Bank of Maharashtra (BoM) Hikes FD Rates By 125 Bps Effective From Today

A leading public sector bank in the nation, Bank of Maharashtra (BoM), has raised its deposit interest rate to 125 basis points as of 12.10.2023. Customers will see a significant 125 bps rise in deposit rates for the 46-90 day tenure. Interest rates on deposits with terms of one year have been hiked by 25 basis points to 6.25%. Under the 200/400 days special scheme, senior citizens will receive an additional advantage of 50 bps in interest rate with tempting returns of up to 7.50%.

"Bank of Maharashtra's move to raise the deposit rates is in alignment with its mission to offer competitive products to its customers. The bank's attractive interest rates make it a compelling option for both short-term and long term savers fostering trust and loyalty among them," said the bank in a statement.

Bank of Maharashtra FD Rates

The bank will continue to give an interest rate of 2.75% for deposits made between 7 and 30 days, while BoM will continue to offer an interest rate of 3% for deposits made between 31 and 45 days. For deposits that mature between 46 to 90 days, Bank of Maharashtra hiked interest rates by 125 basis points (bps), from 3.50% to 4.75%, and by 30 bps, from 4.50% to 4.90%, for deposits maturing in 91 to 119 days. Deposits that mature between 120 to 180 days will get interest at a rate of 5.10%, up 35 basis points from 4.75% before, while deposits maturing in 181 to 270 days will receive interest at 5.50%, up 25 basis points from 5.25% previously.

The bank increased interest rates on deposits maturing in 271 days to 364 days by 10 basis points (bps), from 5.50% to 5.60%, and the Bank of Maharashtra increased interest rates on deposits maturing in 1 year by 25 bps, from 6.25% to 6.50%. Bank of Maharashtra increased interest rates by 25 basis points (bps) from 6% to 6.25% on deposits held for one to three years and by 25 bps from 5.75% to 6% on deposits held for three to five years.

Bank of Maharashtra also allows special schemes of 200 days with an interest rate of 7% and 400 days of 6.75%. The above-discussed new interest rates are applicable for both fresh deposits and renewal of existing deposits.
On all maturity slabs of 91 days and above, resident senior citizens would only receive an additional rate of 0.50% per year over and above the standard rates for deposits up to Rs. 2 crore.