Bank of Maharashtra FD Rates 2023

The Bank of Maharashtra FD rates range between 2.75% to 5.40%. The bank was officially constituted on 16 September 1935 with an authorized capital of US $1 million. However, it started its operations in February 1936 and was nationalized in 1956. 

Among various other products offered by the Bank of Maharashtra, a fixed deposit account is considered the best. As compared to other banks, the interest rates on the FD of the Bank of Maharashtra might appear slightly less and bear its own benefits.

Bank of Maharashtra Fixed Deposit

The Bank of Maharashtra, one of India’s oldest banks, offers multiple Fixed Deposit (FD) schemes to its customers or investors. Such schemes demand a certain amount of money within the bank from the investor. In turn, the scheme renders an interest income and high returns once the deposit has reached maturity. Depending on the types of schemes and the citizen making the investment, the rates of FD varies from 2.75% to 5.40%.

Bank of Maharashtra Fixed Deposit Rates

The Bank of Maharashtra fixed deposit rates for Indian residents differ with varied ranges of FD opening funds. Check out the details below.  

Bank of Maharashtra Domestic FD Interest Rates – Below ₹ 2 Crores

Here are the Bank of Maharashtra FD interest rates for deposit amounts below ₹2 crores.

Bank of Maharashtra Tax Saving FD Rates

Unlike other categories and schemes, tax saving FD doesn’t allow premature withdrawal. The interest for regular and senior citizens under this scheme are as follows:

Bank of Maharashtra Domestic Term Deposit FD Rates for ₹2-10 Crores

Given below are the details of the maturity period and interest rates for fixed deposits between ₹2 crores and ₹10 crores.

Bank of Maharashtra Fixed Deposit Rates: ₹ 10 Crores to ₹ 100 Crores

Take a look at the Bank of Maharashtra interest rates for fixed deposits ranging between ₹10 and ₹100 crores.

Bank of Maharashtra NRI FD Rates

The NRI FD rates differ from the domestic FD rates. These are as follows:-

Bank of Maharashtra Interest Rate for NRE Deposits

NRE Deposits are deposits made by Indians residing outside India. These deposits are then remitted to the Indian account. Given below is the list of interest rates offered by the Bank of Maharashtra for NRE Deposits.

Bank of Maharashtra FCNR (B) Interest Rates

FCNR or Foreign Currency Non-Resident Account is a type of FD account for depositing income earned overseas. The account is held in foreign currency. Given below is the table representing the interest rates on FD by the Bank of Maharashtra for 2022:

Bank of Maharashtra Senior Citizen FD Rates

The Bank of Maharashtra offers additional benefits to senior citizens by providing them extra interest rates.

Bank of Maharashtra FD rates for deposits less than Rs. 2 crore

Here are the Bank of Maharashtra interest rates for senior citizen fixed deposits less than Rs. 2 crores. 

Bank of Maharashtra FD rates for deposits more than ₹2 Crores

In this case, the bank will need the approval from the higher authorities and suggest the interest rates as per the guidelines.

Bank of Maharashtra Fixed Deposit Types

Bank of Maharashtra fixed deposit is categorised into seven types:-

• Maha Saraswati Scheme
• Maha Sanchay Deposit Plan
• Recurring Deposit
• Maha Millionaire RD (MMRD Scheme)
• Monthly Interest Deposit Scheme
• Quarterly Interest Deposit Scheme
• Tax Saving Term Deposit

Features and Benefits of Bank of Maharashtra

The Bank of Maharashtra FD possesses some good features. So, if you open a fixed deposit account with the Bank of Maharashtra, you could avail of the following benefits:

• The bank gives you an FD tenure ranging from 7 days to 10 years. However, you cannot change the FD tenure once it starts.
• You can open an FD with a minimum investment amount of ₹1000.
• The tax saving FD of the Bank of Maharashtra allows you to make the minimum investment of as low as ₹100.
• For regular citizens, the FD rates range from 2.75% to 4.90%.
• Senior citizens get additional benefits on interest rates of 0.5%. The FD rates for senior citizens range from 2.75% to 5.4%.
• Except for the tax deposit savings scheme, a premature withdrawal is allowed for every FD scheme.
• You can avail of loans against your FDs from the Bank of Maharashtra and receive up to 90% of the deposit amount as a loan.
• The bank offers the facility of nominating beneficiaries and auto-renewal of the FDs.
• All the deposits of the Bank of Maharashtra are covered by the Deposit Insurance Scheme of the RBI.

Eligibility Criteria for Opening a Bank of Maharashtra FD Account

If you seek to open an FD account with the Bank of Maharashtra, you need to be eligible. Following are the entities and persons eligible for the same:

• Individuals including minors and joint depositors
• Corporates and clubs
• Firms

Documents Required to Open a Bank of Maharashtra FD Account

Your application for opening an FD will be complete only when you submit it along with the following documents:

• FD application form of Bank of Maharashtra.
• Proof of identity, such as the Aadhar Card, PAN Card, Driving Licence and Voter ID.
• Proof of address, such as bank statement with a cancelled cheque, utility bills, and Aadhaar card.
• Passport size photographs.

How to Open a Bank of Maharashtra FD Deposit Account?

You can open an FD account with the Bank of Maharashtra via internet banking, mobile app and offline by directly visiting the bank.

Online Mode: Internet Banking and Mobile App

Given below are the steps to open a Bank of Maharashtra FD account using internet banking and mobile app methods.

Step 1: Log into your Bank of Maharashtra Net Banking account. In case you are using the mobile banking app, open the app and log in using your user ID and password.

Step 2: Hover over the Menu section on the home page, and click on the ‘Term Deposit’ option.

Step 3: Select the type of deposit scheme and furnish all the required details, including personal data, information on the nominee, payment, and maturity terms.

Step 4: Review the information and click on the ‘Submit’ button.

Step 5: The account opening usually takes up to 24 hours. Once it has been opened and activated, you will receive a confirmation message on your registered mobile number.

Offline Mode to Open an FD with Bank of Maharashtra

This method is fairly simple. To open an FD account offline, visit the nearest branch of the Bank of Maharashtra. Furnish the application form for the fixed deposit account and submit all the required documents along with the deposit amount. Once your application is processed successfully, the Bank will provide you with an FD receipt.

Bank of Maharashtra Loan Against FD

Most of the schemes in Bank of Maharashtra offer loans against FD. They provide a loan facility of up to 90% of the deposit amount. Maha Saraswati Scheme, Monthly Interest Deposit Scheme, and Quarterly Interest Deposit Scheme are some of the FD schemes that offer loans against fixed deposits.

Bank of Maharashtra Fixed Deposit Scheme

The Bank of Maharashtra has the following schemes:-

• Maha Saraswati Scheme
• Monthly Interest Deposit Scheme
• Quarterly Interest Deposit Scheme
• Tax Savings Term Deposit

Maha Saraswati Scheme

It’s a monthly deposit scheme that offers an FD term of 36 months to 12 months. The features of this scheme are as follows:

• In rural and semi-urban areas, the minimum deposit amount allowed is ₹50, and in multiples of ₹10 thereafter.  
• In urban and metro regions, the minimum deposit is ₹100 and in multiples of ₹10 thereafter.
• Like a regular deposit scheme, the deposit amount is repaid upon maturity. However, premature withdrawals are allowed.
• The scheme offers additional benefits such as free accident insurance cover of ₹ 50,000, preferential treatment, educational loans, and a free VISA international credit card.

Monthly Interest Deposit Scheme

The depositors receive monthly interests in this scheme that serve as an additional income to regular earnings. Features of the monthly interest deposit scheme are as follows:

• The minimum amount of deposit of ₹1000 post which deposits in multiples of ₹100 are allowed.
• A nomination facility is available.
• The period of maturity ranges from 12 months to a maximum of 120 months.
• A loan facility is available for up to 90% of deposits.

Quarterly Interest Deposit Scheme

It’s an ideal scheme to plan investment and tax liabilities depending on the quarterly interest paid on the deposit. The features of the quarterly interest deposit scheme are as follows:-

• The minimum amount of deposit of ₹1000. Thereafter deposits in multiples of ₹100 are allowed.
• The period of the deposit varies from 12 months to 120 months.
• A nomination facility is available.
• The scheme offers a loan facility of up to 90% of deposits.

Tax Savings Term Deposit

The tax saving term deposit scheme is a 5-year tax saving scheme. Following are the features of the tax savings term deposit:-

• The deposits can be accepted under the interest payment scheme in MIDR/CDR/FDR/QIDR.
• The minimum investment limit for this scheme is ₹100/- or in multiples thereof with a maximum limit of ₹1,50,000 in one year.
• The scheme doesn’t allow the facility of premature withdrawal.
• A loan against deposits is not allowed in any circumstance.

How to Close a Bank of Maharashtra FD?

Just like opening an account, closing an FD with the Bank of Maharashtra can also be done online and offline. However, the methods differ when you close the FD before maturity. Let’s glance through the process below.

Closing an FD Account on Maturity

For offline and online closure of an FD account upon maturity, follow the steps below.

Offline Procedure for FD Account Closure on Maturity

The steps for offline FD account closure with the Bank of Maharashtra on maturity are as follows:

Step 1: Directly approach the nearest branch of the Bank of Maharashtra and fill out the FD closure form.

Step 2: Sign it and submit it to the bank official. Also, you must attach the KYC (Know Your Customer) documents. You must submit proof of identity and address proof.

Step 3: Once the account has been opened, the bank will issue a fixed deposit certificate. The certificate contains particulars, such as the tenure, deposit amount, and interest you will earn.

Step 4: Submit the FD certificate to the bank. The lender then scrutinises the details. If the details appear valid, the amount will be disbursed to your bank account.

Online Procedure for FD Account Closure on Maturity

Following are the steps for online FD account closure:

Step 1: Either open your app or net banking account using your user ID and password.

Step 2: Click on the ‘close your FD account’ option under the ‘FD/RD’ option.

Step 3: Choose the FD account that you want to close.

Step 4: The bank will transfer the maturity amount to the savings account provided by you.

Closing an FD Account Before Maturity

In case your FD account hasn’t reached maturity, yet you want to close it, then you can either use an online or offline method for the process.

Offline Procedure for FD Account Closure before Maturity

The steps for offline FD account closure with the Bank of Maharashtra before maturity are as follows:

Step 1: Directly approach the nearest branch of the Bank of Maharashtra and fill out the FD closure form.

Step 2: Sign it and submit it to the bank official. Also, you must attach the KYC (Know Your Customer) documents and submit identity and address proofs.

Step 3: Once the account has been closed, the bank will issue a fixed deposit certificate. The certificate contains particulars such as the tenure, deposit amount, and interest you will earn.

Step 4: Pay the penalty for premature withdrawal.

Step 5: Submit the FD certificate to the bank. The lender then scrutinises the details. If the details appear valid, the amount will be disbursed to your bank account.

Online Procedure for FD Account Closure

Follow the steps below to close an FD account either by net banking or mobile app method.

Step 1: Either open your app or net banking account using your user ID and password.

Step 2: Click on the ‘close your FD account’ option under the ‘FD/RD’ option.

Step 3: Choose the FD account that you want to close.

Step 4: Pay the penalty for closing your FD account prematurity.

Step 5: Once the payment has been made, the bank will transfer the maturity amount to the savings account provided by you.

However, you won’t be required to pay any penalty in case the withdrawal is for deposits up to a tenure of 1 year. A penalty of 1% up to the FD amount of ₹2 crores is chargeable, otherwise.

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