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Bank of Maharashtra FD Calculator

Bank of Maharashtra Fixed Deposit Calculator 2020

Last Updated 14th Sep 2020

Bank of Maharashtra FDs have tenures ranging from 1 year to 10 years with maximum rate of interest of 5.00%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.50%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 45 days 3.00% to 3.50% ₹ 1,00,058 - ₹ 1,00,432
46 days to 90 days 3.75% to 4.25% ₹ 1,00,473 - ₹ 1,01,048
1 year 1 day to 2 years 5.00% to 5.50% ₹ 1,05,109 - ₹ 1,11,544
2 years 1 day to 3 years 5.00% to 5.50% ₹ 1,10,464 - ₹ 1,17,807
Bank of Maharashtra FD Maturity Calculator
Investment Offers with High Returns offerOffers
Bank/NBFCs Rate Tenure Action
Bajaj Finance FD7.35%60 MonthsAPPLY
PNB Housing Finance FD7.20%120 MonthsAPPLY
DBS Bank Savings Account5.00%N.A.APPLY

Bank of Maharashtra Fixed Deposit Calculator

Bank of Maharashtra fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Bank of Maharashtra. Bank may allow higher interest rate on larger deposits. Bank of Maharashtra offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Bank of Maharashtra offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Bank of Maharashtra is 5.00% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 1 year to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.00% for a 1 year FD and a rate of 5.00% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.00%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Bank of Maharashtra calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

Bank of Maharashtra Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, Bank of Maharashtra would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a Bank of Maharashtra cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in Bank of Maharashtra depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Bank of Maharashtra FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of Bank of Maharashtra FD.

Suppose if you make an investment of ₹ 1,00,000 in Bank of Maharashtra FD for a 5-year tenure at an interest rate of % for depositors below 60 years and % for senior citizens. The maturity amount for this deposit amount is ₹ 1,00,000 and the total interest earned is ₹ 0 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 0 which is higher. The maturity schedule of Bank of Maharashtra FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at % for Citizens below 60 years and at % for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2020 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2021 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2022 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2023 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2024 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2025 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000

Bank of Maharashtra FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Bank of Maharashtra FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

FAQs

What is the highest interest earned on Bank of Maharashtra fixed deposit?

You can earn a maximum interest of 5.00% on Bank of Maharashtra fixed deposit.

How is Bank of Maharashtra FD interest calculated?

The formula to calculate interest on Bank of Maharashtra FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in Bank of Maharashtra?

The growth of Bank of Maharashtra FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Bank of Maharashtra FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in Bank of Maharashtra.

What are the minimum and maximum amounts that I can invest in an Bank of Maharashtra FD?

The minimum investment limit in Bank of Maharashtra Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.


Bank Maharashtra News - Sep 2020
  • 2020-04-08 : Revised FD rates for Bank of Maharashtra
    Bank of Maharashtra revised its fixed deposit rates, with effect from 7 April 2020. The FD rate for 7 to 45 days is 3.50%, it is 4.50% for 46 to 90 days and stands at 4.75% for 91 to 180 days. The fixed deposit rates for 181 to 364 days is 5%, it is 5.75% for one year and stands at 5.50% for one year to above five years.
  • 2020-01-21 : Bank Of Maharashtra reports Q3 profit of 135 crores
    State-run Bank Of Maharashtra reported a Q3 profit of 135 crores in the quarter ending December. Net interest income increased to 36% to 1186 crore and fixed and recurring deposits increased by 4.4% to Rs 141986 crore. According to RBI, Bank restructured 3445 MSME account which constitutes business loans worth Rs 24747 lakh in the 2nd quarter of the current FY.
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