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  • Bank of Maharashtra Fixed Deposit
Bank of Maharashtra Fixed Deposit

Bank of Maharashtra Fixed Deposit

Public Sector 
Shield CheckDICGC

6.3%

Interest for 3 years

Bank of Maharashtra FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 30 days2.75%2.75%
1 month - 1 month 14 days3%3%
1 month 15 days - 2 months 29 days4.75%4.75%
2 months 30 days - 3 months 27 days4.9%5.4%
3 months 28 days - 5 months 27 days5.1%5.6%
5 months 28 days - 6 months 15 days5.5%6%
6 months 16 days - 6 months 16 days7%7.5%
6 months 17 days - 8 months 25 days5.5%6%
8 months 26 days - 11 months 27 days5.6%6.1%
1 year - 1 year6.5%7%
1 year 1 day - 1 year 1 month 3 days6.3%6.8%
1 year 1 month 4 days - 1 year 1 month 4 days6.8%7.3%
1 year 1 month 5 days - 3 years6.3%6.8%
3 years 1 day - 9 years 11 months 26 days6%6.5%

Note: All interest rates shown above are as on 6th Mar 2024

About Bank of Maharashtra FD

Bank of Maharashtra is a major Indian government owned bank under the ownership of Ministry of Finance, Government of India. The bank had 15 million customers across the country with 1,900 branches as of 25 March 2021. It has the largest network of branches of any public sector bank in the state of Maharashtra. The bank has a balance sheet size of Rs. 1.69 lakh Crs as on 31st March 2020. The bank recorded a profit of Rs 399 Crs in FY20

Bank of Maharashtra FD

2.75% - 7%

FD Rate

2.75% - 7.5%

FD Rate for Seniors

₹ 1000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

CRISIL Rating

Bank of Maharashtra FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.3%For 5 years with interest of 6%
₹ 50,000 ₹ 60,372₹ 67,443
₹ 1 lakh ₹ 1,20,744₹ 1,34,885
₹ 2 lakh ₹ 2,41,489₹ 2,69,770
₹ 5 lakh ₹ 6,03,722₹ 6,74,425
₹ 10 lakh ₹ 12,07,444₹ 13,48,850

Compare Bank of Maharashtra Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Utkal Grameen Bank FD
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Bank of Maharashtra FD
Bank of Maharashtra FD
Maturity Amount 1,06,697 1,06,697
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained6,697 6,697

Compare Bank of Maharashtra Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Utkal Grameen Bank FD
6.5% - 7%
Punjab and Sind Bank FD
6% - 6.5%
Saptagiri Grameena Bank FD
7.5% - 8%
Dakshin Bihar Gramin Bank FD
5.6% - 5.6%
Karnataka Gramin Bank FD
6.85% - 7.35%
Kerala Gramin Bank FD
6.75% - 7.25%
Baroda Gujarat Gramin Bank FD
6.75% - 7.25%
Yes Bank FD
7.3% - 8%
Union Bank of India FD
6.5% - 7%
Dhanlaxmi Bank FD
6.5% - 7%

Calculate Bank of Maharashtra FD Returns

1,00,000

Total Investment

6,697

Wealth Gained

1,06,697

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

Bank of Maharashtra is the first commercial bank established in 1840 in Maharashtra. Formerly known as the Bank of Bombay, it has achieved several banking milestones. Bank of Maharashtra offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Bank of Maharashtra FDs is higher than their savings account. One can invest in Bank of Maharashtra FDs with just a minimum investment of INR 1,000. This article covers Bank of Maharashtra FD, its features and interest rates in detail.

Bank of Maharashtra Fixed deposit schemes

Following are the fixed deposit scheme by the Bank of Maharashtra:

  • Maha Saraswati Scheme
  • Monthly Interest Deposit Scheme
  • Quarterly Interest Deposit Scheme
  • Tax Savings Term Deposit

Bank of Maharashtra Maha Saraswati Scheme

Maha Saraswati Scheme is a monthly deposit scheme. Following are the features of the scheme:

  • Tenure: 36 months to 12 months
  • Minimum Deposit Amount: INR 50, and in multiples of INR 10 thereafter in Rural and Semi-Urban. INR 100 and in multiples of INR 10 thereafter in Urban and Metro.
  • Deposit Payment: The deposit amount is repayable upon maturity.
  • Premature withdrawals: Allowed, however, certain rules are applicable.
  • Eligibility:
    • Minor or Student aged six months and above
    • Student or Minor singly aged ten years.
    • Minor or Student jointly with parent or guardian
    • By parent/guardian on behalf of Minor Student
    • (Also, In all cases, there should be KYC compliance while opening the account)

Bank of Maharashtra Monthly Interest Deposit Scheme

The monthly interest deposit scheme offers monthly income to its depositors. This is just like an additional income to regular earnings. Following are the features of the scheme:

  • Tenure: 12 months to 120 months
  • Minimum Deposit Amount: INR 1,000 and thereafter in multiples of INR 100
  • Loan Facility: The depositors can avail a loan up to 90% of the deposit amount.
  • Nomination Facility: Available
  • Eligibility: Individual, minor, joint depositors, corporate, firm, clubs etc., can open the Monthly Interest Deposit Scheme.

Bank of Maharashtra Quarterly Interest Deposit Scheme

The quarterly interest deposit scheme is suitable for planning tax liabilities or investments. The scheme pays quarterly interest on the deposit amount. Following are the features of the scheme:

  • Tenure: 12 months to 120 months
  • Minimum Deposit Amount: INR 1,000 and thereafter in multiples of INR 100
  • Loan Facility: The depositors can avail a loan up to 90% of the deposit amount.
  • Nomination Facility: Available
  • Eligibility: Individual, joint depositors, minor, corporate, firm, or clubs can open the Quarterly Interest Deposit Scheme.

Bank of Maharashtra Tax Savings Term Deposit

The tax savings term deposit is a scheme that offers the depositors the benefit of tax savings and investment. The deposits to this scheme qualify for tax exemption under Section 80C of the Income Tax Act. Following are the features of the scheme:

  • Lock-in period: 5 years
  • Minimum Deposit Amount: INR 100 and in multiples thereafter
  • Maximum Deposit Amount: INR 1,50,000 per financial year
  • Premature Withdrawals: Not allowed
  • Loan Facility: Not available
  • Nomination Facility: Available
  • Eligibility: Individual or HUF

Key Features of Bank of Maharashtra Fixed Deposit

  • Premature withdrawal: All Bank of Maharashtra FDs can be withdrawn prematurely except for tax saving FDs. For all deposits up to one year, the Bank of Maharashtra doesn’t charge any penalty. However, for all deposits withdrawn after one year but before maturity, the Bank of Maharashtra charges a 1% penalty on the interest.
  • Nomination and auto-renewal facility: Bank of Maharashtra FD investors can nominate beneficiaries and also opt for auto-renewal of their FDs.
  • Safety: All Bank of Maharashtra deposits are covered by the Deposit Insurance Scheme of RBI. The scheme covers all Bank of Maharashtra deposits up to INR 5,00,000.

How to open a Bank of Maharashtra FD deposit account?

One can open a Bank of Maharashtra FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open a Bank of Maharashtra FD account through internet banking:

  • Login to the Bank of Maharashtra NetBanking account.
  • On the home page, select the ‘Term Deposit’ option.
  • Choose the type of deposit scheme and provide all the necessary details, nominee details, payment and maturity instructions.
  • Verify the details and click on ‘Submit. The account opening takes up to 24 hours, and a confirmation message will be sent to the registered mobile number.

Through Mobile App

Bank of Maharashtra App

The following steps will guide in opening an FD account through the Bank of Maharashtra Mobile App:

  • Download the Bank of Maharashtra App and log in.
  • Select the ‘Term Deposit’ option and choose the type of deposit account.
  • Provide all the necessary details, nominee details, maturity and payment instructions.
  • Verify the details and click on ‘Submit. The account opening takes up to 24 hours, and a confirmation message will be sent to the registered mobile number.

Offline Bank of Maharashtra FD Opening

To open a Bank of Maharashtra FD account offline, one has to visit the nearest Bank of Maharashtra branch. Fill the Bank of Maharashtra FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, the Bank of Maharashtra will provide an FD receipt.

Documents required to open a Bank of Maharashtra FD

To open a Bank of Maharashtra fixed deposit account, one needs the following documents.

  • Passport size photographs
  • Bank of Maharashtra FD form
  • Proof of identity (PAN Card, Aadhar Card, Passport, Voter ID, Driving License)
  • Proof of address (Utility bills, Aadhar Card, Bank statement with cheque)

Eligibility to Open a Bank of Maharashtra FD

To open an FD account with the Bank of Maharashtra, one needs to be eligible. Following are the eligible persons and entities.

  • Individual including joint depositors and minors
  • Firms
  • Corporates and clubs

How is Bank of Maharashtra FDs taxed?

Only investment in Bank of Maharashtra Tax Saving FDs qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Bank of Maharashtra FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from the Bank of Maharashtra FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from the Bank of Maharashtra FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Bank of Maharashtra, then the TDS rate will be 20%.

Explore Fixed Deposits By Banks

Frequently Asked Questions

What is the highest Bank of Maharashtra FD rate today?

The highest Bank of Maharashtra FD rates for general citizens is 7% p.a. and 7.5% p.a. for senior citizens.

What is the highest interest rate on Bank of Maharashtra 1 year FD scheme?

The highest interest rate on Bank of Maharashtra 1 year FD scheme is 7% p.a.

What is Bank of Maharashtra FD scheme interest rate for 5 years?

6% p.a is the interest rate for 5 years on Bank of Maharashtra FD scheme.

How many years FD will double in Bank of Maharashtra?

To know in how many years Bank of Maharashtra Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Bank of Maharashtra Bank FD will double. The current highest Bank of Maharashtra FD interest rate is 7% so investors will double the investment in 10.29 years. Similarly, senior citizen depositors will double their FD investment in 9.60 years, where the highest FD rate for senior citizens is 7.5%.

What is Bank of Maharashtra FD minimum deposit amount?

The minimum investment in Bank of Maharashtra FD is INR 1,000. However, there is no limit on the maximum amount of investment in Bank of Maharashtra FD.

What is senior citizen fixed deposit interest rates in Bank of Maharashtra?

The senior citizen fixed deposit interest rates in Bank of Maharashtra range between 2.75% to 7.5% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Bank of Maharashtra?

Bank of Maharashtra FD tenure ranges from 7 days to 9 years 11 months 26 days

What is Bank of Maharashtra FD ROI for 10 lakh deposit for 1 year?

The interest from the Bank of Maharashtra FD calculator for 10 lakh deposit for 1 year will be INR 72,290. The maturity value will be INR 10,72,290. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in Bank of Maharashtra?

You can check Bank of Maharashtra FD balance either online or offline mode. For online mode, log in to the Bank of Maharashtra internet banking portal. Alternatively, you can visit the nearest Bank of Maharashtra bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Bank of Maharashtra?

There is no restriction on the number of FDs you can open with Bank of Maharashtra.