Bank of Maharashtra (BoM) has increased its fixed deposit rates by up to 125 basis points, or 1.25 per cent. The new rates are effective from October 12, 2023.
Deposit rates have increased by 125 basis points for the duration of 46-90 days, according to the PTI report. Customers will now receive a 25 basis point increment, up to 6.25 percent, for deposits of one year or more, it said.
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According to the statement, senior residents would receive an additional advantage of 50 basis points in interest rate with an attractive deposit rate of up to 7.5% under the 200/400 days’ special plan.
Latest Bank of Maharashtra FD interest rate
The bank offers two special tenors with 200-day and 400-day maturities, under which it has guaranteed 7% and 6.75% returns, as per the Bank of Maharastra website.
The bank gives a 2.75% interest rate on fixed deposits maturing in 7 to 30 days, and the Bank of Maharashtra offers a 3% interest rate on deposits maturing in 31 to 45 days. Deposits maturing between 46 and 90 days will now earn 4.75% interest, while those maturing between 91 and 119 days will receive 4.90% interest.
The bank now offers a 5.10% interest rate on fixed deposits with maturities between 120 and 180 days, and Bank of Maharashtra now offers a 5.50% interest rate on deposits with maturities between 181 and 270 days. Bank of Maharashtra will now pay 6.50% interest on deposits having a tenor of one year, while the bank will also pay 6.25% interest on accounts with a tenor of one year to 2 year.
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Deposits that mature after three years will now receive 6% interest.
Special deposits
On special deposits, the bank offers 7% on 200 days for general citizens and 6.75% on 400 days tenure.
Senior citizens FD rates
On all maturity slabs of 91 days and above, senior citizens who are residents of India will receive an extra rate of 0.50% per year for deposits up to Rs. 2 crore. The additional interest is not applicable to any type of non-resident deposit.