Bank of Maharashtra, one of country's leading public-sector institutions is offering the customers with some amazing returns on fixed deposits. The FD schemes offered by the bank are comprised of different tenures and therefore the returns many change according to the bank's asset-liability management requirements and market rate movements. You will get information of FD interest rates and best fixed deposit rates of Bank of Maharashtra at loanbaba.com.
If you are planning to invest in something productive, you may find it difficult to match up with the interest rates due to the changes.
| Tenure | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7-45 days | 4.25 | 4.75 |
| 46-90 days | 5.25 | 5.75 |
| 91-364 days | 6 | 6.5 |
| 365 Days/one year | 6.5 | 7 |
| Over 1 year to 3 years | 6.25 | 6.75 |
| 3 years / Mahalaxmi Term Deposit | 6.25 | 6.75 |
| Above 3 years | 6 | 6.5 |
The short-term FD rates the bank offer provides reasonable returns on the tenures. The FD India scheme by the bank for short-term holding starts with one-month deposit period for the returns of 4.5% per annum. For the tenures of two months or three months, the returns are set at 6%, and it gets increased by 6.5% for the tenure of six months. Moreover, the 9-month scheme offers the highest short-term returns at 7% per annum.
The long-term holding is between one and three years for which returns are pegged at 7.51%, and it will drop by about 0.25% to 7.25% for the tenures of four and five years.
It stacks up well against other banks offering similar schemes and offers an extra 0.5% for the tenures of nine months to five years. Therefore, the returns are set between 4.5%-8.01% where the medium and long-term deposits hover around 8.01% per annum.
Kindly Note: The above-mentioned returns compounded quarterly are on a yearly basis.
