MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Bank of Maharashtra FD Interest Rates

Bank of Maharashtra FD Rates 2021

Last Updated 19th Jan 2021

Bank of Maharashtra is one of most reliable FD providers amongst a number of FD providers in the market. Bank of Maharashtra FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. 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 option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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 .
  • 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% 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:

Bank of Maharashtra Best FD Plan

We need to compare tenure wise latest FD rate of Bank of Maharashtra to choose the tenure at which it provides the highest interest rate. Bank of Maharashtra FD rates are best for the deposits with a tenure of 1 year to 10 years, wherein the current FD rate of interest is 4.90% p.a

If one is looking to invest in short term deposits with Bank of Maharashtra, FD interest rates range from 2.75% p.a. to 4.25% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Bank of Maharashtra FD rates for senior citizens range from 2.75% to 4.75% p.a.

If one is looking to invest in long term deposits, Bank of Maharashtra FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 4.90%. Senior citizens are offered special rates from bank with highest deposit rates of 5.40% p.a. on long term FDs.

Fixed Deposits of Bank of Maharashtra have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Bank of Maharashtra are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% 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

Premature closure of Term Deposit with Bank of Maharashtra is along with the lower interest rate of Nil than the contracted rate. 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 loan 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 a Fixed Deposit account in Bank of Maharashtra, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Bank of Maharashtra fixed deposit. Nominee has to submit his/her identification proof at the time of claim.


What is the highest FD 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, the rate of 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%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Bank of Maharashtra?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

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

  • 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 a FD account online in Bank of Maharashtra?

Yes, you can submit your application for opening a FD account on the website of Bank of Maharashtra. After submitting the application, you will be contacted by the bank’s representative for 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 with the 4.90%. For Bank of Maharashtra FD the number of years in which your FD will get doubled is; 72/4.90 = 15

Notification ×
  • Home Loan

    Home Loan starting at 8.20%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

    Apply Now
  • Personal Loan

    Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

    Check Offers
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
  • Demat Account

    Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

    Apply Now
  • DBS Savings Account

    Open Account Online and Cashback of up to ₹ 4,800.

    Open Account
  • Gold Loan

    Instant Gold Loan starting at 9.90% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Credit Card

    Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

    Apply Now
Bank Maharashtra News - Jan 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.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Please wait while your information is being processed...