Bank of Maharashtra offers quite good interest rates especially for one year and above. It is almost same ranging from 7.25 to slightly above 7.75 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 is good to go with. Bank of Maharashtra has all those things which can attract investors. The below interest rates are effective from 4 December, 2015.
Full Table for Bank of Maharashtra Domestic/NRO Fixed deposits:
|TIME PERIOD||INTEREST RATES (% p.a.)|
|For Deposits Below 1 Crore||For Deposits Above 1-5 Crore|
|7 – 14 Days||4.50||5.00|
|15 – 30 Days||5.00||6.00|
|31 – 45 Days||5.50||5.50|
|46 – 60 Days||6.00||6.00|
|61 – 90 Days||6.00||6.00|
|91 Days – 180 Days||6.60||6.50|
|181 Days – 270 days||7.00||6.75|
|271 Days – 1 year||7.25||6.75|
|1 Year – 2 Years||7.60||6.75|
|2 Years – 3 Years||7.50||6.75|
|3 Years – 5 Years||7.30||6.75|
|5 Years – 10 Years||7.25||6.75|
NRE deposit Rates:
|Maturity Range||Below 1 crore (%p.a.)||1-5 crore (%p.a.)|
|1 year – 443 days||7.60||6.75|
|444 days (Mahanidhi)||7.61||6.75|
|666 days (maha labh)||7.62||6.75|
|667 days – 2 years||7.60||6.75|
|3 years (Mahalaximi)||7.30||6.75|
Table Updated: 30 March, 2016
From Table, For Fixed deposits of higher period and higher amount interest rates will be higher. So Bank of Maharashtra is 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 branch from deposits above 5 crore.
- 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.
Also Check: Bank of Baroda Fixed deposit interest rates
For more details, Check out @http://www.bankofmaharashtra.in/int_chart.asp