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Guide to Bank of Maharashtra FD Interest Rates
Reviewed by: Fibe Research Team
- Updated on: 4 Dec 2024
The Bank of Maharashtra offers diverse tenure options on FDs with competitive interest rates. While the Bank of Maharashtra FD rates are quite lucrative, they have a range of special tenures that come with higher rates as well. Just like any other bank FD, you can also get higher interest as a senior citizen.
Read on to learn about the Maharashtra Bank fixed deposit rate across different timelines and make a smart decision.
Table of Contents
Current Fixed Deposit Interest Rates
Here is a list of Bank of Maharashtra FD rates, which you can get for deposits under ₹3 crores.
| Investment Tenure | Annual Interest Rate for Regular Citizens | Annual Interest Rate for Senior Citizens |
|---|---|---|
| 7 days to 30 days | 2.75% | 2.75% |
| 31 days to 45 days | 3% | 3% |
| 46 days to 90 days | 4.75% | 4.75% |
| 91 days to 119 days | 5% | 5.50% |
| 120 days to 180 days | 5.25% | 5.75% |
| 181 days to 270 days | 5.75% | 6.25% |
| 271 days to 364 days | 5.75% | 6.25% |
| 1 year | 6.75% | 7.25% |
| Above 1 year to 2 years | 6.50% | 7.00% |
| Above 2 years to 3 years | 6.50% | 7.00% |
| Above3 years to 5 years | 6.50% | 7.00% |
| Above 5 years | 6.50% | 7.00% |
Disclaimer: Interest rates are subject to change. Please check the latest rates before you invest.
If you invest a higher sum, then the interest rates may vary. Furthermore, existing or retired spouse of bank staff get an additional 1% interest on their deposit. If you withdraw your FD deposit before the tenure, it attracts a penalty of 1% of the offered Maharashtra Bank fixed deposit rate.
Also Read : Short Term FD vs Long Term FD
Interest Rates on Special Schemes
This bank also offers higher interest rates for certain tenures. These special Bank of Maharashtra FD rates are as follows:
| Investment Tenure | Annual Interest Rate for Regular Citizens | Annual Interest Rate for Senior Citizens |
|---|---|---|
| 200 days | 6.90% | 7.40% |
| 333 days | 7.35% | 7.85% |
| 400 days | 7.10% | 7.60% |
| 777 days | 7.25% | 7.75% |
Disclaimer: Interest rates are subject to change. Please check the latest rates before you invest.
Bank of Maharashtra Fixed Deposit Features
Here are some features that make the Bank of Maharashtra FD an ideal choice:
- You can add a nominee to your FD account
- Parents and guardians can open an account for a minor as well
- You can move your fixed deposit account into any branch and enjoy existing Bank of Maharashtra FD rates
- The minimum deposit amount is ₹1,000, with subsequent deposits allowed in multiples of ₹100
- Firms, businesses, clubs, engineers, doctors, and even students are eligible to open an account
Steps to Open a Bank of Maharashtra FD
Through Internet Banking
You can follow the below-mentioned steps to successfully open your fixed deposit account:
- Log in to the net banking account
- Choose ‘Term Deposit’ from the home page
- Select the type of deposit scheme you prefer
- Fill out the form along with your nominee details, maturity instructions and other information
- Complete the verification process
- Click on ‘Submit’
Within the next 24 hours, you will receive confirmation via SMS.
Via Mobile App
To open your FD account via your Bank of Maharashtra mobile app, follow these steps:
- Download the app
- Complete the signing-in process
- Navigate to ‘Term Deposit’
- Select your preferred FD account type
- Fill out the application form
- Add maturity instructions, nominee details and payment options
- Submit your request, and within the next 24 hours you will receive a confirmation SMS
At a Branch Offline
If you are more comfortable with the offline process, you can also go to your nearest Bank of Maharashtra branch and book your FD. You will need to follow these steps:
- Ask for the FD account form
- Fill out the form
- Submit the form with the required documents
- Receive the fixed deposit receipt after processing
Fixed deposit rates in the Bank of Maharashtra are competitive, and you can earn attractive returns. You can choose to receive the payout at maturity or regular intervals as per your preferences. Remember, special returns have the highest fixed deposit rates in the Bank of Maharashtra.
FAQs on Bank of Maharashtra Fixed Deposit Interest Rates
Do senior citizens get extra benefits by investing in Bank of Maharashtra FD Schemes?
Across most tenures, senior citizens get comparatively higher fixed deposit rates in the Bank of Maharashtra. These rates are around 0.50% higher than those offered to non-senior citizens.
Is it possible to open a Bank of Maharashtra Fixed Deposit without a PAN card?
To open a Bank of Maharashtra Fixed Deposit FD account you will have to submit your ID and address proof for verification. However, a PAN card is not mandatory. If you have other proofs available, you can submit them.
