Bank of Maharashtra Fixed Deposit

Public Sector

NA

DICGC

4.9%

Interest for 3 years

Bank of Maharashtra FD Interest Rates Sep 2021

Note: All interest rates shown below are as on 22nd Jun 2021

Historical FD Rates →
TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 15 days2.75%2.75%
1 month 16 days - 2 months 29 days3.25%3.25%
3 months - 3 months 28 days3.5%4%
3 months 29 days - 5 months 27 days3.75%4.25%
6 months - 8 months 28 days4%4.5%
8 months 29 days - 11 months 30 days4.25%4.75%
1 year - 9 years 11 months 29 days4.9%5.4%

About Bank of Maharashtra Fixed Deposit

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% - 4.9%

FD Rate

2.75% - 5.4%

FD Rate for Seniors

-

Minimum Deposit

₹ 2 Crores

Maximum Deposit

0 days

Lock-in

-

FD Tenure

-

Loan against FD

NA

CRISIL Rating

Fixed Deposits

Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.

Bank of Maharashtra Fixed Deposit Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 4.9%For 5 years with interest of 4.9%
₹ 50,000₹63849₹63849
₹ 1 lakh₹127698₹127698
₹ 2 lakh₹255397₹255397
₹ 5 lakh₹638492₹638492
₹ 10 lakh₹1276984₹1276984

Compare Bank of Maharashtra Fixed Deposit Returns with Top Banks

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

vs

Pre Tax

Post Tax

Tax Rate
Maturity Amount₹105012₹ 101764
Total Investment Amount₹ 100000₹ 100000
Total Interest Gained₹5012

₹5012

₹ 1764
Income Tax on Wealth Gained₹ 12898₹ 13092

Compare Bank of Maharashtra Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Dhanlaxmi Bank
5.4% - 5.9%
Tamilnad Mercantile Bank
5.5% - 5.5%
IDBI Bank
5.3% - 5.8%
Bank of India
5.15% - 5.65%
Sundaram Finance
6.25% - 6.75%
AU Small Finance Bank
6.25% - 6.75%
Canara Bank
5.5% - 6%
Axis Bank
5.4% - 5.9%
Mahindra Finance
6.3% - 6.55%
PNB Housing Finance Ltd
6.6% - 6.85%
IDFC First Bank
5.75% - 6.25%
State Bank of India
5.3% - 5.8%
HDFC Bank
5.15% - 5.65%
Bank of Baroda
5.1% - 5.6%
LIC Housing Finance
5.75% - 6%
Tamil Nadu Power Finance
7.75% - 8.25%
Jammu & Kashmir Bank
5.3% - 5.8%
Bajaj Finance
6.5% - 6.75%
Yes Bank
6.25% - 7%
RBL Bank
6.3% - 6.8%
Punjab and Sind Bank
5.3% - 5.8%
Kotak Mahindra Bank
5.1% - 5.6%
IndusInd Bank
6% - 6.5%
Central Bank of India
5% - 5%
DCB Bank
6.5% - 7%
Bandhan Bank
5.25% - 6%
Fincare Small Finance Bank
6.25% - 6.75%
DBS Bank
5.5% - 5.5%
Indian Overseas Bank
5.2% - 5.7%
Karur Vysya Bank
5.5% - 6%
Equitas Small Finance Bank
6.35% - 6.85%
City Union Bank
5.5% - 6%
SCB Bank
5.35% - 5.85%
Karnataka Bank
5.5% - 5.9%
South Indian Bank
5.5% - 6%
HDFC Ltd Fixed Deposit
6.05% - 6.3%
ICICI Housing Finance Company
6.05% - 6.3%
ESAF Small Finance Bank
5.75% - 6.25%
Indian Bank
5.15% - 5.65%
Shriram Finance
8% - 8.4%
Federal Bank
5.35% - 5.85%
ICICI Bank
5.15% - 5.65%
Ujjivan Small Finance Bank
6.75% - 7.25%
Post Office
5.5% - 5.5%
Punjab National Bank
5.1% - 5.6%
Union Bank of India
5.4% - 5.4%

Calculate Bank of Maharashtra Fixed Deposit Returns

₹ 100000

Total Investment

₹5012

Wealth Gained

₹5012

Wealth Gained

₹105012

Maturity Amount

How to invest in Bank of Maharashtra Fixed Deposit?

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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.

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

  • Tenure: The tenure of Bank of Maharashtra FD ranges from seven days to ten years. One cannot change the tenure of the Bank of Maharashtra FD once it has commenced.
  • Minimum and maximum investment: 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 FD rates: Bank of Maharashtra FD rates range 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.
  • 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.
  • Loan against FD: Bank of Maharashtra offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan. Also, the interest rate for the loan will be as per the terms of the Bank of Maharashtra.
  • 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

Does the Bank of Maharashtra offer Recurring Deposits?

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.

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%.

What are the implications of opening an FD bank account without having a PAN?

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.

In how many years FD will double in the Bank of Maharashtra?

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).

Frequently Asked Questions

What is the highest fixed deposit interest rate for the Bank of Maharashtra?

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.

What is the current Bank of Maharashtra FD interest rates 2021?

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.

Is there any minimum amount that I have to give for opening a Fixed Deposit with the Bank of Maharashtra?

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.

Is the Bank of Maharashtra FD safe?

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.

Can a customer open an FD account online in the Bank of Maharashtra?

Yes, a customer can open an FD account online through the internet banking facility of the Bank of Maharashtra.

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