Bank of Maharashtra FD

** Disclaimer: Bank of Maharashtra has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

Established in 1935, the Bank of Maharashtra is one of the oldest Indian banks. You can choose from an array of Bank of Maharashtra FD schemes, based on your goals. The Bank of Maharashtra FD has interest rates ranging from 2.75% to 6.30% p.a.

In March 2021, the Bank of Maharashtra had 15 million clients across the country and 1,900 branches. Among the public sector banks in Maharashtra, the Bank of Maharashtra has one of the broadest network of locations. 

To know more about this FD and the Bank of Maharashtra Fixed Deposit rates, read on.

Bank of Maharashtra Fixed Deposit Interest Rates for 2023 (Less than ₹2 Crores)

Disclaimer: These Bank of Maharashtra Fixed Deposit interest rates are subject to change at the discretion of the bank.

Bank of Maharashtra Fixed Deposit Interest Rates for 2023 (for ₹2 Crores to ₹10 Crores)

Disclaimer: These Bank of Maharashtra Fixed Deposit interest rates are subject to change at the discretion of the bank.

Bank of Maharashtra Fixed Deposit Interest Rates for 2023 (Above ₹10 Crores)

Disclaimer: These BoM interest rates on Fixed Deposits are subject to change at the discretion of the bank.

Do note that the Bank of Maharashtra FD rates for senior citizens is higher than the base rate on offer. Senior citizens, who are also residents of India, are offered an additional rate of 0.5% annually. 

This only applies to deposits up to a total of ₹2 crores and maturity slabs of 91 days and above. Any type of non-resident FD is not eligible for the higher Bank of Maharashtra Senior Citizen FD rates.

Bank of Maharashtra’s Fixed Deposit Scheme Types

The various FD scheme types have simple eligibility requirements for different investor profiles. The minimum deposit amount starts from ₹1,000 (exception for Maha Saraswati Scheme i.e.₹50) to above ₹10 Crores. The maximum limit for Tax Saving Term Deposit Scheme is ₹1.5 Lakhs.

The tenor options also range from 7 days to 10 years with the highest interest rate of 6.30%. The Bank of Maharashtra’s 4 major fixed deposit schemes are:

• Tax Savings Term Fixed Deposit

• Monthly Interest Deposit Scheme

• Quarterly Interest Deposit Scheme

• Maha Saraswati Scheme

Primary Features & Benefits of Bank of Maharashtra FD

• The Bank of Maharashtra FD has tenors ranging from seven days to 10 years. 

• The Bank of Maharashtra FDs provide the option of selecting beneficiaries as well as automatic renewal of the FDs.

• For regular citizens, FD rates vary from 2.75 to 4.9%, while the Bank of Maharashtra interest rates for senior citizens range from 2.75 to 5.4%. 

• The Bank of Maharashtra grants senior citizens an additional 0.5% interest on their FDs for terms longer than 90 days. This additional interest will only be paid at the time of maturity.

• Except for tax-saving FDs, all Bank of Maharashtra FDs can be withdrawn prematurely. The Bank of Maharashtra levies no penalties for any deposits made over a period of time up to one year. The Bank, however, imposes a 1% penalty on the interest for any deposits removed after one year but before maturity.

• The Bank of Maharashtra provides loans against fixed deposits. You are eligible for loans worth up to 90% of their deposits. Additionally, the loan's interest rate will be determined by the stipulations of the Bank of Maharashtra.

Eligibility Criteria for Opening Bank of Maharashtra FD

The following categories of entities and investors are eligible to open a fixed deposit account with the Bank of Maharashtra:

• Individuals

• Minors, Senior Citizens, and Joint investors

• Residents

• Non-resident Indians

• Companies

• Businesses, corporations, and clubs

Documents Required for Application

You will be required to furnish the following documents at the time of application for the Bank of Maharashtra FD:

• Bank of Maharashtra FD application form

• Proof of identity (PAN Card, Aadhar Card, Passport, Voter ID, Driving Licence)

• Address Proofs (PAN Card, Aadhar Card, Utility Bills, Bank statement with cheque)

• Two passport-size recent photographs

Modes of Application for Bank of Maharashtra Fixed Deposits

You can apply for a Bank of Maharashtra FD account in a number of ways which include Internet Banking, Mobile App, and offline modes.

1. Through Online Banking

To start a Bank of Maharashtra FD account using online banking, follow the steps below:

• Log in to your Bank of Maharashtra NetBanking account

• Choose ‘Term Deposit’ from the drop-down menu on the home page

• Select the kind of deposit plan

• Provide all required information, including nominee information, payment instructions, and maturity instructions

• Check the information, then press ‘Submit.’ 

A confirmation message will be sent to your mobile number when the account has been opened, which might take up to 24 hours

2. Through Smartphone App

This is the process of creating an FD account using the Bank of Maharashtra Mobile App:

• Log in to the Bank of Maharashtra App after downloading it

• Select the type of deposit account and click on ‘Term Deposit’

• Enter the required data

• Check the information, then press ‘Submit’

A confirmation text will be sent to your registered mobile number once the account is opened, which might take up to 24 hours. Alternatively, you can visit the nearest branch of the Bank of Maharashtra in case you face issues during the online application.

Bank of Maharashtra Fixed Deposit Calculator

The Bank of Maharashtra FD Calculator is an online tool you can use to calculate your earnings before investing. With their FD Calculator, Bank of Maharashtra has made it easier for you to find the best investing terms. All you have to do is input accurate data into the calculator and click ‘Show Maturity Value’.