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Bank Maharashtra FD Interest Rates 2021

Bank Maharashtra FD Interest Rates

Last Updated 21st Jun 2021

When it comes to the FD interest rate, the highest rate offered on Bank of Maharashtra FD is 4.90%. Latest Bank of Maharashtra FD interest rate for senior citizens, on the other hand ranges between 2.75% to 5.40%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 45 days 2.75% 2.75%
46 days to 90 days 3.25% 3.25%
91 days to 180 days 3.50% 4.00%
120 days to 180 days 3.75% 4.25%
181 days to 270 days 4.00% 4.50%
Earn upto 6.95% on FD APPLY NOW

Bank Maharashtra Fixed Deposit Features

Bank of Maharashtra FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Bank of Maharashtra Fixed Deposit are:

  • Deposit Amount : Bank of Maharashtra FD can be opened with an amount as a low to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.75% p.a. to 4.90% p.a.
  • Senior Citizens FD Rate : 2.75% p.a to 5.40% p.a.
  • Highest Interest Rate : As per today’s rate, Bank of Maharashtra’s highest interest rate on FD is 4.90% offered for a tenure of 10 years.
  • Safety of Bank of Maharashtra Deposits : Bank of Maharashtra deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Bank of Maharashtra provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Standard Fixed Deposit

Bank of Maharashtra FD Interest Rates Today

Interest rates on Bank of Maharashtra deposits are updated regularly by the Government of India. The following are updated Bank of Maharashtra FD interest rates 2021:

Tenure Interest Rate
7 days to 45 days 2.75%
46 days to 90 days 3.25%
91 days to 180 days 3.50%
120 days to 180 days 3.75%
181 days to 270 days 4.00%
271 days to 364 days 4.25%
1 year 4.90%
1 year 1 day to 2 years 4.90%
2 years 1 day to 3 years 4.90%
3 years 1 day to 10 years 4.90%

Bank of Maharashtra FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Bank of Maharashtra offers a higher interest rate to senior citizens than the general public. Listed below are the Bank of Maharashtra fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 45 days 2.75%
46 days to 90 days 3.25%
91 days to 180 days 4.00%
120 days to 180 days 4.25%
181 days to 270 days 4.50%
271 days to 364 days 4.75%
1 year 5.40%
1 year 1 day to 2 years 5.40%
2 years 1 day to 3 years 5.40%
3 years 1 day to 10 years 5.40%

Best FD Plan as per Bank of Maharashtra FD Rates

To invest in Bank of Maharashtra fixed deposit, you must compare Bank of Maharashtra Fixed Deposit Rates for varying tenures. Bank of Maharashtra FD Interest Rates 2021 are best for the deposits with a tenure of 1 year to 10 years, wherein the current Bank of Maharashtra Fixed Deposit Interest Rates is 4.90 p.a.

If you are looking to invest in short term deposits with Bank of Maharashtra, the interest rate of Bank of Maharashtra for FD ranges from 2.75% p.a. to 4.25% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Bank of Maharashtra Fixed Deposit Rates for senior citizens range from 2.75% to 4.75% p.a.

If you want to invest in long term deposits, Bank of Maharashtra Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 4.90%.Bank of Maharashtra Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.40% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Bank of Maharashtra:

  • Interest on deposit is paid only at the time of the maturity
  • Bank of Maharashtra also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Bank of Maharashtra Fixed Deposit Rates – Premature Withdrawal

You can close your Bank of Maharashtra FD account prematurely, however Bank of Maharashtra charges a penalty of Nil for premature withdrawal. Also, The penal provisions for premature closure on Bank of Maharashtra FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Bank of Maharashtra

Bank of Maharashtra offers loans up to 0% against its own deposit. Note that Bank of Maharashtra will not give you loan against FD of any other bank. Bank of Maharashtra offers Loan against FD at the rate of 3.75% to 5.9%

FD Account Opening Process at Bank of Maharashtra

To open an Bank of Maharashtra Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Bank of Maharashtra and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Bank of Maharashtra FD after reading the terms and conditions.

To open a Fixed Deposit account in Bank of Maharashtra, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Bank of Maharashtra FD after reading the terms and conditions.

Nomination Facility on Bank of Maharashtra FD

Bank of Maharashtra also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Bank of Maharashtra FD account. The nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest fixed deposit interest rate for Bank of Maharashtra?

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

Are there any special rates for senior citizens FD of Bank of Maharashtra?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.75% to 4.90%. Compared to this, Bank of Maharashtra senior citizens FD are in the range of 2.75% to 5.40%.

What are the current Bank of Maharashtra FD interest rates 2021?

Current interest for FD in Bank of Maharashtra ranges between 2.75% - 4.90%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Bank of Maharashtra?

The minimum deposit amount required to book an FD with Bank of Maharashtra is .

Is it possible to change the tenure of my existing fixed deposit account with Bank of Maharashtra?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Bank of Maharashtra without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Bank of Maharashtra?

Yes, you can submit your application for opening an FD account on the website of Bank of Maharashtra. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Bank of Maharashtra?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 4.90%. For Bank of Maharashtra FD the number of years in which your FD will get doubled is; 72/4.90 = 15

What is the interest of 1 lakh in the Bank of Maharashtra?

The interest on Bank of Maharashtra fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Bank of Maharashtra FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 45 days 2.75%
46 days to 90 days 3.25%
91 days to 180 days 3.50%
120 days to 180 days 3.75%
181 days to 270 days 4.00%
271 days to 364 days 4.25%
1 year 4.90%
1 year 1 day to 2 years 4.90%
2 years 1 day to 3 years 4.90%
3 years 1 day to 10 years 4.90%


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Bank Maharashtra News - Jul 2021
  • 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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