Bank of Maharashtra FD Interest Rates 2025

What is the Bank of Maharashtra Fixed Deposit?

The Bank of Maharashtra offers Fixed Deposit plans with fixed interest rates and a predetermined tenure, allowing investors to earn returns over a specified period. These FDs cater to various investor demands, with tenures ranging from 7 days to 10 years. The bank offers a variety of fixed deposit options, including special schemes such as the Tax Saving Fixed Deposit.

Key Benefits of Bank of Maharashtra

Bank of Maharashtra offers numerous benefits for investors in fixed deposits. Some of them are listed below.

1. Attractive Interest Rates:

   The bank offers fixed deposit interest rates ranging from 2.75% to 7.25% per annum for general customers. Senior citizens get up to 7.75% per annum, with an additional 0.50% interest on applicable tenures.

2. Tax-Saving Fixed Deposit:

   A 5-year Tax Saving FD is available, which qualifies for tax deduction under Section 80C of the Income Tax Act for investments up to ₹1.5 lakh per financial year. Premature withdrawal and loans are not allowed except in the case of the depositor’s demise.

3. Nomination Facility:

   All FD holders can nominate a beneficiary. This ensures that the deposit amount is transferred smoothly to the nominee in case of the account holder's death.

4. Online FD Services:

   Customers can open and manage fixed deposits through the MahaMobile Plus App or internet banking, avoiding the need to visit a branch physically.

5. Flexible Tenure Options:

   Fixed deposits are available for tenures ranging from 7 days to 10 years, allowing both short-term and long-term investment planning.

6. Loan Facility Against FD:

   The bank allows loans up to 90% of the deposit amount, which can be availed without closing the FD. This helps in managing urgent financial needs. Interest rates are lower than traditional personal loans and with no processing fees.

7. Sweep-In/Sweep-Out Facility:

   Bank of Maharashtra provides an auto sweep facility, where surplus funds in a savings account are transferred to a linked FD (sweep-in) to earn higher interest. In case of a shortfall, funds are withdrawn from the FD (sweep-out) to meet the requirement, ensuring liquidity.

Bank of Maharashtra FD Interest Rates

Here are the Bank of Maharashtra FD interest rates for different slabs are mentioned below:

Bank of Maharashtra Fixed Deposit Interest Rates on Domestic/NRO (for less than ₹3 Crores)

*Bank of Maharashtra FD interest rates w.e.f. June 2, 2025

Note:

• Non-resident deposits are not eligible for the additional senior citizen's interest rate (0.50% per annum).

• Senior citizen special FD rates apply to deposits up to Rs 2 Crores only.

Fixed Deposits Interest Rates on Domestic/NRO (for Amounts of ₹3 Crores to ₹10 Crores)

*Bank of Maharashtra FD interest rates w.e.f. June 2, 2025

How to Open a Bank of Maharashtra FD Deposit Account

You can open a Bank of Maharashtra FD account through both online and offline channels, depending on your convenience. Below are step-by-step instructions for each method:

1. Online Method

   You have two options for opening a Fixed Deposit (FD) account with Bank of Maharashtra: the mobile app and internet banking. Here's a step-by-step guide for each method:

   Using the Mahamobile Plus App

   • Download and install the Mahamobile Plus app from the Google Play or Apple App Store.

   • Log in with your internet banking credentials.

   • Navigate to the 'Term Deposit' section.

   • Choose the type of FD you want to open (i.e., normal or tax-saving).

   • Enter the deposit amount and choose a tenure (from 7 days to 10 years).

   • Provide nominee details and maturity instructions.

   • Review all the information you entered and then submit the application.

   • Within 24 hours, you will receive a confirmation text message to your registered mobile number.

   Using Internet Banking

   • Log in to your Bank of Maharashtra online banking account.

   • On the homepage, select the 'Term Deposit' option.

   • Select the type of FD, deposit amount, and tenure.

   • Provide nominee information and maturity instructions.

   • Apply by verifying all the details.

   • Within 24 hours, you'll get a confirmation message to your registered mobile number.

2. Offline Method

   • Visit your nearest Bank of Maharashtra branch.

   • Request and complete the FD application form.

   • Submit the completed form along with KYC documents (such as PAN card, Aadhaar card, and address proof).

   • Provide the deposit amount in cash or by cheque.

   • When your application is successfully processed, the bank will issue an FD receipt.

Documents Required For Bank of Maharashtra FD Account

Here's a quick list of the documents you'll need (if you're a new customer) to start a Bank of Maharashtra Fixed Deposit online or offline:

1. Identity proof:

   A government-issued photo ID, such as an Aadhaar card, PAN card, passport, voter ID, or driver's license.

2. Address proof:

   Recent utility bill, Aadhaar card, passport, or bank statement displaying your current residence address.

3. Recent photograph:

   Passport-size photograph, usually required for offline FD account opening.

4. PAN Card:

   A PAN Card is required for all TDS and income tax reporting purposes.

5. Account Details:

   Your Bank of Maharashtra savings or current account information is used to credit FD maturities and interest.

Taxation on Bank of Maharashtra FD Interest

As of 2025–26, interest earned on Bank of Maharashtra FDs is taxable based on your income slab. TDS is deducted if interest exceeds ₹50,000 per year for individuals below 60, and ₹1,00,000 for senior citizens. The TDS rate is 10% with PAN and 20% without it. To avoid TDS, you can submit Form 15G (below 60) or Form 15H (60 and above) if your total income is below the taxable limit. Senior citizens can also claim a ₹50,000 deduction under Section 80TTB and may get a full rebate under Section 87A if their income is up to ₹12 lakh under the new tax regime.

Key Takeaways

Bank of Maharashtra offers fixed deposit interest rates from 2.75% to 7.25% per year. Senior citizens get up to 7.75% for select tenures like 366 days. FD tenures range from 7 days to 10 years. The bank offers a Tax Saving FD under Section 80C. You can get a tax deduction of up to ₹1.5 lakh per year. This FD has a 5-year lock-in. The interest rate is 6.50% for general customers and 7.00% for senior citizens. The bank attracts customers with high FD interest rates across different tenures. Customers can book FDs through mobile or internet banking.

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