Worried about Corona virus spreading in India? Buy Health Insurance and get coverage now. View Plans
bank of maharashtra fd rates
Take informed decisions with IIFL Insurance:

Bank of Maharashtra FD Rates

About Bank of Maharashtra

Bank of Maharashtra is famous for providing a wide range of FD accounts to their customers. The objective of providing FDs is to enable the customers to generate a healthy return on their savings. This is done on the basis of Bank of Maharashtra FD rates and predetermined tenure.

 

You can keep track of the Bank of Maharashtra FD rates to open an FD account and maintain individual liquidity. Further, a Bank of Maharashtra FD can serve the dual purpose of providing customers with a source of reliable income and steady savings.

bank of maharashtra fd rates

Features of Bank of Maharashtra FD Rates

Bank of Maharashtra FD rates for senior citizens are higher than for the general population. This rate is usually 0.50% per annum more than the usual amount. The additional interest is also not applicable for any type of non-resident deposit.

An additional interest rate of 1% is provided to a member, retired member, or spouse of a deceased member of the staff of the Bank of Maharashtra. This is done up to an amount of INR 2 crore only.

Further, in case of premature withdrawal of deposits, the interest that is payable to the customer is applicable only for the period of the deposit that was held. No penalty is applicable on the Bank of Maharashtra FD rates.

Bank of Maharashtra Fixed Deposit Rates 2020-2021

Now we will look at the Bank of Maharashtra FD rates 2020 and 2021. These Bank of Maharashtra FD rates 2020 and 2021 are given in the table below.

Particulars Bank of Maharashtra FD Rates 2020 and 2021
Savings Deposit Balance of Up to INR 25 lakh 3.50%
Savings Deposit Balance above INR 25 lakh 4.00%

The Bank of Maharashtra FD rates 2020 and 2021 according to different tenures are mentioned below.

Duration For Amount Less than INR 2 Crore Per Annum For Amount Between INR 2 Crore and INR 5 Crore Per Annum For Amount Greater than INR 5 Crore to INR 100 Crore Per Annum
7 – 45 days 4.25% 4.25% 4.25%
46 – 90 days 5.25% 4.50% 4.50%
91 – 364 days 6.00% 4.75% 4.75%
365 days or 1 year 6.50% 5.25% 5.00%
Over 1 year to 2 years 6.50% 5.00% 5.00%
Over 2 years to 3 years 6.60% 5.00% 5.00%
Above 3 years 6.50% 5.00% 5.00%

The Bank of Maharashtra FD rates 2020 and 2021 for NRO fixed deposits are given below.

Duration For Amount Less than INR 2 Crore For Amount Between INR 2 Crore to INR 5 Crore For Amount Greater Than INR 5 Crore to INR 100 Crore
7 – 45 days 4.25% 4.25% 4.25%
46 – 90 days 5.25% 4.50% 4.50%
91 – 364 days 6.00% 4.75% 4.75%
365 days or 1 year 6.50% 5.25% 5.00%
Over 1 year to 2 years 6.50% 5.00% 5.00%
Over 2 years to 3 years 6.60% 5.00% 5.00%
Above 3 years 6.50% 5.00% 5.00%

The Bank of Maharashtra FD rates 2020 and 2021 for NRE fixed deposits are discussed below.

Duration For Amount Less Than 1 Crore
365 days or 1 year 6.50%
Over 1 year to 2 years 6.50%
Over 2 years to 3 years 6.50%
Above 3 years 6.50%

The Bank of Maharashtra FD rates 2020 and 2021 for FCNR deposits are given below.

Duration Rates for USD Rates for GBP Rates for EURO Rates for AUD Rates for CAD
12, 15, 18, and 21 months 3.14% 1.20% 0.32% 2.08% 2.64%
24, 27, 30, and 33 months 3.08% 2.41% 0.45% 2.03% 2.42%
36, 39, 42, and 45 months 3.03% 2.41% 0.45% 2.03% 2.42%
48, 51, 54, and 57 months 3.25% 1.76% 0.31% 2.47% 2.64%
60 months 3.27% 1.81% 0.41% 2.54%

Benefits of Bank of Maharashtra Fixed Deposit

After going through the Bank of Maharashtra FD rates 2020 and 2021, you must be pretty sure about the tenure of your FD account. And if that is the case, then there are some benefits that you would soon receive. These benefits are:

  • Guaranteed returns on your fixed deposit
  • Hassle-free investments
  • The benefit of compound interest
  • Regular incomes
  • Flexibility to choose tenure and interest rates
  • Opt for five years tax saving FD plans

 

Types of Bank of Maharashtra FD Rates

There are also different types of Bank of Maharashtra FD rate schemes. These schemes are:

  • Mahalaxmi Term Deposit Scheme
  • Maha Saraswati
  • Tax Saving Term Deposit

 

Eligibility of Bank of Maharashtra FD

To be eligible for a Bank of Maharashtra fixed deposit, one must fulfill the following criteria.

  • Resident Indians
  • Non-resident Indians
  • Minors
  • Corporates
  • Clubs
  • Firms

 

How to Calculate Bank of Maharashtra FD Rates

Calculating the Bank of Maharashtra Fd rates is also very simple. All you need to do is go on the official website and use the only Bank of Maharashtra FD interest calculator. Using this calculator will ensure that you can get the most out of your Bank of Maharashtra fixed deposit.

Factors Affecting Bank of Maharashtra FD Rates

If you are interested in applying for a Bank of Maharashtra fixed deposit, then it is also important for you to be aware of the factors that can affect the FD interest rates. If you agree with us, then go through the list of these factors given below.

  • Rate of Inflation: Deposit rates are intricately linked to the rate of inflation. Banks provide positive returns to depositors and this is why investors continuously monitor the rate of inflation as it has a direct impact on the lending rates.
  • Liquidity Scenario in India: If there is adequate liquidity in India, then banks do not have to focus on retail fixed deposits for their needs. This is very different from the times of tight liquidity when banks focus on their own deposits.
  • Conditions of Demand and Supply: If there is less demand for credit, then banks will decrease the fixed deposit rates. On the other hand, if there is a high demand for credit, then banks will increase the fixed deposit rates.

 

FAQs:

I want to get a Bank of Maharashtra fixed deposit. What is the current highest FD interest rate?

The current highest fixed deposit interest rate offered by the Bank of Maharashtra is 6.60%. This interest rate can be changed by the bank without any prior notice.

What is the interest amount for opening a fixed deposit of INR 1 lakh in the Bank of Maharashtra?

The exact amount that you will get for opening a fixed deposit of INR 1 lakh in the Bank of Maharashtra depends on the tenure of the FD and the interest offered by the bank at the time of opening.

In how many years will my fixed deposit double in the Bank of Maharashtra?

The amount of money that you earn from your fixed deposit account in the Bank of Maharashtra depends on the amount of deposit, interest rate opted, and tenure of the FD.

Can I change the tenure of my existing fixed deposit account in the Bank of Maharashtra?

After a customer opens a fixed deposit account, it is not possible to change the tenure of the FD.

Buy Insurance - 18002101330