Bank of Maharashtra FD Calculator

Bank of Maharashtra FD Calculator helps the customers in getting insight into the interest rates and maturity value. Fixed Deposits help individuals maximize their inactive money over a specific tenure by applying attractive interest rates on the parked money.

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How Bank of Maharashtra FD Calculator Works?

FD rates vary from individual to the options they have chosen regarding the schemes. The Bank of Maharashtra FD Calculator asks the applicants to choose a particular set of options according to which the calculator works. Many variables affect the FD returns from one case to another. Some of them are tenure, type of FD, principal amount, and age. Senior Citizens get ideal interest rates than most people.  

Domestic residents’ interest rates and those for NRIs are also quoted differently. This means the resident ship of the applicants also affects the maturity value. Following are the various interest rate cards according to which the Bank of Maharashtra FD Rates Calculator operates:

Interest Rates for Domestic Term Deposits ( Rs 2 Crore – Rs 100 Crore) w.e.f. 8/01/2021 (p.a.)
Tenure Rs 2 Crore to Rs 5 Crore Rs 5 Crore to Rs 100 Crore
7 days to 45 days 2.75% 2.75%
46 days to 90 days 2.75% 2.75%
91 days to 119 days 2.75% 2.75%
120 days to 180 days 2.75% 2.75%
181 days to 270 days 2.75% 2.75%
271 days to 364 days 2.75% 2.75%
365 days or 1 year 2.75% 2.75%
Over 1 year to 2 years 3.00% 3.00%
Over 2 years to 3 years 3.00% 3.00%
3 years to 5 years 3.00% 3.00%
Above 5 years 3.00% 3.00%
The branch should take an approval before accepting a bulk deposit of Rs. 5 crores and above.
Interest Rates for Domestic Terms ( Up to Rs 2 Crore)  w.e.f. 8/01/2021 (p.a.)
Tenure Less than Rs 2 Crore
General Senior Citizens
7 days to 45 days 2.75% 2.75%
46 days to 90 days 3.25% 3.25%
91 days to 119 days 3.50% 4.00%
120 days to 180 days 3.75% 4.25%
181 days to 270 days 4.00% 4.50%
271 days to 364 days 4.25% 4.75%
365 days or 1 year 4.90% 5.40%
1 year to 2 years 4.90% 5.40%
2 years to 3 years 4.90% 5.40%
3 years to 5 years 4.90% 5.40%
Above 5 years 4.90% 5.40%

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Interest Rates for NRE Deposits w.e.f. 8/01/2021 (p.a.)
Tenure Less than Rs 2 Crore
365 days or 1 year 4.90%
Over 1 year to 2 years 4.90%
Over 2 years to 3 years 4.90%
Over 3 years to 5 years 4.90%
Above 5 years 4.90%
  • The bank will not pay interest rates on the premature closure of the account. (minimum period: 1 year)
  • Above one year tenure, any premature payment is eligible for a 1% penalty.
  • NRI Senior Citizen will not be allowed for preferable rates.
  • Interest rates are subjected to change according to time.

The above rate cards will show the interest rates according to which the Bank of Maharashtra FD Calculator works. The chart shows all the essential components which act as variables in the FD returns.  These components directly impact the maturity value and are also responsible for evaluating accurate results.

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Simple Interest vs. Compound Interest

In order to get a clear view of the FD Schemes, one needs to understand how the FDs work. The Fixed Deposit parks your money for a tenure which the individual will choose. The parked money will be applied to interest rates as stated by the bank. Interest can be simple interest or compound interest. To know about how the interest rates work in FD Schemes, one must know about the type of interests: 

  • Simple Interest: This type of interest is added to the original amount of Principal over a definite period of time. The formula of simple interest is: I = P*n*r, where I denote the amount of interest, P is the amount of the Principal, n is the tenure, and r is the applicable interest rate. 
  • Compound Interest: This interest is also calculated on the Principal but it also involves the interests accumulated from preceding periods. 

The Bank of Maharashtra FD Calculator evaluates the amount at maturity where the compounding frequency is set quarterly. The following formula generates the FD returns received from the Bank of Maharashtra FD schemes, which are always higher than the rates calculated per simple interest.

M = P *(1+ r/n) ^ n*t

Here: 

  • M: maturity amount
  • P: Initial principal amount
  • r: interest rate
  • n: compounding frequency in a year
  • t: investment tenure

The Process to Use Policybazaar Bank of Maharashtra Fixed Deposit Calculator

The Bank of Maharashtra FD Rates Calculator is essential for every individual planning to invest in FD Schemes. Every detail the calculator asks is crucial for delivering an accurate output. The calculator is available on the bank's official portal as well as on various online portals and is easily accessible. Policy Bazaar has also introduced a similar authority that allows the clients to use the Bank of Maharashtra FD Calculator from the official website of Policy Bazaar. The applicants just need to follow some simple steps in order to access the calculator:

Step 1: The applicants need to visit the official portal of Policybazaar.

Step 2: Search for the section of FD Calculator.

Step 3: Choose the Bank of Maharashtra FD Calculator.

Step 4: Fill in the amount of the original Principal.

Step 5: Select the tenure accordingly.

Step 6: Fill in other details like type of FD, interest rates, etc.

Step 7: Click "Calculate." 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Benefits of Using the Calculator:

This user-friendly and tech-abled tool has been proven as a necessity to the applicants who are looking to invest in FD Schemes. The Bank of Maharashtra FD Rates Calculator is an always-available method of calculating the maturity value when it can result in a tedious task if done manually. There are various additional benefits of using the Bank of Maharashtra FD Calculator, and some of them are mentioned below:

  • The applicants can use the calculator efficiently without any expert guidance.
  • Availability is never a problem. 
  • Maturity value is calculated to help the applicants for easier future planning.
  • Possible mistakes in the manual calculation are negligible in this computerized tool.
  • Accuracy is a plus point of this tool.

How can the Bank of Maharashtra FD Calculator help?

Bank of Maharashtra has been a reliable and credible bank for many years now, serving quality assistance to its clients. With the Bank of Maharashtra FD Scheme, one can invest for a minimum of 7 days and a maximum of 10 years or 120 months. The schemes offer the investors the admirable fluidity in their finances with certainty and safety one looks for. With the wide range of scheme options, it becomes complicated for the applicants to decide on a particular scheme. This is the time when the Bank of Maharashtra FD Calculator will help those applicants.

Bank of Maharashtra has always acknowledged client preferences, and this scheme was no different. To help the clients choose a scheme that perfectly matches their financial goals and requirements Bank of Maharashtra FD Rates Calculator has been introduced. It is essential to clear confusion about which scheme to choose and get an inclusive idea about the desired scheme's rates and the amount it assures at maturity. 

Every applicant wants to utilize their inactive money, and the best way to do that is by investing in Fixed Deposit Schemes. But with so many schemes and banks in the Indian economy, it is often confusing which rates will be beneficial. The basic rule of understanding the FD Scheme is that the higher the interest rates offered by a bank, the higher the FD returns. The Bank of Maharashtra FD Calculator helps get the idea about the FD rates applied by the Bank of Maharashtra, and it will cater to the needs of a specific individual.

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Written By: PolicyBazaar - Updated: 24 June 2021
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