Bank of Maharashtra Interest Rates on NRE FD Account Deposits
Bank of Maharashtra provides higher NRE Fixed Deposit Interest Rates for various tenors, catering to your needs as investors. The rates amounting to less than ₹3 crore are as follows:
| Deposit Tenor |
Interest Rate (p.a.) Below ₹3 Cr |
| 365 Days/ 1 year |
6.75 |
| Above 1 year to 2 years |
6.50 |
| Above 2 years to 3 years |
6.50 |
| Above 3 years to 5 years |
6.50 |
| Above 5 years |
6.50 |
| Special Schemes |
|
| 366 Days |
7.45 |
| 555 Days |
7.40 |
| 777 Days |
7.25 |
Note: Interest rates are effective January 2025. Bank of Maharashtra NRE FD rates are subject to change without prior notice.
Features of Bank of Maharashtra NRE Fixed Deposits
Fixed Deposit is one of the best investment options for NRIs in India. Bank of Maharashtra’s Term deposits (also known as Fixed Deposits) offer special benefits fulfilling the needs of many Non-Resident Indians. The features offered by Bank of Maharashtra NRE FD are:
-
Interest earned on Bank of Maharashtra’s NRE FDs is tax-free.
-
Both the principal and interest on Bank of Maharashtra NRE FDs are fully repatriable.
-
Bank of Maharashtra offers higher interest rates on NRE FD accounts than that of savings accounts.
-
The NRE FD currencies are maintained in Indian rupees by Bank of Maharashtra to avoid the risk of fluctuating exchange rates during the deposit period.
What Are the Eligibility Criteria for a Bank of Maharashtra NRE FD Account?
The following conditions are to be fulfilled in order to open a Bank of Maharashtra NRE FD account:
-
The candidate must be a non-resident individual of Indian origin.
-
The candidate must belong to the category of a foreign national or a foreign national student.
-
A document to verify Indian and overseas addresses.
-
Must have one copy of a valid passport.
-
Proof to establish NRI, foreign national, foreign national student, PIO, or OCI status.
How to Open a Bank of Maharashtra NRE FD Account
Existing or new customers who have qualified for NRI eligibility can open an NRE account with Bank of Maharashtra first, and then open an NRE FD account. Applicants are requested to follow the bank's instructions to book an NRE FD with the bank.
Documents Required to Open a Bank of Maharashtra NRE FD Account
To open the Bank of Maharashtra NRE FD account, the following general documents are to be submitted by you for the bank to review before opening your NRE FD account:
-
ID proof: Passport
-
Address proof (India & overseas)
-
Proof of Tax
-
Proof of NRI, foreign national, foreign national student, PIO or OCI status
-
Passport-size photograph
-
Overseas work/residence proof (visa/permit)
-
Copy of PAN
-
Copy of Aadhar (In case the customer avails)
-
FATCA Form with Tax Identification Number
-
Any other document required by the bank.
-
Mandate Form if required
Conclusion
The Bank of Maharashtra NRE FD rates ensure that you get higher interest rates on your deposits, leading to the growth of your funds. Interest earned on NRE FD is exempt from tax deductions . The maturity amount is fully repatriable, which allows for the transfer of the funds back to your home country when needed. Knowing the Bank of Maharashtra NRE FD rates is the first and foremost step in expanding your savings through a reliable investment option.
Invest 18k/month & get 2 Crore# Tax-Free*
Manage your funds online60k + happy customers across 25+ countries
Compare & Choose30+ Plans and 150+ Fund options
