Bank of Maharashtra is now offering interest ranging from 2.75 per cent to 4.9 per cent on deposits with maturities ranging from 7 days to 5 years. This offer is for deposits up to Rs 2 crore. Senior citizens are being given half a percent (0.5 percent) more interest on all deposits. The new rates of the bank have become effective from May 8, 2022.
New Delhi. After the increase in the repo rate and CRR (cash reserve ratio) by the Reserve Bank, government and private banks are making loans expensive on the one hand and on the other hand they are also offering more interest on fixed deposits. Due to this, FD investors are getting benefits. Public sector Bank of Maharashtra has also announced to increase FD interest rates. Earlier, the bank had increased the interest rates of the loan.
On the official website of Bank of Maharashtra, information about changes in the interest rates of domestic and NRO term deposits has been given. Senior citizens are being given half a percent (0.5 percent) more interest on all deposits. The new rates of the bank have become effective from May 8, 2022.
Interest will be available up to 2.75-4.9 percent
According to the information given by the bank, interest from 2.75 percent to 4.9 percent is now being offered on deposits with maturity from 7 days to 5 years. This offer is for deposits up to Rs 2 crore. Bank of Maharashtra will now give 2.75 percent interest on domestic deposits from 7 days to 45 days. Whereas the rate of interest on deposits of 46 days to 90 days has been increased to 3.25 percent.
On FDs of 91 days to 119 days and 120 days to 180 days, the bank is offering 3.5 percent and 3.75 percent interest respectively. 4 percent interest will be available on deposits of 181-270 days. Similarly, the rate of interest on FDs with maturities of 271-364 days and up to 1 year is 4.25 per cent and 5 per cent. The bank will now give 4.9 percent interest on FDs from 1 year to 5 years.
Half percent more interest to senior citizens
Bank of Maharashtra is offering 0.5 percent more interest to senior citizens on deposits of up to Rs 2 crore for 91 days and above. Earlier, the bank had announced an increase in the interest rates of the loan, which has become effective from May 10.