Bank of Maharashtra (BOM) Fixed Deposit, one of India’s prominent public sector banks, has recently revised its fixed deposit (FD) interest rates. The bank has augmented the interest rates on certain FDs by a substantial 125 basis points, translating to an increase of up to 1.25%. Specifically, the interest rate for FDs with a tenure of 46-90 days has been elevated to 1.25%. For one-year tenures, the bank has bumped the rate by 25 basis points, setting it at 6.25%.
A noteworthy mention is the special benefit extended to senior citizens. They can avail an interest of up to 7.50% for the special FD tenures of 200 and 400 days. Moreover, for all FDs with a duration exceeding 91 days, senior citizens will receive an additional interest of 0.50%. These revised rates came into effect from October 12.
A snapshot of the revised FD rates at Bank of Maharashtra is as follows:
- For 7-30 days: Both general public and senior citizens get an interest rate of 2.75%.
- For 31-45 days: The rate is 3% for both categories.
- The 46-90 days duration offers 4.75% for all.
- Deposits between 91-119 days will fetch 4.90% for the general public and 5.40% for senior citizens.
- The interest for 120-180 days is 5.10% for the general populace and 5.60% for the elderly.
- For 181-270 days, the rates are set at 5.50% and 6.00% for the general public and senior citizens respectively.
- Deposits spanning 271-364 days will have an interest of 5.60% for the general public and 6.10% for seniors.
- One-year deposits offer an attractive 6.50% for the general public and 7% for senior citizens.
- On the special FDs of 200 and 400 days, while senior citizens enjoy an interest rate of 7.50%, the general public is offered a rate of 7%.
- Lastly, for long-term FDs ranging from 5 to 10 years, the general public will receive an interest of 6.00%, whereas senior citizens are eligible for 6.50%.
The bank’s decision to revise FD rates mirrors the evolving dynamics of the banking sector and is in line with offering competitive returns to its depositors.