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Bank Of India Vs Central Bank Of India Vs Bank Of Maharashtra Latest FD Rates Compared
Since May 2022, fixed deposit (FD) investors are earning high-interest rates as the banks have been gradually raising interest rates due to repo rate hikes by the Reserve Bank of India (RBI). On February 02, 2023, the RBI held its most recent monetary policy meeting and increased the repo rate once again by 0.25%. Banks raised FD interest rates gradually as a result of repo rate hikes. Bank of India, a public sector lender, has recently hiked the interest rates of FD.
Here we have compared the latest FD rates of the Bank Of India, Central Bank Of India, and Bank Of Maharashtra:
Bank Of India
Bank Of India offers 6 percent interest on fixed deposits with maturities between 1 year to less than 2 years (except 501 days), and 7.15 percent interest on term deposits with a maturity period of 501 days.
The Bank will offer a 6.75 percent interest rate on FD maturing between 2 years to less than 3 years, 6.50 percent interest rate on FDs maturing between 3 years to less than 5 years. For the maturity period 5 years to less than 8 years and 8 years to less than 10 years, the bank offers 6 percent interest rates. The interest rates are applicable on deposits below Rs 2 Crore.
Interest Rates For Deposits Less Than Rs. 2 crore w.e.f. 01 April 2023
| Maturity Period | Interest Rates (% p.a.) |
|---|---|
| 1 year to less than 2 years (except 501 days) | 6.00% |
| 501 days | 7.15% |
| 2 years to less than 3 years | 6.75% |
| 3 years to less than 5 years | 6.50% |
| 5 years to less than 5 years | 6.00% |
| 8 years & above to 10 years | 6.00% |
Source - bankofindia.co.in
Central Bank Of India
Central Bank Of India offers minimum 4 percent rate for the general public and 4.50 percent for senior citizens on FDs of 7 days to 14 days and maximum 6.75 percent for the general public and 7.25 percent for senior citizens on FDs maturing between 1 year to less than 2 years for the deposits below Rs 2 Crore.
Domestic Term Deposit Interest Rates w.e.f. 10 March 2023
| Maturity Period | General Public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 - l4 days | 4.00% | 4.50% |
| 15-30 days | 4.25% | 4.75% |
| 31 - 45 days | 4.25% | 4.75% |
| 46 -59 days | 4.50% | 5.00% |
| 60 - 90 days | 4.50% | 5.00% |
| 91 -179 days | 5.00% | 5.50% |
| 180 -270 days | 5.50% | 6.00% |
| 271-364 days | 5.50% | 6.00% |
| 1 yr to less than 2 yrs | 6.75% | 7.25% |
| 2 yr to less than 3 years | 6.50% | 7.00% |
| 3 yr to less than 5 years | 6.25% | 6.75% |
| 5 years above upto 10 years | 6.25% | 6.75% |
Source - centralbankofindia.co.in
Bank Of Maharashtra
Bank Of Maharashtra offers minimum 2.75 percent interest on FDs with maturities between 7 and 30 days, and maximum 6.25 percent interest on FDs with maturities between 365 days/1 year on a deposit below Rs 2 Crore for the general public. The bank offers an additional rate of 0.50% p.a. to resident Indian Senior Citizens on only for all maturity slabs of 91 days and above for deposits up to Rs 2 Crore only. The additional interest is not applicable to any type of non-resident deposit.
Interest Rates on Domestic Term Deposits/NRO Term Deposits w.e.f. 14th February 2023
| Duration | Interest Rates(% p.a.) |
|---|---|
| 7-30 Days | 2.75% |
| 31-45 Days | 3.00% |
| 46-90 Days | 3.50% |
| 91-119 days | 4.50% |
| 120 - 180- days | 4.75% |
| 181 - 270 days | 5.25% |
| 271 - 364 days | 5.50% |
| 365 days/0ne year | 6.25% |
| Above 1 year - 2 years | 6.00% |
| Over 2 Years to 3 Years | 6.00% |
| Over 3 yeats to 5 years | 5.75% |
| Above 5 years | 5.75% |
Special Schemes
| Duration | Interest Rates(% p.a.) |
|---|---|
| 200 Days | 7.00% |
| 400 Days | 6.75% |
Source - bankofmaharashtra.in
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