Home » Fixed Deposits » Bank of Maharashtra Fixed Deposit Rates – Dec 2023

Bank of Maharashtra Fixed Deposit Rates – Dec 2023

Headquartered in Pune, Bank of Maharashtra is a leading public sector bank. The bank started its journey in 1936. With many awards in its possession such as ‘Best Banker-Customer Friendliness’ and ‘Best Public Sector Bank’, it offers a wide range of services starting from deposits and loans to various digital products. Moreover, the bank has a network of 2,203 branches and 2,330 ATMs.

Bank of Maharashtra offers several fixed deposit schemes to meet the unique needs of its customers. Following is a detailed guide on Bank of Maharashtra fixed deposit rates:

Minimum Deposit₹1,000
Maximum DepositNo limit specified (deposits above ₹5 crores require prior approval of the bank)
Minimum Tenure7 days
Maximum Tenure10 years
Interest Rates2.65% to 7.50% (including special scheme and senior citizen rates)
Lock-in Period5 years lock-in period applicable for Bank of Maharashtra Tax Saving Term Deposit
Senior Citizen3.15% to 7.50% (applicable for deposits below ₹2 crores and a tenure of 91 days or above)
General Citizen2.65% to 7.00% 

Features and Benefits of Bank of Maharashtra FD Interest Rate

Here are the features and benefits you can avail yourself if you opt for a fixed deposit scheme from the Bank of Maharashtra. 

  1. Senior citizens who invest in the fixed deposit schemes will get an additional  Bank of Maharashtra FD interest rate of 0.50% for deposits below ₹2 crores. However, this special rate applies only to resident senior citizens.
  2. A premature withdrawal facility is available for all FD schemes. Moreover, no penalty will be applicable for premature withdrawal of deposits with a tenure of up to 1 year. 
  3. Auto renewal facility is also available.
  4. For retired members of the bank, an additional interest rate of 1.00% is applicable for deposits up to ₹2 crores. This special interest rate is also available for spouses of deceased members as well as spouses of deceased retired staff members.
  5. The maximum period for fixed deposit schemes offered by the Bank of Maharashtra is 10 years.
  6. There is a special scheme available for 200 days and 400 days for which the bank will offer an additional interest rate.

How to Book Bank of Maharashtra FD?

Bank of Maharashtra offers its customers the freedom to invest in their FD schemes both online and offline. Here is a step-by-step guide for both methods.

Online

There are two different ways to open an FD account online for your convenience. Let us take a look at how you can use such two different options to avail the attractive fixed deposit rates in Maharashtra Bank

1. Bank of Maharashtra – Internet Banking

Read through the following stepwise guide to get a detailed idea as to how you can open an FD account using the Bank of Maharashtra’s Internet Banking facility. 

  • Step 1: Visit the official Bank of Maharashtra’s internet banking portal.
  • Step 2: Log in to your account using your registered credentials.
  • Step 3: On the home page, choose the ‘Term Deposit’ option.
  • Step 4: Select the type of FD scheme that you wish to invest in.
  • Step 5: Provide all the requisite details like nominee details, maturity and payment instructions.
  • Step 6: Cross-check all the details once and click on ‘Submit’.

Your FD account will be created within a few hours after you go through all the above steps. Once your account is created, you will receive a confirmation message on your registered mobile number.

2. Bank of Maharashtra – Maha Mobile App

Here are the steps that you need to follow to open an FD account using the mobile banking app. 

  • Step 1: Download the app from the Google Play Store.
  • Step 2: Log in using your credentials.
  • Step 3: Select the ‘Term Deposit’ option and choose the type of fixed deposit you wish to invest in.
  • Step 4: Fill out all the required information like payment and nomination details. 
  • Step 5: Cross-check all the information once and click on ‘submit’.

Generally, the account opening process takes around 24 hours. Once the deposit is created, you will receive a message regarding the same on your registered mobile number.

Offline

If you are not too tech-savvy and wish to visit the bank in person to open an FD account, then that too is possible. Check out the steps below on how you can open an FD account offline. 

  • Step 1: Visit the nearest branch of the Bank of Maharashtra.
  • Step 2: Ask for an FD account opening form from a bank representative.
  • Step 3: Fill up the entire form carefully and provide all the required details.
  • Step 4: Submit it along with all the necessary documents and deposit amount.

The bank will verify all the submitted documents and process your application. If all the documents are valid then the bank will create your FD account and provide you with an FD receipt.

Documents Required to Book Bank of Maharashtra FD

If you are planning to open a fixed deposit scheme in the Bank of Maharashtra, you need to submit the following set of documents. Let us take a look at them. 

  1. Duly filled-up FD application form
  2. Proof of identity such as Voter ID and Driving licence. 
  3. Proof of address like Aadhaar card, Utility Bills and Passport. 
  4. Proof of age such as Birth Certificate and School Passing/Graduation Certificate. 
  5. PAN card or Form 60/61
  6. Passport size photographs
  7. Other bank account details such as branch name, account number, IFSC code etc.

Eligibility to Open Bank of Maharashtra FD

Bank of Maharashtra offers FD schemes to people who fulfil a basic set of eligibility criteria. Do take a look at them.

  • Applicant type: Individual, Non-Resident Individual (NRI), Hindu Undivided Families (HUFs), Public and Private Companies, Partnership Firms, Corporates, Clubs and Societies. 
  • Age (in case of individual applicants): 18 and above (minors can open an FD account under the supervision of their guardians)

Types of Bank of Maharashtra FD Schemes

Here are the different types of schemes with varying Bank of Maharashtra FD interest rates 2023 to meet the unique needs of its customer base. 

1. Bank of Maharashtra Regular Fixed Deposit Scheme

Bank of Maharashtra offers this regular fixed deposit to Indian residents of all age groups. Senior citizens who opt for this scheme get an additional 0.50% on top of the applicable regular interest rates. You can invest in this scheme both online as well as offline.

  • Minimum Deposit: ₹1,000
  • Maximum Deposit: No limit specified
  • Tenure: 7 days to 10 years
  • Interest Rate: 2.65% to 7.00% (including rates applicable for senior citizens)
  • Eligibility: Indian residents

2. Maha Saraswati Scheme

Bank of Maharashtra offers this scheme exclusively for the benefit of the students. A key feature of the Maha Saraswati Scheme is that no TDS (Tax Deducted at Source) will be applicable on deposits. Additionally, a premature withdrawal facility may also be applicable according to the bank rules.

  • Minimum Deposit: ₹50 for rural and semi-urban regions and ₹100 for urban and metro regions 
  • Maximum Deposit: No limit specified 
  • Tenure: 36 months to 120 months
  • Interest Rate: 6.00% to 7.00%
  • Eligibility: Minors aged 6 months and above, minors along with parents or guardians and parents or guardians on behalf of minors.

3. Bank of Maharashtra Monthly Interest Deposit Scheme

If you are planning to get an additional source of income every month then this might be just the right scheme for you. This scheme comes with a nomination facility. A loan against FD facility is also applicable where you can get a loan of up to 90% of the deposit amount.

  • Minimum Deposit: ₹1,000
  • Maximum Deposit: No limit specified 
  • Tenure: 12 months to 120 months
  • Interest Rate: Discounted rates, decided by the bank from time to time as per a maturity pattern.
  • Eligibility: Individuals, Joint Depositors, Minors, Corporates, Firms and Clubs. 

4. Bank of Maharashtra Quarterly Interest Deposit Scheme

Bank of Maharashtra offers this scheme for people who are interested in earning quarterly interest. This scheme is ideal for individuals with tax liabilities or individuals who plan their investments depending on the quarterly interest income that they receive from their deposits.

  • Minimum Deposit: ₹1,000
  • Maximum Deposit: No limit specified 
  • Tenure: 12 months to 120 months
  • Interest Rate: Decided by the bank from time to time as per maturity pattern.
  • Eligibility: Individuals, Joint Depositors, Minors, Corporates, Firms and Clubs. 

5. Bank of Maharashtra Tax Saving Term Deposit

Planning to save some tax on your income? If your answer is yes then this might be the best scheme to invest in. Under this scheme, you also get the freedom to transfer your deposit from one branch of the bank to the other as and when required.

  • Minimum Deposit: ₹100 
  • Maximum Deposit: ₹1,50,000
  • Tenure: 5 years
  • Interest Rate: 6.00%
  • Eligibility: Individuals or HUFs

6. Bank of Maharashtra NRE Deposit

If you are a Non-Resident Indian who wishes to invest your foreign earnings in Indian currency then this might be one of the safest options for you. By investing in this FD scheme, the interest that you will earn on your deposit will be exempt from taxes.

  • Minimum Deposit: No limit specified 
  • Maximum Deposit: No limit specified 
  • Tenure: 1 year to 5 years or above 
  • Interest Rate: 5.75% to 6.75%
  • Eligibility: Non-Resident Indians

7. Bank of Maharashtra NRO Deposit

Are you an NRI with more than one income source in India? If yes, then you can certainly try out Bank of Maharashtra’s NRO deposit. Bank of Maharashtra FD rates applicable for Non-resident ordinary deposits are higher than normal savings deposit schemes.

  • Minimum Deposit: No limit specified
  • Maximum Deposit: No limit specified
  • Tenure: 7 days to 5 years 
  • Interest Rate: 2.75% to 6.50%
  • Eligibility: Non-Resident Indians and Persons of Indian Origin 

8. Bank of Maharashtra FCNR Deposit

Bank of Maharashtra FCNR Deposit is best suited to NRIs who are seeking to invest their foreign earnings. You can deposit different types of currencies in a Foreign Currency Non-Resident scheme.

  • Minimum Deposit: ₹2,000 for GBP deposits and ₹5,000 for deposits made in other currencies such as EUR, AUD and CAD
  • Maximum Deposit: No limit specified 
  • Tenure: 12 months to 60 months
  • Interest Rate: 0.01% to 4.65%
  • Eligibility: Non-Resident Indians and Overseas Corporate Bodies 

9. Bank of Maharashtra RFC Deposit

This scheme is suitable for persons of Indian nationality who have returned to India for permanent settlement after residing abroad. Similar to FCNR, you can deposit different currencies in this scheme as well.

  • Minimum Deposit: No limit specified 
  • Maximum Deposit: No limit specified 
  • Tenure: 12 months to 36 months
  • Interest Rate: 3.10% to 4.65% (for USD)
  • Eligibility: Non-Resident Indians

Final Word

Now that you know the different FD schemes as well as the Bank of Maharashtra fixed deposit rates applicable, you can choose the one that suits your requirements the most. However, it is important to go through all the terms and conditions associated with the FD schemes for a hassle-free investment of your hard earned money.

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