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Bank of Maharashtra FD Interest Rates (p.a.) Highlights |
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| Highest slab rate | 7.45% (for 366 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 14 February 2025
Bank of Maharashtra Fixed Deposit Rates
Fixed Deposits Interest Rates on Domestic/NRO of less than Rs 3 crore w.e.f. 14 January 2025
| 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
Use our FD calculator to know the maturity value of your FD investments
Special Fixed Deposit Schemes w.e.f. 14 January 2025
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 200 days | 6.90 | 7.40 |
| 366 days | 7.45 | 7.95 |
| 555 days | 7.40 | 7.90 |
| 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
Bank of Maharashtra Tax Saver Deposit
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years | 6.50 | 7.00 |
Fixed Deposits Interest Rates on Domestic/NRO of amount Rs 3 crore to Rs 10 crore w.e.f. 14 January 2025
| 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 |
Fixed Deposit Interest Rates on NRE deposits of less than Rs 2 crore w.e.f. 14 January 2025
| Tenure | Interest Rates (% p.a.) |
| 365 days/1 year | 6.75 |
| Above 1 year to 2 years | 6.50 |
| Above 2 years to 3 years | 6.50 |
| Above 3 years to 5 years | 6.50 |
| Above 5 years | 6.50 |
| 366 days | 7.45 |
| 555 days | 7.40 |
| 777 days | 7.25 |
Fixed Deposit Interest Rates of FCNR (B) (Fixed) w.e.f. 18 November 2024
| 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 |
Types of Bank of Maharashtra FD Schemes
Monthly Interest Deposit Scheme
- Interest will be deposited monthly
- Minimum deposit amount: Rs 1,000
- Tenure: 1 year to 10 years
- Depositors can avail of loans of up to 90% of the deposit amount
- Nomination facility is available
Quarterly Interest Deposit Scheme
- Interest will be deposited quarterly
- Minimum deposit amount: Rs 1,000
- Tenure: 1 year – 10 years
- Nomination facility is available
- A loan facility of up to 90% of the deposit amount is permitted
Bank Term Deposit Scheme (Tax Saving Term Deposit)
- Deposit amount: Minimum- Rs 100; Maximum- Rs 1.5 lakhs in a financial year
- Tenure: 5 years
- Premature withdrawal is not allowed
- The account can be transferred to one branch from another the bank
- Nomination facility is available
- The deposit shall not be pledged to secure a loan or as collateral for any other asset
- Loan against deposit is not permitted
Non-Resident External (NRE) Account
- The principal, as well as interest earned, are fully repatriable
- Nomination facility is available
- Power of attorney can be accessed by a local person allowing them to make local transactions or make investments etc.
Non-Resident Ordinary (NRO) Account
- Eligibility: Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
- The amount in this account is not repatriable except in the following cases:
- Up to US$ 30,000 per academic year to meet the educational expenses of their children
- Up to US$ 1,00,000 to meet medical expenses abroad of a depositor or their family members
- Up to US$ 1,00,000 per year in sales revenues from immovable properties held by them for at least 10 years
- Current income such as dividend, interest, pension, rent, etc., net of applicable taxes
Foreign Currency (Non-Resident) Account (Banks) Scheme – FCNR (B) Deposits
- Eligibility: Non-Resident Indians (NRIs) & Overseas Corporate Bodies (OCB)
- This FD scheme can be opened in the following currencies: US Dollar (USD), Pound Sterling (GBP), Euro, Australian Dollar (AUD) and Canadian Dollar (CAD)
- Tenure: 1 year – 3 years
- The principal, as well as interest earned, is fully repatriable
- Nomination facility is available
Non-Resident Ordinary (RFC) Account
- This scheme is offered to individuals of Indian origin or nationality who have returned to India for permanent settlement after being resident outside India for a minimum continuous period of 1 year
- This FD scheme can be opened in the following currencies: US Dollar (USD), Pound Sterling (GBP), Euro, Australian Dollar (AUD) and Canadian Dollar (CAD)
- Nomination facility is available
Premature Withdrawal Facility
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.
Bank of Maharashtra FD Calculator
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.
FAQs
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 7.45% for regular citizens and 7.95% for senior citizens for a tenure of 366 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.