Bank of Maharashtra offers quite good interest rates especially for one year and above. It is almost the same ranging from 6.50 to slightly lower 4.25 for 1 to 10 years. There are a few schemes under which the deposited amount gets doubled.
The tenure for doubling of the amount is just 92 months. There are better interest rates for senior citizens and amount gets doubles a few months early in their case i.e. 87 months. The schemes keep changing and so does the interest rates. There are some other offers like 'Mahalakshmi' and '444' days.
One should be wise enough to choose the best for oneself. Fixed deposits are any wise investor's first choice but among so many banks and their yet so many schemes prevailing in the market, it takes a lot to decide which bank and its scheme are good to go with. Bank of Maharashtra has all those things which can attract investors. The below interest rates are effective from 13 August 2018.
Full Table for Bank of Maharashtra Domestic/NRO Fixed deposits Feb 2019:
|TIME PERIOD||INTEREST RATES (% p.a.)|
|For Deposits Below 1 Crore||For Deposits Above 1-5 Crore|
|7 Days to 14 Days||4.25%||4.20%|
|15 Days to 30 Days||4.25%||4.25%|
|31 Days to 45 Days||4.25%||4.25%|
|46 Days to 60 Days||5.25%||4.50%|
|61 Days to 90 Days||5.25%||4.50%|
|91 Days to 180 Days||6.00%||4.75%|
|181 Days to 364 days||6.00%||4.75%|
|1 Year to 2 Years||6.50%||5.00%|
|2 Years to 3 Years||6.60%||5.00%|
|3 Years to 5 Years||6.50%||5.00%|
|5 Years to 10 Years||6.50%||5.00%|
NRE deposit Rates Feb 2019:
|Maturity Range||Below 1 crore (%p.a.)||Above 1 crore (%p.a.)|
|1 Year to 443 Days||6.50%||NA|
|444 Days (Mahanidhi)||6.50%||NA|
|445 Days to 665 Days||6.50%||NA|
|666 Days (maha lakh)||6.50%||NA|
|667 Days to 2 Years||6.50%||NA|
|2 Years to 3 Years||6.60%||NA|
|3 Years (Mahalaxmi)||6.50%||NA|
|3 Years to 5 Years||6.50%||NA|
|5 Years to 10 Years||6.50%||NA|
Bank of Maharashtra Fixed Deposit Interest Calculator
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From Table, For Fixed deposits of the higher period and higher amount of interest rates will be higher. So Bank of Maharashtra is a good place for investors to get higher interest rates.
- Senior citizens from India will get .50% additional interest rate for deposit below 1 crore and time period above 90 days. Additional interest is not allowed for NRE deposits.
- You have to contact a branch from deposits above 5 crores.
- No interest will be paid for withdrawing money before 1 year in case of NRE deposits. Above one year, you have to face 1% penalty for premature withdrawing.
For more details, Check out @http://www.bankofmaharashtra.in/int_chart.asp
Table Updated: 31 January 2019