Bank of Maharashtra hikes interest rates by up to 85 bps on retail fixed deposit

Bank of Maharashtra FD Rates

On fixed deposits maturing in 7 days to 30 days, the bank will continue to offer an interest rate of 2.75% and on fixed deposits maturing in 31 to 45 days Bank of Maharashtra will continue to offer an interest rate of 3%. Deposits maturing in 46 to 90 days will continue to offer an interest rate of 3.50% but deposits maturing in 91 to 119 days will now offer an interest rate of 4.50% which was earlier 3.75% a hike of 75 bps. Bank of Maharashtra has hiked fixed deposit interest rates by 85 bps from 3.90% to 4.75% on deposits maturing in 120 to 180 days.

The bank has hiked interest rates by 75 bps from 4.25% to 5% on deposits maturing in 181 to 270 days but on deposits maturing in 271 to 299 days, the bank will continue to offer an interest rate of 5%. On deposits maturing in 300 days, Bank of Maharashtra will now offer an interest rate of 5.25% and on deposits maturing in 301 to 364 days, the bank will offer an interest rate of 5%. Deposits that mature in 1 year to 399 days will now offer an interest rate of 5.60% which was 5.40% earlier a hike of 20 bps and deposits that mature in 400 days (Maha Dhanvarsha) will now offer an interest rate of 5.70% which was earlier 5.50% a hike of 20 bps.

Bank of Maharashtra raised interest rates by 20 basis points from 5.40% to 5.60% on deposits maturing in 401 days to 2 years, and by 10 basis points from 5.40% to 5.50% on deposits maturing in 2 years to 5 years.

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Resident Indian senior citizens would be provided with an additional rate of 0.50% p.a. exclusively for maturities of 91 days and more on deposits up to ₹2 crore. Non-resident deposits are not eligible for the additional interest rate benefit of Bank of Maharashtra.