Bank of Maharashtra, a public sector lender, has modified the interest rates on fixed deposits under ₹2 crore. According to the lender’s official website, the new interest rates will take effect on August 22, 2022. Following the revision, the bank is now providing fixed deposits with maturities ranging from 7 days to more than 5 years with interest rates ranging from 2.75% to 5.40%. As a result of the interest rate modification, Bank of Maharashtra will now provide a maximum interest rate of 5.40% on fixed deposits maturing in 1 year to 5 years or more.
Bank of Maharashtra FD Rates
The bank will now provide an interest rate of 2.75% on fixed deposits maturing in 7 to 30 days, and a rate of 3% on fixed deposits maturing in 31 to 45 days. Fixed deposits with maturities between 46 and 90 days will now have interest rates of 3.50%, while term deposits with maturities between 91 and 119 days will now have interest rates of 3.75%. For deposits maturing in 120 to 180 days and in 181 to 270 days, the Bank of Maharashtra will now provide interest rates of 3.90% and 4.25%, respectively. The bank will now offer an interest rate of 5% on fixed deposits maturing in 271 to 364 days and 5.40% on fixed deposits maturing in 1 year to above 5 years.
Bank of Maharashtra has mentioned on its website that “Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to ₹2 crore only. The additional interest is not applicable to any type of non-resident deposits.”
On fixed deposits below ₹2 crore, Bandhan Bank and Punjab & Sind Bank have recently increased interest rates. On their respective websites, the bank has noted that the higher interest rates will take effect on August 22, 2022. Interest rates on fixed deposits with durations ranging from 31 days to 10 years were increased at Punjab and Sind Bank. Additionally, Bandhan Bank raised interest rates on fixed deposits with maturities between 1 year and 5 years by 50 to 75 basis points.