Interest for 3 years
Note: All interest rates shown below are as on 6th Jun 2022
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 15 days||2.75%||2.75%|
|1 month 16 days - 2 months 29 days||3.25%||3.25%|
|2 months 30 days - 3 months 27 days||3.5%||4%|
|3 months 28 days - 5 months 27 days||3.75%||4.25%|
|5 months 28 days - 8 months 26 days||4%||4.5%|
|8 months 27 days - 11 months 30 days||4.25%||4.75%|
|1 year - 1 year||5%||5.5%|
|1 year 1 day - 9 years 11 months 28 days||4.9%||5.4%|
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
2.75% - 5%
2.75% - 5.5%
FD Rate for Seniors
₹ 2 Crores
Track your existing FDs with Scripbox in just a few steps
|Investment Amount||For 3 years with interest of 4.9%||For 5 years with interest of 4.9%|
|₹ 1 lakh||₹115801||₹127698|
|₹ 2 lakh||₹231601||₹255397|
|₹ 5 lakh||₹579004||₹638492|
|₹ 10 lakh||₹1158007||₹1276984|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105116||₹ 106591|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5116|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|LIC Housing Finance FD||6.4% - 6.65%|
|City Union Bank FD||5% - 5.5%|
|Utkal Grameen Bank FD||5.45% - 5.95%|
|Uttar Bihar Gramin Bank FD||5% - 5.5%|
|South Indian Bank FD||5.5% - 6%|
|Karnataka Gramin Bank FD||5.8% - 6.3%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Aryavart Bank FD||5.5% - 6%|
|Mahindra Finance FD||6.75% - 7%|
|Capital Small Finance Bank FD||6% - 6.5%|
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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.
Following are the fixed deposit scheme by the Bank of Maharashtra:
Maha Saraswati Scheme is a monthly deposit scheme. Following are the features of the 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:
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:
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:
One can open a Bank of Maharashtra FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a Bank of Maharashtra FD account through internet banking:
The following steps will guide in opening an FD account through the Bank of Maharashtra Mobile App:
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.
To open a Bank of Maharashtra fixed deposit account, one needs the following documents.
To open an FD account with the Bank of Maharashtra, one needs to be eligible. Following are the eligible persons and entities.
Bank of Maharashtra offers recurring deposits to its depositors. Bank of Maharashtra RDs has a minimum tenure of 180 days and maximum tenure of 10 years. The minimum investment in Bank of Maharashtra RD is INR 10, and there is no limit on the maximum investment. The interest rate for regular citizens is 6%-6.6% and for senior citizens is 6.5%-7.1%. One can invest in Bank of Maharashtra RD through either internet banking or mobile banking or by physically visiting a Bank of Maharashtra branch.
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%.
If an investor doesn’t disclose PAN details to the Bank of Maharashtra, then the bank will TDS at 20% instead of 10%. Also, the Bank of Maharashtra will not issue a TDS certificate. Moreover, there won’t be a credit of TDS in income tax returns. Furthermore, all exemption certificates will be invalid.
To know in how many years Bank of Maharashtra FD will double, we can follow the 72 rule. Divide 72 by the interest rate, and the result will be the number of years the Bank of Maharashtra FD will double. For example, for a tenure of 10 years, the FD interest rate is 4.9%. An investor can double the investment amount by investing for this tenure in 14.69 years (72/4.9).
The highest FD rate in the Bank of Maharashtra is 4.9% for regular citizens for a tenure of 1-10 years. For senior citizens, the highest Bank of Maharashtra is 5.4% for a tenure of 1-10 years.
Bank of Maharashtra FD rates ranges between 2.75% and 4.9% for regular citizens and between 2.75% and 5.4% for senior citizens. Moreover, the Bank of Maharashtra offers an additional 0.5% interest to senior citizens on their FDs for a tenure above 90 days. Investors will receive the interest only at the time of maturity.
The minimum investment in Bank of Maharashtra FD is INR 1,000. In a tax saving FD, the minimum investment is INR 100. However, there is no limit on the maximum amount of investment in Bank of Maharashtra FD except for the tax-saving FD, which is INR 1.5 lakhs.
Bank of Maharashtra FDs guarantee return in the form of interest. The interest is paid regularly or at maturity as per the choice of the investor. Moreover, 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. Hence Bank of Maharashtra FDs are safe for investment.
Yes, a customer can open an FD account online through the internet banking facility of the Bank of Maharashtra.
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