Bank of Maharashtra Senior Citizen FD Rates 2025

What is a Bank of Maharashtra Senior Citizen FD?

Bank of Maharashtra senior citizen FD is a fixed deposit scheme designed specifically for individuals aged 60 years and above. Senior citizens can choose from flexible payout options such as monthly, quarterly, or at maturity (cumulative). The minimum deposit requirement typically starts at ₹1,000, making it accessible for small deposits as well. 

You can check the latest Bank of Maharashtra FD rates and compare them with the FD rates for senior citizens. Let’s take a quick look at the key features and learn how to open a senior citizen FD account.

Key Benefits of Bank of Maharashtra Senior Citizen FD

Here’s why these fixed deposits are a smart choice for retirees looking for safety, flexibility, and higher returns:

• Premature Withdrawal Option: Bank of Maharashtra permits early withdrawal of your senior citizen FD. No penalty is applied for deposits under 1 year, and only 1% interest is deducted after one year.
• Auto-Renewal Facility: Bank of Maharashtra provides an auto-renewal option for senior citizen FDs, ensuring continuous investment without the need for frequent branch visits.
• Sweep-in and Sweep-out Features: You can opt for the sweep-in/sweep-out facility, which transfers surplus deposits from your savings account into an FD to earn higher interest, maintaining both growth and liquidity.
• Secured Deposit: Your fixed deposit with Bank of Maharashtra is insured up to ₹5 lakh under DICGC, ensuring protection for your principal and earned interest in case of unforeseen circumstances.

Bank of Maharashtra FD Interest Rates for Senior Citizens

Below are the Bank of Maharashtra senior citizen FD rates for different tenures and amounts of deposits:

Bank of Maharashtra Senior Citizen FD Rates (Less than ₹3 Crore)

*Bank of Maharashtra FD interest rates w.e.f. June 27, 2025

Bank of Maharashtra Senior Citizen FD Rates (₹3 Crore to 10 Crore)

*Bank of Maharashtra FD interest rates w.e.f. June 27, 2025

Note: It’s advisable to compare FD interest rates across leading banks in India to choose the most suitable option for your needs.

How to Open a Bank of Maharashtra Senior Citizen FD?

Follow these simple steps to open a fixed deposit online or offline, based on your convenience:

1. Online Method

   • Login to NetBanking or the Mobile App: Use your customer ID and password to log in to the Bank of Maharashtra NetBanking portal or the Maha Mobile Plus app.
   • Go to the Fixed Deposits Section: From the dashboard, choose the Fixed Deposit option and select the scheme meant for senior citizens.
   • Enter Deposit Details: Fill in the amount you want to invest, choose the tenure (duration), and select how you want to receive the interest, monthly, quarterly, or at maturity.
   • Enable Auto-Renewal and Add Nominee: You can choose to auto-renew the FD when it matures. Also, enter nominee details to make sure the funds go to the right person in case of any unforeseen event.
   • Submit and Fund the Deposit: Confirm the transaction. The amount will be debited from your savings account, and your FD will be created.
   • Download e-FD Receipt: After the FD is successfully created, you can download the electronic receipt as proof. You can also check the FD status in your account anytime.

2. Offline Method

   • Visit the Nearest Bank Branch: Head to your closest Bank of Maharashtra branch to begin the process of opening a senior citizen FD account.
   • Fill out the FD Application Form: Complete the fixed deposit form carefully and ensure you mention your senior citizen status to get higher interest rates.
   • Submit Required KYC Documents: Provide valid KYC documents such as Aadhaar, PAN card, and age proof to verify your identity and eligibility.
   • Deposit the Chosen Amount: Hand over the selected deposit amount at the branch counter to officially initiate the fixed deposit as per your plan.
   • Collect the Physical FD Receipt: Receive your official FD receipt from the bank representative as proof of investment and for future reference or claims.

Taxation on Bank of Maharashtra Senior Citizen FD Interest

Interest earned on Bank of Maharashtra Senior Citizen FDs is taxable and is added to your total income, taxed according to your applicable income tax slab under the Income Tax Act. Starting April 1, 2025, TDS will be deducted only if the total interest earned in a financial year exceeds ₹1 lakh. Senior citizens can submit Form 15H to avoid TDS if their total income is below the taxable limit. Additionally, under Section 80TTB, they can claim a deduction of up to ₹50,000 on interest earned from Bank of Maharashtra FDs. 

Key Takeaways

Bank of Maharashtra Senior Citizen Fixed Deposit offers an additional 0.50% interest over standard FD rates, depending on the selected tenure. Senior citizens can open an FD either online or by visiting the nearest branch, allowing flexibility in how they manage their investments. As per RBI norms, individuals aged 60 and above are eligible for these benefits. However, for shorter durations, the added interest benefit may be limited. Senior citizens aiming for higher short-term gains may want to explore alternative investment options.