Bank of Maharashtra FD Interest Rates 2022 |
|
| Highest slab rate | 6.30% (for 400 days – Maha Dhanavarsha) |
| For 1 year | 6.15% |
| For 2 years | 6.00% |
| For 3 years | 6.00% |
| For 4 years | 5.75% |
| For 5 years | 5.75% |
| Tax-Saving FD | 5.75% |
The interest rates are updated as of 23 December 2022
Bank of Maharashtra Fixed Deposit Rates 2022
Fixed Deposits Interest Rates on Domestic/NRO of less than Rs 2 crore w.e.f. 15 December 2022
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 30 days | 2.75 | 2.75 |
| 31 days to 45 days | 3.00 | 3.00 |
| 46 days to 90 days | 3.50 | 3.50 |
| 91 days to 119 days | 4.50 | 5.00 |
| 120 days to 180 days | 4.75 | 5.25 |
| 181 days to 270 days | 5.25 | 5.75 |
| 271 days to 364 days* | 5.50 | 6.00 |
| 365 days/1 year | 6.15 | 6.65 |
| Above 1 year to 2 years** | 6.00 | 6.50 |
| Above 2 years to 3 years | 6.00 | 6.50 |
| Above 3 years to 5 years | 5.75 | 6.25 |
| Above 5 years | 5.75 | 6.25 |
Note:Â Additional senior citizens interest rates (0.50% p.a.) are not applicable to non-resident deposits
* Tenure 300 days – 5.85% p.a. (up to Rs 10 crore only)
** Tenure 400 days (Maha Dhanavarsha) – 6.30% p.a. (up to Rs 10 crore only)
Bank of Maharashtra Tax Saver Deposit
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years | 5.75 | 6.25 |
Fixed Deposits Interest Rates on Domestic/NRO of amount Rs 2 crore to Rs 10 crore w.e.f. 15 December 2022
| Tenure | Interest Rates (% p.a.) |
| 7 days to 30 days | 2.75 |
| 31 days to 45 days | 3.00 |
| 46 days to 90 days | 3.50 |
| 91 days to 119 days | 4.50 |
| 120 days to 180 days | 4.75 |
| 181 days to 270 days | 5.25 |
| 271 days to 364 days* | 5.50 |
| 365 days/1 year | 6.15 |
| Above 1 year to 2 years** | 6.00 |
| Above 2 years to 3 years | 6.00 |
| Above 3 years to 5 years | 5.75 |
| Above 5 years | 5.75 |
Fixed Deposit Interest Rates on NRE deposits of less than Rs 2 crore w.e.f. 9 November 2022
| Tenure | Interest Rates (% p.a.) |
| 365 days/1 year | 6.00 |
| 1 year to 399 days | 6.00 |
| 400 days (Maha Dhanavarsha) | 6.30 |
| 401 days to 2 years | 6.00 |
| Above 2 years to 3 years | 6.00 |
| Above 3 years to 5 years | 5.75 |
| Above 5 years | 5.75 |
Fixed Deposit Interest Rates of FCNR (B) (Fixed) w.e.f. 1 December 2022
| Tenure | Interest Rates (% p.a.) | ||||
| USD | GBP | EURO | AUD | CAD | |
| 12, 15, 18, 21 months | 3.20 | 1.90 | 0.01 | 0.75 | 1.04 |
| 24, 27, 30, 33 months | 2.80 | 2.20 | 0.01 | 1.25 | 2.10 |
| 36, 39, 42, 45 months | 2.80 | 2.30 | 0.01 | 1.60 | 2.32 |
| 48, 51, 54, 57 months | 2.80 | 2.30 | 0.10 | 1.85 | 2.38 |
| 60 months | 2.80 | 2.30 | 0.15 | 2.00 | 2.39 |
Types of Bank of Maharashtra FD Schemes
Maha Saraswati Scheme
- Minimum deposit amount: Rs 50 in Rural and Semi-Urban; Rs 100 in Urban and Metro
- Tenure: 3 years – 10 years
- Depositors can claim a “Free Accident Insurance Cover” of Rs 50,000 till the maturity of the deposit, subject to regular payment of installments. The insurance can be claimed only in case of permanent total disablement or death arising due to an accident
- The depositors of this scheme are offered education loan interest rate concessions of up to 0.50% for Below Poverty Line (BPL) beneficiaries having Mahasaraswati A/c and up to 0.25% Â for other Mahasaraswati A/c holders.
- The scheme also provides Free VISA International ATM cum Debit card for which depositors need to open a Yuva Yojna Account
- The deposit amount, as well as the interest, is repayable on the maturity date, i.e. when the agreed period is over or 1 month after the credit of the last installment, whichever is later.
- Premature withdrawal is permitted
Monthly Interest Deposit Scheme
- Interest will be deposited monthly
- Minimum deposit amount:Â Rs 1,000
- Tenure:Â 1 year to 10 years
- Depositors can avail of loans of up to 90% of the deposit amount
- Nomination facility is available
Quarterly Interest Deposit Scheme
- Interest will be deposited quarterly
- Minimum deposit amount:Â Rs 1,000
- Tenure:1 year – 10 years
- Nomination facility is available
- A loan facility of up to 90% of the deposit amount is permitted
Bank Term Deposit Scheme (Tax Saving Term Deposit)
- Deposit amount: Minimum- Rs 100; Maximum- Rs 1.5 lakhs in a financial year
- Tenure:Â 5 years
- Premature withdrawal is not allowed
- The account can be transferred to one branch from another the bank
- Nomination facility is available
- The deposit shall not be pledged to secure a loan or as collateral for any other asset
- Loan against deposit is not permitted
Non-Resident External (NRE) Account
- The principal, as well as interest earned, are fully repatriable
- Nomination facility is available
- Power of attorney can be accessed by a local person allowing them to make local transactions or make investments etc.
Non-Resident Ordinary (NRO) Account
- Eligibility: Non Resident Indians (NRIs) and Person of Indian Origin (PIOs)
- The amount in this account is not repatriable except in the following cases:
- Up to US$ 30,000 per academic year to meet the educational expenses of their children
- Up to US$ 1,00,000 to meet medical expenses abroad of a depositor or their family members
- Up to US$ 1,00,000 per year in sales revenues from immovable properties held by them for at least 10 years
- Current income such as dividend, interest, pension, rent, etc., net of applicable taxes
Foreign Currency (Non-Resident) Account (Banks) Scheme – FCNR (B) Deposits
- Eligibility: Non-Resident Indians (NRIs) & Overseas Corporate Bodies (OCB)
- This FD scheme can be opened in the following currencies: US Dollar (USD), Pound Sterling (GBP), Euro, Australian Dollar (AUD) and Canadian Dollar (CAD)
- Tenure: 1 year – 3 years
- The principal, as well as interest earned, is fully repatriable
- Nomination facility is available
Non-Resident Ordinary (RFC) Account
- This scheme is offered to individuals of Indian origin or nationality who have returned to India for permanent settlement after being resident outside India for a minimum continuous period of 1 year
- This FD scheme can be opened in the following currencies: US Dollar (USD), Pound Sterling (GBP), Euro, Australian Dollar (AUD) and Canadian Dollar (CAD)
- Nomination facility is available
Premature Withdrawal Facility
In case of premature withdrawal of FDs, interest is payable at the interest rate applicable to the tenure for which deposit has been actually held with the bank.
No penalty is levied by the bank for premature withdrawal of deposits up to 1 year. However, a 1% penalty is charged on the applicable interest rate on deposits with a maturity period of more than 1 year.
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