Bank of Maharashtra FD Interest Rates

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:

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

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.

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%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

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.

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