Bank of Maharashtra FD Interest Rates

The Bank of Maharashtra is a significant Indian government-owned bank that is controlled by the Ministry of Finance. The bank has around 15 million clients and 1,900 locations around the country. It has the most branch network of any public sector bank in the state of Maharashtra. Bank of Maharashtra provides a variety of FD accounts intending to help its clients to produce substantial returns on their investments at a set interest rate and for a predetermined duration. Simultaneously, these FDs assist individuals in maintaining liquidity. Bank of Maharashtra FDs serve the twin aim of providing consistent savings as well as consistent income.

Bank of Maharashtra FD Rates 2024

Features and Benefits of Bank of Maharashtra FD

• There is a nomination facility provided (not for accounts in the name of a minor)
• Accounts can be moved between the Bank of Maharashtra branches.
• Deposits are accepted in multiples of Rs. 100. (plus min. deposit amount of Rs. 1000)
• Individuals (own or children), joint depositors, businesses, clubs, and so forth can open accounts.

Types of Bank of Maharashtra FD Schemes

• The monthly Interest Deposit Scheme of the Bank of Maharashtra is an excellent choice for investors looking to earn extra money every month.
• In this case, the interest gained is paid out monthly, serving as an additional source of income for the investors.
• Minimum tenure: 12 months - 120 months The amount of the deposit is Rs. 1,000.
• Interest Rates: Interest is computed monthly at a discounted rate, and accumulated interest is paid monthly.
• Senior Citizen Rates: Additional 0.50% interest rate
• Loan against FD: Up to 90% of the deposit is available.

• Bank of Maharashtra has extended its Tax Saving Term Deposit, under which the interest received can be claimed as a deduction under Section 80 C of the Income Tax Act, 1961. Investors can deduct up to Rs. 1.5 lakh every fiscal year.
• Tenure: 5 years
• Amount of deposit: Rs. 100 – Rs. 1.5 lakh each fiscal year
• Premature Withdrawal: This option is not available.
• Loan against FD: This option is not available.

• This program provides consumers with the benefits of a fixed deposit (a safe investment with guaranteed returns) as well as regular income.
• The interest earned by this scheme's investors is paid to them quarterly. In this manner, investors might earn extra money at regular periods.
• Minimum tenure: 12 months – 120 months The amount of the deposit is Rs. 1,000.
• Interest Compounding Period: Quarterly; Interest Paid: Quarterly
• Senior Citizen Rates: Additional 0.50% interest rate
• Loan against FD: Up to 90% of the deposit is available.

A Medium-term fixed deposit, that is, from 1 year to 5 years, withhold interest rates is 4.90% for general customers and is 5.40% for senior citizens according to the period of lock-in.

These are the deposits which ranges from 5 years to 10 years. Interest provided by Bank of Maharashtra in these type of FDs is 4.90%.

Term wise Bank of Maharashtra FD Rates

The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 2.75% to 4.25% depending on the number of days of the deposit for general customers, and it is from 4.25% to 4.75% for the senior citizens.

Bank of Maharashtra vs Other Banks' FD Rates

How to invest in Bank of Maharashtra FD?

A Bank of Maharashtra FD account can be opened through different modes like Mobile App, Internet Banking, and offline.

1) Internet Banking

Follow the below-mentioned steps for opening a Bank of Maharashtra FD account via internet banking-

• Sign to the Bank of Maharashtra NetBanking account.
• Under the home page, choose ‘Term Deposit’.
• Select the type of deposit scheme and fill out all the required information, nominee details, payment, and maturity instructions.
• After verifying the details, click on ‘Submit. The account opening takes around 24 hours. A message will be sent to the registered mobile number indicating the confirmation.

2) Mobile App - Bank of Maharashtra App

Follow the steps mentioned ahead to open an FD account via Bank of Maharashtra App-

• Download the Bank of Maharashtra App and sign in.
• Choose ‘Term Deposit’ and select the type of deposit account.
• Select the type of deposit scheme and fill out all the required information, nominee details, payment, and maturity instructions.
• After verifying the details, click on ‘Submit. The account opening takes around 24 hours. A message will be sent to the registered mobile number indicating the confirmation.

3) Opening Bank of Maharashtra FD Offline

For opening a Bank of Maharashtra FD account via offline mode, one has to visit the nearest Bank of Maharashtra branch. Fill out the Bank of Maharashtra FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Bank of Maharashtra.

Eligibility for Bank of Maharashtra FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Bank of Maharashtra FD–

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

Documents to Open Bank of Maharashtra FD

The following documents have to be furnished for opening a Bank of Maharashtra FD –

• Passport size photographs
• Proof of address (Aadhar Card, Utility bills, Bank statement with cheque)
• Proof of identity (Aadhar Card, PAN Card, Passport, Driving License, Voter ID)
• Bank of Maharashtra FD form

Tax on Bank of Maharashtra Fixed Deposits

An investment in Bank of Maharashtra Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Bank of Maharashtra FD entitle to tax saving under Section 80C of the Income Tax Act.

Also, note that the interest income from the Bank of Maharashtra Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Bank of Maharashtra FD exceeds Rs. 40,000 p.a.

For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.

Loan Against Bank of Maharashtra FD

Bank of Maharashtra provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be according to the terms and conditions of the Bank of Maharashtra.

Premature Closure of Bank of Maharashtra FD

Bank of Maharashtra permits premature withdrawal of Fixed Deposit. The bank will levy a penalty of 1% on the interest.

FAQs

Who should fill out Form 15G/15H?

Form 15G/ 15H is for people who do not have taxable income, i.e. those earning less than Rs. 2.5 lakh per year. Form 15H is for citizens above the age of 60, whereas Form 15G is for people under the age of 60.

What happens if your PAN isn't updated in your bank's records?

If the customer's PAN is not updated in the bank's records, the bank will levy a TDS of 20%.

Do older citizens receive any additional benefits when investing in Bank of Maharashtra FD Schemes?

Yes, elderly persons receive a 0.5% interest rate discount on the current Bank of Maharashtra fixed deposit rates.

Is it possible to open a Bank of Maharashtra Fixed Deposit without a PAN card?

Yes, you can open a Fixed Deposit with the Bank of Maharashtra without a PAN card.

What documents do I need to open the FD?

Customers must submit the following papers to apply for any of the fixed deposit programs and receive high returns on Bank of Maharashtra FD interest rates:

• Identity Documentation (Passport, Voter ID Card, Ration Card, etc.)
• Address Proof (Aadhaar Card, Passport, Driving License, etc.)
• A passport-sized picture (s)

Can I withdraw the investment before maturity?

If necessary, the bank permits its customers to make early withdrawals. However, the following considerations must be made when using the facility:

• This is not an option for tax-advantaged term deposits.
• Interest will be paid only for the period deposits were held with the bank, not for the whole term agreed upon at the time of signing.
• There will be no penalty for deposits with maturities of up to one year.
• There will be a 1% penalty on the relevant rate of interest for deposits maturing in more than one year.