The Bank of Maharashtra provides a variety of fixed deposit (FD) tenures with competitive interest rates. Several special tenures carry higher rates, and senior citizens are eligible for additional interest on most terms. Below is a clear summary of current rates, special-scheme rates, key FD features, and how to open an FD so you can decide confidently.
Current Fixed Deposit Interest Rates
The table below shows Bank of Maharashtra FD rates for deposits up to ₹3 crore. Rates may change, so verify current rates with the bank before investing.
| Investment Tenure | Annual Interest Rate for Regular Citizens | Annual Interest Rate for Senior Citizens |
|---|---|---|
| 7 days to 30 days | 2.75% | 2.75% |
| 31 days to 45 days | 3% | 3% |
| 46 days to 90 days | 4.75% | 4.75% |
| 91 days to 119 days | 5% | 5.50% |
| 120 days to 180 days | 5.25% | 5.75% |
| 181 days to 270 days | 5.75% | 6.25% |
| 271 days to 364 days | 5.75% | 6.25% |
| 1 year | 6.75% | 7.25% |
| Above 1 year to 2 years | 6.50% | 7.00% |
| Above 2 years to 3 years | 6.50% | 7.00% |
| Above 3 years to 5 years | 6.50% | 7.00% |
| Above 5 years | 6.50% | 7.00% |
Disclaimer: Interest rates are subject to change. Please check the latest rates before you invest.
Note: For deposits above the specified slab, rates may differ. Bank staff (existing or retired) and their spouses may receive an additional 1% on deposits. Premature withdrawal of an FD usually attracts a penalty, commonly around 1% less than the applicable FD rate, depending on the bank’s policy.
Interest Rates on Special Schemes
The Bank of Maharashtra offers enhanced rates for select tenures under special schemes. These attract higher returns for investors who choose those specific durations.
| Investment Tenure | Annual Interest Rate for Regular Citizens | Annual Interest Rate for Senior Citizens |
|---|---|---|
| 200 days | 6.90% | 7.40% |
| 333 days | 7.35% | 7.85% |
| 400 days | 7.10% | 7.60% |
| 777 days | 7.25% | 7.75% |
Disclaimer: Interest rates are subject to change. Please check the latest rates before you invest.
Bank of Maharashtra Fixed Deposit Features
Key features that make Bank of Maharashtra FDs useful for a variety of savers:
- You can nominate a beneficiary for your FD account.
- Parents or legal guardians can open FDs for minors.
- FD accounts can be transferred between bank branches while retaining prevailing FD rates.
- Minimum deposit starts at ₹1,000 and subsequent deposits are accepted in multiples of ₹100.
- Individuals, firms, businesses, clubs, professionals (engineers, doctors), and students are eligible to open accounts, subject to bank terms.
How to Open a Bank of Maharashtra FD
Bank of Maharashtra gives multiple convenient options to open a fixed deposit: online via internet banking, through the mobile app, or offline at a branch. Below are the general steps for each method.
Through Internet Banking
- Log into your net banking account.
- Select the ‘Term Deposit’ or ‘Fixed Deposit’ option from the home page.
- Choose the deposit type and the tenure you prefer.
- Complete the form with nominee details, maturity instructions, and other required information.
- Verify the details and confirm the payment source.
- Submit the request and wait for confirmation, typically sent by SMS within 24 hours.
Via Mobile App
- Download and install the Bank of Maharashtra mobile app.
- Sign in using your credentials.
- Navigate to ‘Term Deposit’ or the FD section.
- Select the FD type and tenure, then fill in the application details.
- Provide nominee information, maturity instructions, and payment options.
- Submit the application and receive confirmation via SMS, usually within 24 hours.
At a Branch (Offline)
- Visit your nearest Bank of Maharashtra branch.
- Request and complete the fixed deposit application form.
- Submit the form along with required identity, address proofs and deposit amount.
- On processing, receive your fixed deposit receipt as confirmation.
Bank of Maharashtra FDs offer flexible payout options — receive interest at maturity or at regular intervals based on the chosen payout frequency. Special-scheme tenures generally yield the highest fixed deposit rates.
FAQs on Bank of Maharashtra Fixed Deposit Interest Rates
Do senior citizens get extra benefits by investing in Bank of Maharashtra FD schemes?
Yes. Senior citizens generally receive higher interest on most tenures, typically around 0.50% higher than rates for regular depositors. Check specific tenure rates at the time of investment.
Is it possible to open a Bank of Maharashtra FD without a PAN card?
You must provide valid identity and address proof to open an FD. A PAN card is not strictly mandatory if you can supply alternative acceptable proofs, but submitting a PAN may be required for certain deposit amounts or for tax reporting purposes.