Bank of Maharashtra

A Fixed Deposit scheme is a very winning financial tool amongst the standard population of India as it is a reliable and secure investment that allows a greater interest rate than a conventional account. It is supposed to be a little risk form of maintenance. The rewards are also comparatively small when associated with spending in the stock business, for instance, only the interests are independent of volatilization and fluctuation.

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Features of Bank of Maharashtra Fixed Deposit

Investment Amount  Minimum - Rs.100 Maximum- No Maximum Limit
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 3.00 %Maximum- 5.25%

Bank of Maharashtra Fixed Deposit Rates 2021

Bank of Maharashtra FD Rates in India
Tenure General Public FD Rates Senior Citizen FD Rates
7 days to 45 days 3.00% 3.50%
46 days to 90 days 3.75% 4.25%
91 days to 180 days 4.00% 4.50%
181 days to 270 days 4.50% 5.00%
271 days to 364 days 4.50% 5.00%
1 year 5.25% 5.75%
1 year 1 day to 2 years 5.25% 5.75%
2 years 1 day to 3 years 5.25% 5.75%
3 years 1 day to 10 years 5.25% 5.75%

Comparison of FD Rates by Top 10 Financial Institutes

Name Interest Rates Tenure  
Axis Bank 5.75% 5 years to 10 years View Details
Bank of Baroda 5.30% 5 years 1 day to 10 years View Details
Bank of India 5.40% 5 years to 10 years View Details
Canara Bank 5.45% 3 years to 10 years View Details
Central Bank of India 5.35% 5 years to 10 years View Details
HDFC Bank 5.50% 5 years 1 day to 10 years View Details
ICICI Bank 5.50% 5 years 1 day to 10 years View Details
IDBI Bank 5.70% 7 years 1 day to 10 years View Details
State Bank Of India 5.40% 5 years to 10 years View Details
Yes Bank 7.00% 1 year to 10 years View Details

FD in Bank of Maharashtra

The rate of interest given on a fixed deposit alters according to the amount collected, time and the issuing bank. The basic rule of thumb is, the extended the period of deposit, the greater the interest rate, though a bank can also provide a lower rate of interest for extra significant ownership if the FD rate of interests are assumed to fall in the future. Bank of Maharashtra FD Rates lies between 4% and 8% yearly.

Key highlights of Bank of Maharashtra Fixed Deposit Interest Rates:

  • Interest rates on FD by Bank of Maharashtra are as high as 7.00% yearly.
  • Interest paid on savings with Bank of Maharashtra is compounded every three months.
  • Bank of Maharashtra starts accepting deposits from at Rs. 1000 for different tenures.
  • For senior citizens of age above 60 years, the Bank provides greater FD rate of interests

Bank of Maharashtra Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits - Less than Rs. 1 cr (As on Jan 16, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
7 days to 45 days Less than Rs. 1 cr 4.25 4.25
46 days to 90 days Less than Rs. 1 cr 5.25 5.25
91 days to 364 days Less than Rs. 1 cr 6 6.5
365 Days Less than Rs. 1 cr 6.5 7
1 year to less than 3 years Less than Rs. 1 cr 6.25 6.75
3 years Mahalaximi Less than Rs. 1 cr 6.25 6.75
Over 3 years Less than Rs. 1 cr 6 6.5

 

Tax Saver FD (Max Deposit - 1 LPA)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
General Senior Citizen
       
Mahabank Tax Saving Scheme - 5 Years Upto Rs. 1 lakh 6 6.5

Tax Implications

    • The amount invested in Fixed Deposit with a tenure of 5 years with Bank of Maharashtra is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
    • The applicable tax will be deducted at source, i.e. Bank of Maharashtra, in case the annual interest earned crosses Rs. 10,000.

 

For NRO Fixed Deposit - Less than Rs. 1 cr (As on Jan 16, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
7 days to 45 days Less than Rs. 1 cr 4.25
46 days to 90 days Less than Rs. 1 cr 5.25
91 days to 364 days Less than Rs. 1 cr 6
1 year to less than 3 years Less than Rs. 1 cr 6.25
365 Days Less than Rs. 1 cr 6.5
3 years Mahalaximi Less than Rs. 1 cr 6.25
Over 3 years Less than Rs. 1 cr 6

 

For NRE Fixed Deposit - Less than Rs. 1 cr (As on Jan 16, 2017)

MATURITY PERIOD DEPOSIT AMOUNT INTEREST RATE (% p.a.)
1 year to less than 3 years Less than Rs. 1 cr 6.25
3 years Mahalaximi Less than Rs. 1 cr 6.25
Over 3 years Less than Rs. 1 cr 6
Written By: PolicyBazaar - Updated: 12 October 2021
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