Bank of Maharashtra FD Interest Rates (p.a.) Highlights 2022 | |
| Highest slab rate | 5.50% (for 400 days) |
| For 1 year | 5.40% |
| For 2 years | 5.40% |
| For 3 years | 5.40% |
| For 4 years | 5.40% |
| For 5 years | 5.40% |
| Tax-Saving FD | 5.40% |
The interest rates are updated as of 22 September 2022
Bank of Maharashtra Fixed Deposit Rates 2022
Fixed Deposits Interest Rates on Domestic/NRO of less than Rs 2 crore w.e.f. 22 August 2022
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 30 days | 2.75 | 3.25 |
| 31 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 3.50 | 4.00 |
| 91 days to 119 days | 3.75 | 4.25 |
| 120 days to 180 days | 3.90 | 4.40 |
| 181 days to 270 days | 4.25 | 4.75 |
| 271 days to 364 days | 5.00 | 5.50 |
| 365 days/1 year | 5.40 | 5.90 |
| Above 1 year to 399 days | 5.40 | 5.90 |
| 400 days (Maha Dhanvarsha) | 5.50 | 6.00 |
| 401 days to 2 years | 5.40 | 5.90 |
| Above 2 years to 3 years | 5.40 | 5.90 |
| Above 3 years to 5 years | 5.40 | 5.90 |
| Above 5 years | 5.40 | 5.90 |
Note:
1. Additional senior citizens interest rates (0.50% p.a.) are not applicable to non-resident deposits
2. Fixed deposits of less than Rs 2 crore for 400 days are effective from 29 August 2022
Bank of Maharashtra Tax Saver Deposit
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years | 5.40 | 5.90 |
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Fixed Deposits Interest Rates on Domestic/NRO of amount Rs 2 crore to Rs 10 crore w.e.f. 22 August 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 | 3.25 |
| 91 days to 119 days | 3.50 |
| 120 days to 180 days | 3.75 |
| 181 days to 270 days | 4.00 |
| 271 days to 364 days | 4.75 |
| 365 days/1 year | 5.25 |
| Above 1 year to 2 years | 5.25 |
| Above 2 years to 3 years | 5.25 |
| Above 3 years to 5 years | 5.25 |
| Above 5 years | 5.25 |
Fixed Deposit Interest Rates on NRE deposits of less than Rs 2 crore w.e.f. 8 January 2021
| Tenure | Interest Rates (% p.a.) |
| 365 days/1 year to 2 years | 4.90 |
| Above 1 year to 2 years | 4.90 |
| Above 2 years to 3 years | 4.90 |
| Above 3 years to 5 years | 4.90 |
| Above 5 years | 4.90 |
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Fixed Deposit Interest Rates of FCNR (B) (Fixed) w.e.f. 6 September 2022
| Tenure | Interest Rates (% p.a.) | ||||
| USD | GBP | EURO | AUD | CAD | |
| 12, 15, 18, 21 months | 3.00 | 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 |
Fixed Deposit Interest Rates of FCNR (B) (Floating) – 6 September 2022
| Tenure | Interest Rates (% p.a.) | ||||
| USD | GBP | EURO | AUD | CAD | |
| 12, 15, 18, 21 months | O/N rate + 1.47 | O/N rate + 0.71 | O/N rate + 0.10 | O/N rate + (-0.60) | O/N rate + (-1.43) |
| 24, 27, 30, 33 months | O/N rate + 1.27 | O/N rate + 1.01 | O/N rate + 0.10 | O/N rate + (-0.10) | O/N rate + (-0.37) |
| 36, 39, 42, 45 months | O/N rate + 1.27 | O/N rate + 1.11 | O/N rate + 0.10 | O/N rate + 0.25 | O/N rate + (-0.15) |
| 48, 51, 54, 57 months | O/N rate + 1.27 | O/N rate + 1.11 | O/N rate + 0.19 | O/N rate + 0.50 | O/N rate + (-0.09) |
| 60 months | O/N rate + 1.27 | O/N rate + 1.11 | O/N rate + 0.24 | O/N rate + 0.65 | O/N rate + (-0.08) |
Note: O/N refers to the daily overnight rate for the respective currency available on the day of account opening. The interest is reset after every 6 months for all floating rate deposits
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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% 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: Rs 1,000
- Tenure: 1 year to 10 years
- Depositors can avail of loans of up to 90% of the deposit amount
- Nomination facility is available
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Quarterly Interest Deposit Scheme
- Interest will be deposited quarterly
- Minimum deposit amount: 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: 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
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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
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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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FD Calculator
FD calculator helps calculate the potential maturity amount one shall get on investing in fixed deposits. With inputs like deposit amount and tenure along with the prevailing FD rates, the tool available at Paisabazaar.com calculates the total fund value one should expect at the end of the specified tenure. This FD calculator is free to use.
FAQs
Q. Do senior citizens get extra benefits on investing in Bank of Maharashtra FD Schemes?
A. Yes, senior citizens get preferential 0.50% interest rates on the prevailing Bank of Maharashtra fixed deposit rates.
Q. What is the highest interest rate one can earn on fixed deposits by the Bank of Maharashtra?
A. Customers can earn a maximum FD interest rate of 5.40% for a tenure of 1 year to above 5 years.
Q. What happens if PAN is not updated in bank records?
A. The bank shall charge 20% as TDS if the PAN of the customer is not updated in the records of the bank.
Q. Who should submit Form 15G/15H?
A. Form 15G/ 15H is for those who do not have a taxable income, i.e. up to Rs. 2.5 lakh per annum. Form 15H is for senior citizens aged 60 years or more while Form 15G is for citizens who are below 60 years of age.