PSU Bank Hikes Fixed Deposit (FD) Rates; Earn As High As 7% On Special Scheme

Bank of Maharashtra has announced a hike in interest rates on fixed deposits of less than Rs 2 Cr. For tenors of seven days to five years and beyond, the bank is now providing interest rates ranging from 2.75% to 6%. Two special plans of 200 days and 400 days, respectively, have also been crafted by the bank. After the interest rate adjustment on January 9, 2024, investors will get a maximum return of 7% on a 200-day tenure.

Bank of Maharashtra FD Rates

Bank of Maharashtra is now giving an interest rate of 3% on deposits that mature between 31-45 days, while the bank is offering a 2.75% interest rate on deposits maturing in 7 to 30 days. Currently, Bank of Maharashtra is providing interest rates of 4.9% for deposits lasting 91 to 119 days and 4.75% for those lasting 46 to 90 days. The interest rate on deposits maturing in 120-180 days is now 5.15%, while the interest rate on deposits maturing in 181-270 days is now 5.5%.

The bank is paying an interest rate of 5.6% on deposits that mature between 271 to 364 days, while BoM is currently offering an interest rate of 6.5% on deposits maturing in a year. BoM now offers interest rates of 6.25% for deposits made for longer than a year and up to three years, and 6% for longer than three years and up to five years. A maximum return of 7% will be paid on special deposits maturing in 200 days, and a return of 6.75% will be paid on deposits maturing in 400 days.

Both new deposits and renewals of existing deposits are subject to the revised rates.

"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 upto Rs. 2 crore only. The additional interest is not applicable to any type of non-resident deposits. A member or a retired member or the spouse of a deceased member or spouse of a deceased retired member of the Bank's staff will be offered an additional interest rate of 1.00% only upto an amount of Rs. 2.00 crore only," mentioned Bank of Maharashtra on its website.

"In case of premature withdrawal of deposits, interest is payable at the rate applicable to the period for which deposit has been actually held with the Bank. On premature withdrawal of term deposits, for deposits up to 1 year maturity (tenor at the time of opening the account) there will NO PENALTY on the applicable interest rate. Interest rates on prematurely withdrawn term deposits with maturity period more than 1 year will be 1% below the applicable rate," said BoM on its official website.