Bank of Maharashtra offers an extensive range of Fixed Deposit schemes to fulfil the investment requirements of depositors across tenures such as Maha Double Deposit Scheme, Mahabank Trust Deposit Scheme, Cumulative Deposit Receipt Scheme, etc. Here’s a summarised list of Bank of Maharashtra FD rates along with features of the fixed deposit schemes offered by the bank.
Table of Contents
Bank of Maharashtra Fixed Deposit Rates 2020
Domestic Term Deposits/ NRO Term Deposit Interest Rates
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 45 days | 4.25% | 4.25% |
| 46 days to 90 days | 5.25% | 5.25% |
| 91 days to 364 days | 6.00% | 6.50% |
| 365 days/ 1 year | 6.50% | 7.00% |
| Above 1 year to 2 years | 6.50% | 7.00% |
| Above 2 years to 3 years | 6.50% | 7.00% |
| Above 3 years | 6.25% | 6.75% |
Note: Above interest rates are applicable with effect from September 12th, 2019 on deposits below Rs. 2 crore.
NRE (Non Resident External) Fixed Deposit Interest Rates
| Tenure | FD Interest Rates |
| 365 days/1 year to 2 years | 6.00% |
| Above 1 year to 2 years | 6.00% |
| Above 2 years to 3 years | 5.75% |
| Above 3 years to 5 years | 5.50% |
| Above 5 years* | 5.50% |
Note: Above interest rates are applicable with effect from September 12th, 2019 on deposits below Rs. 2 crore. *Deposits for more than 5 years are applicable for Rs. 1.5 lakh only.
FCNR (Foreign Currency Non-Resident) and RFC (Resident Foreign Currency) FD Interest Rates
| Tenure | USD | GBP | EUR | AUD | CAD |
| 12, 15, 18, 21 months | 2.03 | 0.92 | 0.01 | 1.09 | 2.30 |
| 24, 27, 30, 33 months | 2.04 | 0.90 | 0.00 | 0.98 | 1.90 |
| 36, 39, 42, 45 months | 1.92 | 0.87 | 0.00 | 0.98 | 1.84 |
| 48, 51, 54, 57 months | 2.12 | 1.10 | 0.00 | 1.32 | 2.06 |
| 60 months | 2.09 | 1.09 | 0.00 | 1.36 | 2.03 |
Note: Above rates are applicable for the month of September, 2019.
Types of FD Schemes Offered by Bank of Maharashtra
Bank of Maharashtra offers different types of fixed deposit options to suit varying needs of investors. These schemes are:
1. Monthly Interest Deposit Scheme
For those investors who wish to earn extra on a monthly basis, Bank of Maharashtra’s Monthly Interest Deposit Scheme is an ideal option. In this this, the interest earned is payable on a monthly basis acting as an added income for the investors.
| Particulars | Details |
| Tenure | 12 months – 120 months |
| Min. Deposit Amount | Rs. 1,000 |
| Interest Treatment | Interest calculated monthly at discounted value; accrued interest paid monthly |
| Rates for Senior Citizens | Additional 0.50% rate of interest |
| Loan against FD | Available; up to 90% of the deposit |
| Features |
|
2. Quarterly Interest Deposit Scheme
This scheme offers customers with the benefits of fixed deposit (safe investment + guaranteed returns) with regular income. The interest earned by the investors in this scheme is paid to them on a quarterly basis. This way, investors can have extra income on regular intervals of time. Further information about the scheme is detailed in the table below:
| Particulars | Details |
| Tenure | 12 months – 120 months |
| Min. Deposit Amount | Rs. 1,000 |
| Interest Treatment | Quarterly compounding; interest paid quarterly |
| Rates for Senior Citizens | Additional 0.50% rate of interest |
| Loan against FD | Available; up to 90% of the deposit |
| Features |
|
3. Tax Saving Term Deposit
To help investors save on their income tax, Bank of Maharashtra extends its Tax Saving Term Deposit under which the interest earned can be claimed as deductions u/s 80 C of the Income Tax Act, 1961. Investors can claim deductions up to Rs. 1.5 lakh/financial year. Further details about the scheme are as follows:
| Particulars | Details |
| Tenure | 5 years |
| Deposit Amount | Rs. 100 – Rs.1.5 lakh per financial year |
| Premature Withdrawal | Not Available |
| Loan against FD | Not Available |
| Features |
|
Premature Withdrawal Facility
The bank allows its customers to opt for premature withdrawals, if need arises. However, the following mentioned points must be considered when using the facility:
- This option is not available for tax saving term deposits
- Interest shall only be paid for the time deposits were held with the bank and not the entire tenure agreed at the time of signing
- There will be no penalty charged for deposits with maturity period of up to 1 year
- For deposits maturing in more than 1 year, there will be a penalty of 1% on the applicable rate of interest
Bank of Maharashtra 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 Bank of Maharashtra 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.
Documents Required to Apply for Bank of Maharashtra FD Schemes
To apply for any of the fixed deposit schemes and avail good returns on Bank of Maharashtra FD interest rates, the following stated documents must be produced by the customers:
- Proof of Identity (Passport, Voter ID Card, Ration Card, etc.)
- Proof of Address (Aadhaar Card, Passport, Driving License, etc.)
- Passport-sized photograph(s)
Note: This is an indicative list, not an exhaustive one. The bank may ask for further documents as per the requirement.
How to Apply for Bank of Maharashtra FD Schemes?
Walk in to the nearby branch of Bank of Maharashtra along with the documents mentioned above and ask to open the preferred fixed deposit scheme. It is suggested to carry photocopies of the documents along.
Frequently Asked Questions
Q. Do senior citizens get extra benefits on investing in Bank of Maharashtra FD Schemes?
A. Yes, senior citizens get preferential 0.5% 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 Bank of Maharashtra?
A. Customers can earn maximum FD interest rate of 6.00% for tenure of 1 year/ 365 days.
Q. What happens if PAN is not updated in bank records?
A. The bank shall charge 20% as TDS if 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 the Form 15G is for citizens who are below 60 years of age.