How to find the best rates for a Fixed Deposit
Bank of Maharashtra is part of the Indian banking space with a number of retail products on offer to clients including fixed deposits. These FD schemes are of varying tenors to meet the investment needs of different individuals.
Interest rates on FDs, however, are prone to fluctuations in keeping with market rate movements and a banks asset-liability management requirements. Investors often find it hard to track these changes and manage their FD holdings in way that gives them optimum returns.
The above table is constantly updated with the latest interest rates to enable real-time comparison of maturities thereby facilitating sound investment decisions.
Bank of Maharashtra Short-Term FD Rates
The lowest rate on offer is 6.5% for a 30-day deposit-period which stacks up well against other banks offering similar schemes. It gives the investor reasonable returns without compromising liquidity. The next best offer is on a 60-day or 90-day deposit at 7.5% which is enhanced by 0.5% on a 120-day and 6-month deposit to 8%. The 9-month scheme rounds up the short-term products with a rate of 8.5%.
Bank of Maharashtra Medium and Long-Term FD Rates
Schemes with tenures between 1 and 3 years have the highest rate of return at 9% followed by the 4 and 5-year schemes, which are just 0.1% lower, at 8.9%.
Bank of Maharashtra Senior Citizen FD Rates
Senior citizens earn 0.5% extra on existing rates for FD tenures of 9 months and above (up to 5 years). This puts interest rates in the range of 6.5% to 9.5% with medium and long-term deposits hovering around the 9.5% mark.
Interest rates on Bank of Maharashtras fixed deposits are attractive on long-term holdings especially for senior citizens who prefer income to liquidity.
All rates mentioned above are on a per-annum basis, compounded quarterly.
Bank of Maharashtra tweaks its Fixed Deposit Rates
The seasonal trend of lowering rates brought forth by the reduced repo rate of the Reserve Bank of India has taken many banks and their products in its wake. Bank of Maharashtra has recently posted some changes to the rates on its fixed deposit accounts in the same tune.
For all deposit amounts of less than a crore, rates have changed either marginally or substantially. From 7 days to a month, the lowest possible rates of 4.50% and 5.0% are applicable on two tenure brackets in the time range. That has come down by a whopping 1.50% from the earlier rate of 6.5%. 90 day deposits have similarly dropped by 1% and are now at 6.5%. Short term deposits ending at 270 days now have only 7.5% as the highest interest rate applicable. Fixed deposits with the bank can go up to a period of 10 years, but the highest rate of interest is capped at 8.02% for a period of 666 days.
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