Bank Of Maharashtra Revise Interest Rates On Retail Fixed Deposits, Now Offering Up To 7%

Bank of Maharashtra (BoM) revises the interest rates for fixed deposits (FDs) of less than Rs 2 Crore and Rs 2 Crore to Rs 10 crore. The new rates are effective from Monday, April 17, 2023, according to the bank's official website.

Now, the bank is offering interest rates ranging from 2.75% to 7% on a deposit tenor of 7 days to 5 years and above including a special deposit scheme for deposits less than Rs 2 Crore and Rs 2 crore to Rs 10 crore. The Deposits above Rs 10 crore, the interest ranges from 2.65% to 6%.

The bank offers an additional interest rate of 0.50% p.a. to resident Indian senior citizens on deposit period for 91 days and above for deposits up to Rs 2 crore only. The additional interest is not applicable to any type of non-resident deposit.

On a special deposit tenor of 200 days, the bank is now offering a maximum interest rate of 7% and on a special deposit tenor of 400 days, the bank is now offering a maximum interest rate of 6.75%.

Interest Rate on Domestic Term Deposits/Bulk Term Deposits/NRO Term Deposits

Duration	Less than 2 Cr	Rs 2 Cr to Rs 10 Cr	Above Rs 10 Cr
7-10 Days	2.75%	2.75%	2.65%
31-45 days	3.00%	3.00%	2.90%
46-90 days	3.50%	3.50%	3.40%
91 days - 119 days	4.50%	4.50%	4.40%
120-180 days	4.75%	4.75%	4.65%
181-270 days	5.35%	5.35%	4.65%
271-364 days	5.60%	5.60%	4.90%
365 days/One Year	6.35%	6.35%	5.90%
Above 1 year-2 years^	6.00%	6.00%	6.00%
Over 2 years to 3 years	6.00%	6.00%	-
Over 3 years to 5 years	5.75%	5.75%	-
Above 5 years	5.75%	5.75%

Special Deposits Scheme

Duration	Less than 2 Cr	Rs 2 Cr to Rs 10 Cr
200 Days	7.00%	7.00%
400 Days	6.75%	6.75%

Source - bankofmaharashtra.in