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Bank Maharashtra FD Calculator

Bank of Maharashtra Fixed Deposit Calculator 2022

Last Updated 18th Jan 2022

Bank of Maharashtra FDs have tenures ranging from 1 year to 10 years with maximum rate of interest of 4.90%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.40%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 45 days 2.75% 2.75% ₹ 1,00,053 - ₹ 1,00,339
46 days to 90 days 3.25% 3.25% ₹ 1,00,410 - ₹ 1,00,801
1 year 1 day to 2 years 4.90% 5.40% ₹ 1,05,005 - ₹ 1,11,324
2 years 1 day to 3 years 4.90% 5.40% ₹ 1,10,246 - ₹ 1,17,459
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Bank of Maharashtra Fixed Deposit Calculator

Bank of Maharashtra fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded 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. Banks may allow a higher interest rate on larger deposits. Bank of Maharashtra offers a deposit amount in the range of Rs. 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 4.90% 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 2.75% for a 1 year FD and a rate of 4.90% 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 - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 2.75%. 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 a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Bank of Maharashtra Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- 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.
  • Cumulative- 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.

How is Bank of Maharashtra FD Rate Calculated?

Bank of Maharashtra calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Bank of Maharashtra FD Maturity Calculation for 5 Year

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.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Bank of Maharashtra FD for a 5-year tenure at an interest rate of 4.90% for depositors below 60 years and 5.40% for senior citizens.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 4.90% for Citizens below 60 years and at 5.40% 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
2022 ₹ 4,991 ₹ 1,04,991 ₹ 5,510 ₹ 1,05,510
2023 ₹ 5,240 ₹ 1,10,231 ₹ 5,814 ₹ 1,11,324
2024 ₹ 5,501 ₹ 1,15,732 ₹ 6,134 ₹ 1,17,458
2025 ₹ 5,776 ₹ 1,21,508 ₹ 6,472 ₹ 1,23,930
2026 ₹ 6,064 ₹ 1,27,572 ₹ 6,829 ₹ 1,30,759

Bank of Maharashtra FD Calculator Formula

Along with an 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

Other Investment Calculators

FAQs

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

You can earn a maximum interest of 4.90% on Bank of Maharashtra fixed deposits.

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.You can also use Bank of Maharashtra fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. 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.

Can I withdraw my premature FD from Bank of Maharashtra?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from Nil of FD amount for premature withdrawal.

How can I calculate Bank of Maharashtra premature FD amount?

To calculate premature FD amount you can use Bank of Maharashtra bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Bank Maharashtra News - Jan 2022
  • 2021-08-16 : Bank of Maharashtra emerge as a top performer
    Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loans and deposits. The bank has recorded 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22.
  • 2021-01-19 : ank of Maharashtra reported Q3 profit up of ₹154 crore
    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-12 : Bank of Maharashtra revised its FD rates
    With effect from 9 October 2020, Bank of Maharashtra revised its fixed deposit rates. The FD rate for 7 to 45 days is 3%, it is 3.50% for 46 to 90 days and stands at 4% for 91 to 180 days. The fixed deposit rates for 181 to 364 days is 4.25% and stands at 4.90% for one year to above five years.
  • 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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