Bank of Maharashtra increases interest rates on Fixed Deposits (FDs)
Bank of Maharashtra has made significant changes to the interest rates on small amount Fixed Deposits (FDs), which are the preferred choice for safe investment and guaranteed income. However, many customers are still unaware of these changes. To provide more information, the bank has launched a new FD scheme with a tenure of 200 days, offering the highest interest rate. The revised interest rates on various FD tenures are as follows:
- 2.75% on 7 days to 30 days FD
- 3% on FDs of 31 days to 45 days
- 3.50% on 46 days to 90 days FD
- 4.50% on 91 days to 119 days FD
- 4.75% on 130 days to 180 days FD
- 5.35% on 181 days to 270 days FD
- 5.60% on 271 days to 364 days FD
- 6.35% on FDs from 365 days to 1 year
- 6% on FDs above 1 year to 2 years
- 6% on FDs with tenure of more than 2 years to 3 years
- 5.75% on FDs with tenure of more than 3 years to 5 years
- 5.75% on FDs with tenure of more than 5 years
In addition, Bank of Maharashtra has introduced a special FD scheme called the Maha Dhanvarsha Term Deposit Scheme. Under this scheme, common citizens receive 6.75% interest on 400 days FD, while senior citizens enjoy an additional 0.50% return. The bank also offers an extra 0.50% interest to resident senior citizen customers on FDs of 91 days or more.
It is important to note that investing in mutual funds and the stock market involves risks, and consulting a financial advisor is recommended. AkhandIndia.com disclaims any liability for financial losses.
News Title: Bank of Maharashtra FD Term Deposit interest rates 16 September 2023.
