9 Things to Know about Bank of Maharashtra Fixed Deposit Interest rates

Bank of Maharashtra Fixed Deposit Interest rates

1. About Bank of Maharashtra 

Bank of Maharashtra is an Indian Public sector bank with over 30 Million customer base. This Public sector bank Headquartered in Pune and it is one of the Largest Nationalised banks in the state of Maharashtra.

Bank of Maharashtra founded on 16th September 1935 which offers various Banking and Financial services to its customers. This bank also traded in NSE and BSE .

2. Features & Benefits of Bank of Maharashtra Fixed Deposits

1. Bank of Maharashtra Regular FD starts with a Minimum deposit of Rs.100/- for selected products.
2. Regular FD ranges from 7 days to 10 years.
3. Nomination facility is available.

3. Types of Bank of Maharashtra Fixed Deposit Schemes

Bank of Maharashtra offers below regular FD schemes.

1. Maha Saraswati Scheme
2. Monthly Interest Deposit Scheme
3. Quarterly Interest Deposit Scheme
4. Tax Saving Term Deposit scheme

Let’s get into the details.

1. Maha Saraswati Scheme

S.No,	Particulars	Details
1	Who are Eligible?	– Minors aged more than 6 months – Minors aged more than 10 years singly / jointly with Parent / Guardian
2	Deposit Limits	Minimum – Rs.100/- Maximum – Rs.50,000/-
3	Deposit Period	Minimum Period – 36 Months i.e. 3 Years Maximum Period – 120 Months i.e. 10 Years
4	Interest	Deposit amount & Interest are repayable at Maturity
5	Free Visa International ATM Card	To get Free Visa Integrational ATM Card, the Customers should mandatorily open a “Yuva Yojna Account”
6	Pre Mature Withdrawl	Allowed
7	Free Accident Cover	Rs.50,000/- till the maturity of the deposit
8	Education Loan Interest rate concessions	For Maha Saraswati A/c – Upto 0.50% for Below Poverty Line depositors For Other account holders – Upto 0.25%

2. Monthly Interest Deposit Scheme

If you are looking a regular Monthly Income, then you should look into Monthly Interest Deposit Scheme

S.No,	Particulars	Details
1	Who are Eligible?	– Minors – Individuals – Firms – Body Corporates – Clubs etc.,
2	Deposit Limits	Minimum – Rs.1,000/-
3	Deposit Period	Minimum Period – 12 Months i.e. 1 Years Maximum Period – 120 Months i.e. 10 Years
4	Interest	Deposited on Monthly basis
5	Loan Facility	Upto 90% of your Deposit
6	Nomination Facility	Yes

3. Quarterly Interest Deposit Scheme

If you are looking a regular income on Quarterly basis, then you should look into Quarterly Interest Deposit Scheme.

S.No,	Particulars	Details
1	Who are Eligible?	– Minors – Individuals – Firms – Body Corporates – Clubs etc.,
2	Deposit Limits	Minimum – Rs.1,000/- Maximum – Rs.
3	Deposit Period	Minimum Period – 12 Months i.e. 1 Years Maximum Period – 120 Months i.e. 10 Years
4	Interest	Deposited on Quarterly basis
5	Loan Facility	Upto 90% of your Deposit
6	Nomination Facility	Yes

4. Bank Term Deposit Scheme (Tax Saving Term Deposit)

If you are looking for a Long term Tax Savings plan in Bank of Maharashtra, then, you can check Bank Term Deposit Scheme,2006.

This scheme is also called as Bank Term Deposit (Amendment scheme) 2014.

S.No,	Particulars	Details
1	Who are Eligible?	– Individuals – Hindu Undivided Family (HUF)
2	Deposit Limits	Minimum – Rs.100/- Maximum – Rs.1,50,000/-
3	Deposit Period	5 Years
4	Interest	Applicable as per Domestic Term Deposit
5	Loan Facility	Not allowed
6	Nomination Facility	Yes – For Individuals or HUF No – For Minors
7	Pre Mature Withdrawal	Not allowed

Also Read: Top 7 Banks with latest FD interest rates

4. Bank of Maharashtra Fixed Deposit Interest rates : For Domestic Term deposits Below Rs. 2 crores

The Bank of Maha FD rates on Domestic Term Deposits less than Rs. 2 Crores W.e.f 28-02-2024 is as follows.

Deposit Period	Interest Rate (% p.a.)	Interest Rate (% p.a.)
	Regular Citizens	Senior Citizens
7-30 Days	2.75%	2.75%
31-45 Days	3.00%	3.00%
46-90 Days	4.75%	4.75%
91-119 Days	4.90%	5.40%
120-180 Days	5.10%	5.50%
181-270 Days	5.50%	6.00%
271-364 Days	5.60%	6.10%
1 Year	6.50%	6.60%
Above 1 – 2 Years	6.25%	6.75%
Above 2 – 3 Years	6.25%	6.75%
Above 3 – 5 Years	6.00%	6.50%
Above 5 Years	6.00%	6.50%
Special Schemes
200 Days	7.00%	7.50%
400 Days	6.75%	7.25%

An additional interest will be paid to Staff and Retired Staff of Bank of Maharashtra is given below

Tenure	Interest Rate (% p.a.)	Interest Rate (% p.a.)
	For Up to 1 Year Tenure	For above 1 Year Tenure
Staff	1%	1%
Retired member or Spouse of Retired member	1%	1%

5. Bank of Maharashtra FD rates for Senior Citizens

For Senior citizens below Rs.2 Crores, for all the Maturity slabs of 91 days and above, an extra 0.50% interest will be offered.

6. Bank of Maharashtra Fixed Deposit Interest rates : For Domestic Term Deposits from Rs.2 crores to Rs.10 crores

The Rate(s) of Interest on Domestic Term Deposits less than Rs. 2 Crores W.e.f 28-02-2024 is as follows.

Deposit Period	Interest Rate (% p.a.)
7-30 Days	2.75%
31-45 Days	3.00%
46-90 Days	4.75%
91-119 Days	6.00%
120-180 Days	6.25%
181-270 Days	6.25%
271-364 Days	6.25%
1 Year	7.00%
Above 1 – 2 Years	6.25%
Above 2 – 3 Years	6.25%
Above 3 – 5 Years	6.00%
Above 5 Years	6.00%

7. Bank of Maharashtra Bulk Term FD rates Rs.10 crore to Rs.100 crore

The Rate(s) of Interest on Domestic Term Deposits less than Rs. 2 Crores W.e.f 28-02-2024 is as follows.

Deposit Period	Interest Rate (% p.a.)
7-30 Days	2.65%
31-45 Days	5.00
46-90 Days	6.00
91-119 Days	7.50
120-180 Days	7.50
181-270 Days	7.60
271-364 Days	7.65
1 Year	7.80
Above 1 – 2 Years	6.00

8. Bank of Maharashtra Fixed Deposit Interest rates : For NRI’s below Rs.10 Crores

1. The Account can be opened by Non Resident Account holders
2. Account can be opened in Indian Rupees.
3. Income Tax exemption is available.

The Rate(s) of Interest on NRE Term Deposits less than Rs. 10 Crores W.e.f 17-04-2023 is as follows.

Deposit Period	Interest Rate (% p.a.)
1 Year	6.35%
1 – 399 days	6.00%
400 Days	6.75%
401 Days to 2 Years	6.00%
Above 2 to 3 Years	6.00%
Above 3 to 5 Years	5.75%
Above 5 Years	5.75%

9. FAQs on Bank of Maharashtra Fixed Deposit Interest rates

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