Bank of Maharashtra Senior Citizen FD Rates 2026

What is a Bank of Maharashtra Senior Citizen FD?

The Bank of Maharashtra's senior citizen FD scheme is a great way for individuals aged 60 and above to earn a higher interest rate (typically 0.50% more) compared to regular fixed deposits. With a low minimum deposit of just ₹1,000, it's accessible and offers flexible payout options, including monthly, quarterly, or at maturity. You can check the latest Bank of Maharashtra FD rates on their official website or other financial portals.

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 BOM sweep-in/sweep-out facility, which transfers surplus deposits from your savings account into an FD to earn higher Bank of Maharashtra interest rates, 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 FD rates offered by Bank of Maharashtra for their senior citizens 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

How to Open a Bank of Maharashtra Senior Citizen FD?

Follow these simple steps to open a Bank of Maharashtra fixed deposit for senior citizens online or offline, based on your convenience:

1. Online Method

   • NetBanking or the Mobile App: Use your customer ID and password to log in
   • Go to the Fixed Deposits Section: From the dashboard, choose the Fixed Deposit option and select the scheme
   • Enter Deposit Details: Fill in the amount you want to invest, choose the tenure (duration), and select how you want to receive the interest
   • Enable Auto-Renewal and Add Nominee: You can choose to auto-renewal option. 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: Download the electronic receipt after confirmation.. 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.
   • 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

FD interest rates for senior citizens in Bank of Maharashtra offer an additional 0.50% interest over standard FD rates, which start from 3.25% to 6.70% p.a., 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. It comes with many benefits such as an auto-renewal facility, flexible tenures, premature withdrawal options with secured deposits.

To maximise your returns, it is essential to compare the latest senior citizen FD rates across various public and private sector banks to find the highest yield for your savings.