Bank of Maharashtra

A Fixed Deposit scheme is a popular financial investment tool amongst the common people of India as it offers better interest rates than a savings account.The FD account is easy to maintain and does not require periodic payments. However, the rewards are comparatively small as compared to market-linked investment options like mutual funds. 

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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 2022
Tenure Regular interest rate (p.a.)
7 days to 45 days 2.75%
46 days to 90 days 3.25%
91 days to 119 days 3.50%
120 days to 180 days 3.75% 
181 days to 270 days 4.00%
271 days to 364 days 4.25%
1 year 4.90%
1 year 1 day to 2 years 4.90%
2 years 1 day to 3 years 4.90%
3 years 1 day to 5 years 4.90%
Above 5 years 4.90%
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Compare FD Interest Rates of Top Financial Institutions
BANKS GENERAL CITIZENS SENIOR CITIZEN
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Bank of Baroda FD Rates 2.80% - 5.25% 3.30% - 6.25%
Bank of India FD Rates 2.85% - 5.05% 3.35% - 5.55%
Canara Bank FD Rates 2.90% - 5.40% 2.90% - 5.90%
Central Bank of India FD Rates 2.75% - 5.00% 2.90% - 3.25%
DBS Bank FD Rates 2.50% - 5.50% 3.50% - 6.00%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
IDFC Bank FD Rates 2.50% - 6.00% 3.00% - 6.50%
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
Indian Overseas Bank FD Rates 3.40% - 5.20% 3.90% - 5.70%
IndusInd Bank FD Rates 2.50% - 6.00% 3.00% - 6.50%
Punjab National Bank FD Rates 2.90% - 5.25% 3.50% - 5.75%
SBI FD Rates 5.30% - 5.40% 5.80% - 6.20%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
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Bank of Maharashtra FD schemes are reliable for their stable returns as they do not get affected by market fluctuations. This article explores different aspects of FD schemes offered by the Bank of Maharashtra.

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About Bank of Maharashtra Fixed Deposit Interest Rate Calculator

Bank of Maharashtra Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Key Highlights of Bank of Maharashtra FD Scheme

The rate of interest for fixed deposit changes according to the amount deposited and chosen policy tenure. The thumb rule is that the more the tenure of FD, the better the interest rates. Although any bank can offer a lower rate of interest in case the FD interest rates are assumed to fall in the future.

Key highlights:

  • An FD scheme by the Bank of Maharashtra attracts a 6% yearly interest rate.

  • Interest paid on savings with the Bank of Maharashtra is compounded every three months.

  • The Bank of Maharashtra accepts deposit amounts starting from Rs 100 for different tenures.

  • For senior citizens, the bank provides a higher FD rate of interest.

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.

Bank of Maharashtra FD interest rates for a principal amount of 2 to 5 crores (w.e.f. January 8, 2021) – Domestic and NRO Term Deposits

Tenure Regular interest rate (p.a.)
7 days to 45 days 2.75%
46 days to 90 days 2.75%
91 days to 119 days 2.75%
120 days to 180 days 2.75%
181 days to 270 days 2.75%
271 days to 364 days 2.75%
1 year 2.75%
1 year 1 day to 2 years 3.00%
2 years 1 day to 3 years 3.00%
3 years 1 day to 5 years 3.00%
Above 5 years 3.00%

Bank of Maharashtra FD interest rates for a principal amount of 5 to 100 crores (w.e.f. January 8, 2021) – Domestic and NRO Term Deposits

Tenure Regular interest rate (p.a.)
7 days to 45 days 2.75%
46 days to 90 days 2.75%
91 days to 119 days 2.75%
120 days to 180 days 2.75%
181 days to 270 days 2.75%
271 days to 364 days 2.75%
1 year 2.75%
1 year 1 day to 2 years 3.00%
2 years 1 day to 3 years 3.00%
3 years 1 day to 5 years 3.00%
Above 5 years 3.00%

Points to Note

  • Resident Indian senior citizens receive an additional 0.50% interest rate for domestic term deposits of 91 days’ maturity and above 2 crores.

  • Bank members (including retired) and their spouses get an additional 1% interest rate for up to Rs 2 crore deposits.

  • Penalty is applicable for premature withdrawals.

  • Deposits are only accepted for up to 10 years of period.

  • Prior approval is required for deposits of above Rs 5 crores.

For NRE Fixed Deposit - Less than Rs 2 crores (w.e.f. 8 January 2021)

MATURITY PERIOD INTEREST RATE (p.a.)
1 year to less than 2 years 4.90%
Over 2 years to 3 years 4.90%
Over 3 years to 5 years 4.90%
Over 5 years 4.90% 

Note: Bulk term deposit scheme (5-year tax saving scheme) is only applicable for amounts up to Rs 1.5 lakh.

Points to Note

  • All interest rates are subject to periodical changes.

  • Premature withdrawals attract a penalty.

  • No additional interest rate is offered to senior citizens.

  • The interest rate for NRE Savings deposits is up to 2.75%.

  • No interest is payable if premature withdrawal is made within one year of policy inception.

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 the source, i.e. Bank of Maharashtra, in case the annual interest earned crosses Rs. 10,000.

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