Fixed Deposit: The Bank of Maharashtra, a renowned public sector bank, has brought a wave of joy to its numerous customers. In a significant move, the bank has elevated its Fixed Deposit (FD) interest rates by up to 1.25%. This revision will be effective from 12th October, as confirmed by the bank.
Scope of the Rate Hike
The amplified interest rates will be applicable to both regular fixed deposits and special schemes introduced by the bank. Specifically, the Bank of Maharashtra has incremented the interest rate by 1.25% for deposits that span from 46 to 90 days. This increase is expected to invigorate both individual savers and businesses, pushing them towards more substantial savings.
Detailed Overview of the New Rates
For a tenure of one year, the bank will now offer an interest of 6.50%. For deposits exceeding a year, the rate has been nudged up by 0.25%, positioning it at 6.25%. Furthermore, in a move to encourage senior citizens, the bank has taken special measures. Senior citizens will enjoy an additional interest of 0.5% on their FDs. They’ll be further incentivized with a special deposit scheme lasting between 200 to 400 days, which promises an enticing interest rate of 7%.
The Broader Picture
The revised rates by the Bank of Maharashtra underline its commitment to offering competitive returns to its customers. The attractive interest rates cater to both short-term and long-term savers, forging a stronger bond of trust and loyalty between the bank and its clientele. With these changes, the bank not only amplifies its portfolio but also positions itself as a compelling choice for potential savers, seeking both security and impressive returns.