |
| Above 5 years | 6.50 | 7.00 |
Note: Additional senior citizens interest rates (0.50% p.a.) are not applicable to non-resident deposits
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6.5%INTEREST ON FD
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 200 days | 6.90 | 7.40 |
| 333 days | 7.35 | 7.85 |
| 400 days | 7.10 | 7.60 |
| 777 days | 7.25 | 7.75 |
Note: 1. This special FD interest rate is available for deposits up to Rs 10 crore only
2. Senior citizen special FD rates are applicable for deposits up to Rs 2 crore only
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years | 6.50 | 7.00 |
| Tenure | Interest Rates (% p.a.) |
| 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 | 5.25 |
| 120 days to 180 days | 6.00 |
| 181 days to 270 days | 6.25 |
| 271 days to 364 days | 6.25 |
| 365 days/1 year | 7.00 |
| Above 1 year to 2 years | 6.25 |
| Above 2 years to 3 years | 6.00 |
| Above 3 years to 5 years | 6.00 |
| Above 5 years | 5.75 |
| 200 days | 6.90 |
| 400 days | 7.10 |
| 777 days | 7.25 |
| Tenure | Interest Rates (% p.a.) |
| 365 days/1 year | 6.35 |
| 1 year to 399 days | 6.00 |
| 400 days (Maha Dhanavarsha) | 6.75 |
| 401 days to 2 years | 6.00 |
| Above 2 years to 3 years | 6.00 |
| Above 3 years to 5 years | 5.75 |
| Above 5 years | 5.75 |
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| Tenure | Interest Rates (% p.a.) | ||||
| USD | GBP | EURO | AUD | CAD | |
| 12, 15, 18, 21 months | 5.20 | 3.65 | 1.50 | 1.25 | 1.04 |
| 24, 27, 30, 33 months | 3.10 | 2.20 | 0.01 | 1.45 | 2.10 |
| 36, 39, 42, 45 months | 3.10 | 2.30 | 0.01 | 1.80 | 2.32 |
| 48, 51, 54, 57 months | 3.00 | 2.30 | 0.10 | 1.85 | 2.38 |
| 60 months | 3.00 | 2.30 | 0.15 | 2.00 | 2.39 |
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In case of premature withdrawal of FDs, interest is payable at the interest rate applicable to the tenure for which deposit has been actually held with the bank.
No penalty is levied by the bank for premature withdrawal of deposits up to 1 year. However, a 1% penalty is charged on the applicable interest rate on deposits with a maturity period of more than 1 year.
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Applicants can use the Bank of Maharashtra website to calculate their FD interest amount using an FD calculator. The website displays a schedule of monthly, quarterly, and half-yearly EMIs, along with the eligible interest rate and the total investment, total interest and maturity value. Individuals can also visit online financial marketplaces like Paisabazaar and use their calculator to find out the FD maturity value and interest income based on principal amount, FD interest rates and tenure.
Q. What is the highest interest rate one can earn on fixed deposits by the Bank of Maharashtra?
A. The highest FD interest rate of Bank of Maharashtra FD is 7.35% for regular citizens and 7.85% for senior citizens for a tenure of 333 days.
Q. Do senior citizens get extra benefits on investing in Bank of Maharashtra FD Schemes?
A. Yes, senior citizens get preferential 0.50% interest rates on the prevailing Bank of Maharashtra fixed deposit rates for tenure 91 days and above.
Q. What happens if PAN is not updated in bank records?
A. The bank shall charge 20% as TDS if the PAN of the customer is not updated in the records of the bank.
Q. Who should submit Form 15G/15H?
A. Form 15G/ 15H is for those who do not have a taxable income, i.e. up to Rs. 2.5 lakh per annum. Form 15H is for senior citizens aged 60 years or more while Form 15G is for citizens who are below 60 years of age.
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