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

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Bank of Maharashtra, one of the leading public sector banks of India, has hiked interest rates on retail term deposits of less than 2 Cr. As per the bank’s official website, the new rates are effective as of 10th October 2022. Following the revision, the bank has hiked interest rates by up to 85 bps on several tenors. On fixed deposits maturing in 7 days to 10 years, Bank of Maharashtra will now offer an interest rate ranging from 2.75% to 5.50% on deposits maturing in 7 days to 10 years.

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.

Bank of Maharashtra FD Rates

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Bank of Maharashtra FD Rates (bankofmaharashtra.in)

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.

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